BETE vs. ULTY

Last updated Jun 26, 2026

BETE (Proshares Bitcoin & Ether Equal Weight Strategy ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both exchange-traded funds - BETE is a Cryptocurrency fund managed by ProShares, while ULTY is a Derivative Income fund actively managed by YieldMax. Over the past year, BETE returned -41.25% vs 0.37% for ULTY. A 0.60 correlation means they provide meaningful diversification when combined. BETE charges 0.95%/yr vs 1.14%/yr for ULTY.

Performance

BETE vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) and YieldMax Ultra Option Income Strategy ETF (ULTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BETE achieves a -41.67% return, which is significantly lower than ULTY's 8.28% return.

BETE

• 1D: -1.16%
• 1M: -23.42%
• YTD: -41.67%
• 6M: -41.18%
• 1Y: -41.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULTY

• 1D: 0.27%
• 1M: -2.00%
• YTD: 8.28%
• 6M: 5.46%
• 1Y: 0.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BETE vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	-41.67%	-8.17%	18.62%
ULTY YieldMax Ultra Option Income Strategy ETF	8.28%	-0.84%	-4.73%

Correlation

The correlation between BETE and ULTY is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.60

The correlation between BETE and ULTY has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.

Return for Risk

BETE vs. ULTY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BETE

BETE Risk / Return Rank: 4
BETE Sharpe Ratio Rank: 4
BETE Sortino Ratio Rank: 4
BETE Omega Ratio Rank: 4
BETE Calmar Ratio Rank: 4
BETE Martin Ratio Rank: 4

ULTY

ULTY Risk / Return Rank: 9
ULTY Sharpe Ratio Rank: 9
ULTY Sortino Ratio Rank: 9
ULTY Omega Ratio Rank: 9
ULTY Calmar Ratio Rank: 9
ULTY Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BETE vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) and YieldMax Ultra Option Income Strategy ETF (ULTY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BETE	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	0.02	-0.76
Sortino ratio: Return per unit of downside risk	-0.94	0.17	-1.10
Omega ratio: Gain probability vs. loss probability	0.90	1.02	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.67	0.02	-0.69
Martin ratio: Return relative to average drawdown	-1.14	0.03	-1.16

BETE vs. ULTY - Sharpe Ratio Comparison

The current BETE Sharpe Ratio is -0.74, which is lower than the ULTY Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of BETE and ULTY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BETE vs. ULTY - Drawdown Comparison

The maximum BETE drawdown since its inception was -61.75%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for BETE and ULTY.

Drawdown Indicators

	BETE	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-61.75%	-26.85%	-34.90%
Max Drawdown (1Y) Largest decline over 1 year	-61.75%	-24.16%	-37.59%
Current Drawdown Current decline from peak	-61.75%	-11.22%	-50.53%
Average Drawdown Average peak-to-trough decline	-22.21%	-9.90%	-12.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.38%	12.59%	+23.79%

Volatility

BETE vs. ULTY - Volatility Comparison

Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) has a higher volatility of 16.09% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 8.37%. This indicates that BETE's price experiences larger fluctuations and is considered to be riskier than ULTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BETE	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.09%	8.37%	+7.72%
Volatility (6M) Calculated over the trailing 6-month period	40.25%	16.12%	+24.13%
Volatility (1Y) Calculated over the trailing 1-year period	55.79%	21.63%	+34.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.57%	27.27%	+29.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.57%	27.27%	+29.30%

BETE vs. ULTY - Expense Ratio Comparison

BETE has a 0.95% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

BETE vs. ULTY - Dividend Comparison

BETE's dividend yield for the trailing twelve months is around 94.76%, less than ULTY's 116.56% yield.

Position	TTM	2025	2024	2023
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	94.76%	68.22%	15.22%	0.78%
ULTY YieldMax Ultra Option Income Strategy ETF	116.56%	142.99%	111.70%	0.00%

Frequently Asked Questions

Can I hold both BETE and ULTY in my portfolio?

BETE and ULTY have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BETE or ULTY?

BETE has higher volatility (16.09%) compared to ULTY (8.37%). In terms of maximum drawdown, BETE dropped -61.75% vs ULTY's -26.85%.

Which ETF is better, BETE or ULTY?

On 1-year performance, ULTY leads with 0.37% vs -41.25% for BETE. On fees, BETE is cheaper at 0.95% per year. On volatility, ULTY has been the lower-risk option at 8.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BETE or ULTY?

Over the 1-year period, ULTY has performed better with a 0.37% return vs -41.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BETE or ULTY?

BETE is cheaper with a 0.95% expense ratio, compared with 1.14% for ULTY.

Which ETF pays a higher dividend yield, BETE or ULTY?

ULTY has the higher dividend yield at 116.56%, compared with 94.76% for BETE.

What is the main difference between BETE and ULTY?

BETE is categorized as Cryptocurrency, while ULTY is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for BETE and 1.14% for ULTY.

Which has better risk-adjusted returns?

ULTY currently has the higher Sharpe Ratio (0.02 vs -0.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.