Yieldmax PYPL Option Income Strategy ETF (PYPY) Performance
PYPY total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −6.3% since Dec 31, 2025
- 1 year
- −19.8% total return
- 3 years
- +2.5% a year
- Since first price
- −0.0% a year since 2023
PYPY trailing returns vs SPY, QQQ, AGG
| Period | PYPY total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +4.4% | +1.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.7% | −12.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +8.6% | −14.3% | +7.8% | +8.4% | −1.5% |
| YTD | −6.3% | −36.1% | +12.3% | +15.1% | −1.0% |
| 1 year | −19.8% | −49.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +7.6%+2.5%/yr | −71.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionSep 26, 2023 | −0.1%−0.0%/yr | −73.9% | — | — | — |
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: PYPY vs SPY
From Sep 26, 2023: PYPY grew to $9,992, SPY to $18,503.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PYPY returns by calendar year
1 of 2 full years positive. Best 2024 (+43.9%), worst 2025 (−30.2%). 2026 is year to date.
PYPY annual returns table
| Year | PYPY | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −6.3% | −31.2% | +12.3% | +15.1% | −1.0% |
| 2025 | −30.2% | −33.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +43.9% | −14.7% | +24.9% | +25.6% | +1.3% |
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.
PYPY largest drawdowns
Now 37.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 13, 2024 | −53.6% | Feb 12, 2026 | not yet | 1.2 years | 1.9 years so far |
| Apr 30, 2024 | −14.7% | Jul 1, 2024 | Aug 14, 2024 | 2 months | 3 months |
| Oct 4, 2023 | −12.4% | Oct 27, 2023 | Nov 28, 2023 | 23 days | 55 days |
| Dec 28, 2023 | −11.7% | Feb 8, 2024 | Mar 18, 2024 | 42 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PYPY risk statistics
| Statistic | 3 years |
|---|---|
| Annualized return | −1.8% |
| Volatility (annualized) | 31.0% |
| Sharpe ratio | -0.05 |
| Sortino ratio | -0.08 |
| Best month | +28.6% |
| Worst month | −16.4% |
| Best 12 months | +57.9% |
| Worst 12 months | −40.1% |
| Positive months | 47% |
| Beta vs S&P 500 | 0.72 |
| Correlation with S&P 500 | 0.29 |
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.
PYPY rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 26 | −40.1% | −12.9% | +57.9% | 42% |
| 3-year (a year) | 2 | −1.8% | +0.9% | +3.5% | 50% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
PYPY performance overview
Yieldmax PYPL Option Income Strategy ETF (PYPY) returned −19.8% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned −0.0% a year, turning $10,000 into about $9,992. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −53.6%, from Dec 13, 2024 to Feb 12, 2026; the fund has not yet regained that high. Volatility has been 31.0% a year.
Related: PYPY chart, PYPY dividends. See the PYPY overview for the latest quote and fund facts.
PYPY performance FAQ
What is the PYPY return over the past year?
PYPY returned −19.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 49.8%.
How much would $10,000 invested in PYPY be worth?
$10,000 invested in PYPY at its first recorded close on September 26, 2023 would be worth about $9,992 on October 23, 2026 with distributions reinvested.
What was the worst year for PYPY?
The worst calendar year was 2025, with a total return of −30.2%. The best was 2024 at +43.9%.
What is the biggest drawdown of PYPY?
The largest peak-to-trough decline was −53.6% between December 13, 2024 and February 12, 2026. It has not yet recovered to that high; it is 37.9% below its peak.
How volatile is PYPY?
Over the past 3 years PYPY had an annualized volatility of 31.0% and a Sharpe ratio of -0.05 (excess return over 1–3 month T-bills per unit of risk).