During my time as a fighter pilot, a one-versus-one dogfight was one of the most challenging types of flights. This type of mission pitted one pilot’s skills against his opponent. This air combat training was not the type of flight in which you wanted to come home second best.

The new category of single stock covered-call ETFs now has two sponsors offering competing funds covering the same underlying stocks. This type of ETF is new in the market, with the oldest funds operating for just over a year. Many have track records that are only a few months in length.

The funds have been trading long enough to compare returns for covered-call ETFs with the same underlying stock. So, following up on my Amazon Covered Call ETFs One v. One Dogfight, let’s pit two head-to-head in a virtual dogfight of Apple-trading ETFs.

The YieldMax ETFs were the first mover with this type of ETF, launching their first funds in November 2022. Currently, YieldMax offers 19 single-stock ETFs, with more on the way. These funds have caught the attention of investors with eye-popping distribution yields.

The six Kurv single-stock covered-call ETFs launched at the end of October 2023. These funds have lower distribution yields, but the stock price charts for the last four-plus months have very positive slopes.

With at least a few months of track records, I want to compare the returns of the YieldMax and Kurv funds covering the same stocks.

This week I want to compare the two Apple Inc. (AAPL) covered-call ETF returns since November 1, 2023.

The current quoted yield for the YieldMax AAPL Option Income Strategy ETF (APLY) is 29.32%. Since November 1, the APLY share price has declined by 7.49%. AAPL dropped over the same period. The $1.79 in dividends paid add 9.78% to the starting share price. A little math gives a total return of 2.29% since November 1. Remember that AAPL declined slightly over the period.

The Kurv Yield Premium Strategy Amazon (AAPL) ETF (AAPY) shows a current distribution rate of 11.51%. That’s almost 18% less than the current yield quote for APLY. From November 1 through April 2, AAPY share price dropped by 8.49%. Over that period, AAPY paid $1.29 in dividends. The dividends earned add 5.01% to the initial share value, giving a total return of minus 3.47%.

Those returns are surprisingly close. Or maybe not surprisingly, since the two ETF sponsors use a covered-call strategy on the same stock. AAPL is down slightly for the period, so a covered-call strategy should provide excess performance. The YieldMax fund, APLY did just that. AAPY’s small negative return is a bit of a surprise. The selected time frame is just five months, so it will be interesting to do this again in six or seven months.

I will do the same calculations for the other five Kurv funds against their YieldMax counterparts over the next couple of months and publish my findings here.

I will also track comparisons over the longer term. That information will be shared with subscribers of my ETF Income Edge service.