That's exactly what has happened with Nvidia. Over the past year, Nvidia stock is up by 166% as the surge in AI investment has been a massive tailwind to the business. On the other hand, even including its massive dividend yield, the YieldMax NVDA Option Income Strategy ETF is up by about 105%. That's 61 percentage points of underperformance.

Tesla (TSLA) and Nvidia (NVDA) stocks have done well in the past few days as American equities bounced back. Tesla has jumped by over 33% from its lowest point in August and is slowly nearing its highest point this year.

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A William Blair analyst cheers Nvidia’s moat and margins — while also weighing in positively on Broadcom and Arm shares.

Nvidia's huge stock rally is still exerting an outsized influence over the S&P 500 index , reinforcing concerns that broader markets could be hurt if the chipmaking giant's fortunes turn.