YieldMax Short COIN Option Income Strategy ETF (FIAT) Performance
FIAT total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +6.7% since Dec 31, 2025
- 1 year
- +35.9% total return
- Since first price
- −42.2% since 2024
FIAT trailing returns vs SPY, QQQ, AGG
| Period | FIAT total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +16.2% | +9.9% | −1.0% | −5.0% | +0.9% |
| 3 months | −5.5% | −19.5% | +3.2% | +1.9% | −0.4% |
| 6 months | +6.5% | −25.0% | +7.8% | +8.4% | −1.5% |
| YTD | +6.7% | −41.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +35.9% | −36.8% | +14.4% | +15.9% | −1.1% |
| Since inceptionJul 10, 2024 | −42.2% | −91.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FIAT vs SPY
From Jul 10, 2024: FIAT grew to $5,778, SPY to $13,894.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FIAT returns by calendar year
0 of 1 full years positive. Best 2025 (−24.1%), worst 2025 (−24.1%). 2026 is year to date.
FIAT annual returns table
| Year | FIAT | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +6.7% | −35.7% | +12.3% | +15.1% | −1.0% |
| 2025 | −24.1% | −63.1% | +17.7% | +20.8% | +7.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FIAT largest drawdowns
Now 54.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 6, 2024 | −70.5% | Jul 18, 2025 | not yet | 10 months | 2.1 years so far |
| Jul 11, 2024 | −15.4% | Jul 22, 2024 | Aug 1, 2024 | 11 days | 21 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FIAT risk statistics
| Statistic | Since 2024 |
|---|---|
| Annualized return | −26.0% |
| Volatility (annualized) | 55.9% |
| Sharpe ratio | -0.30 |
| Sortino ratio | -0.38 |
| Best month | +20.0% |
| Worst month | −42.3% |
| Best 12 months | +61.3% |
| Worst 12 months | −63.3% |
| Positive months | 38% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FIAT rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 16 | −63.3% | −20.9% | +61.3% | 31% |
Every holding period starting at a month-end since 2024. Returns for 3 years and longer are annualized.
FIAT performance overview
YieldMax Short COIN Option Income Strategy ETF (FIAT) returned +35.9% over the past year, with distributions reinvested. Since its first recorded price on Jul 10, 2024 it has returned −42.2%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −70.5%, from Sep 6, 2024 to Jul 18, 2025; the fund has not yet regained that high. Volatility has been 55.9% a year.
Related: FIAT chart, FIAT dividends. See the FIAT overview for the latest quote and fund facts.
FIAT performance FAQ
What is the FIAT return over the past year?
FIAT returned +35.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 36.8%.
How much would $10,000 invested in FIAT be worth?
$10,000 invested in FIAT at its first recorded close on July 10, 2024 would be worth about $5,778 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of FIAT?
The largest peak-to-trough decline was −70.5% between September 6, 2024 and July 18, 2025. It has not yet recovered to that high; it is 54.0% below its peak.
How volatile is FIAT?
Over the past history FIAT had an annualized volatility of 55.9% and a Sharpe ratio of -0.30 (excess return over 1–3 month T-bills per unit of risk).