Implicit Differentiation Confusion

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My question is simple.

We are given the following function: $\frac{x^2-y^2}{x^2+y^2}=\frac{1}{2} $.

We are asked to find the derivative implicitly.

If we use the chain rule on the left-hand side, we can solve for $\frac{dy}{dx} = \frac{y}{x}$.

But if we multiply out the denominator first and then take the derivative, we end up with a different result, namely $\frac{dy}{dx}=\frac{x}{3y}$.

What is the reason? What is the theory behind this duplicity?