BLOX vs. ULTY

Last updated Aug 2, 2026

BLOX (Nicholas Crypto Income ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both exchange-traded funds - BLOX is a Cryptocurrency fund actively managed by Nicholas, while ULTY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, BLOX returned -9.46% vs -9.45% for ULTY. Their 0.78 correlation means they have sometimes moved together and sometimes differently. BLOX charges 1.03%/yr vs 1.40%/yr for ULTY.

Performance

BLOX vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Crypto Income ETF (BLOX) 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, BLOX achieves a -5.17% return, which is significantly lower than ULTY's 2.90% return.

BLOX

• 1D: -2.47%
• 1M: -3.84%
• 6M: -10.66%
• YTD: -5.17%
• 1Y: -9.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.29%

ULTY

• 1D: 0.58%
• 1M: -3.39%
• 6M: 1.20%
• YTD: 2.90%
• 1Y: -9.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BLOX Nicholas Crypto Income ETF	$4.87M	$5.29M	$6.27M
ULTY YieldMax Ultra Option Income Strategy ETF	$16.46M	$14.74M	$17.73M

BLOX vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025
BLOX Nicholas Crypto Income ETF	-5.17%	8.17%
ULTY YieldMax Ultra Option Income Strategy ETF	2.90%	-5.69%

Correlation

The correlation between BLOX and ULTY is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (All Time) Calculated using the full available price history since Jun 17, 2025	0.78

The correlation between BLOX and ULTY has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.

Return for Risk

BLOX vs. ULTY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BLOX

BLOX Risk / Return Rank: 8
BLOX Sharpe Ratio Rank: 7
BLOX Sortino Ratio Rank: 9
BLOX Omega Ratio Rank: 9
BLOX Calmar Ratio Rank: 7
BLOX Martin Ratio Rank: 7

ULTY

ULTY Risk / Return Rank: 5
ULTY Sharpe Ratio Rank: 5
ULTY Sortino Ratio Rank: 5
ULTY Omega Ratio Rank: 5
ULTY Calmar Ratio Rank: 5
ULTY Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BLOX vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Crypto Income ETF (BLOX) 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.

	BLOX	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	-0.52	+0.24
Sortino ratio: Return per unit of downside risk	-0.02	-0.57	+0.55
Omega ratio: Gain probability vs. loss probability	1.00	0.93	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.34	-0.47	+0.13
Martin ratio: Return relative to average drawdown	-0.62	-0.86	+0.24

BLOX vs. ULTY - Sharpe Ratio Comparison

The current BLOX Sharpe Ratio is -0.28, which is higher than the ULTY Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of BLOX 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

BLOX vs. ULTY - Drawdown Comparison

The maximum BLOX drawdown since its inception was -47.09%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for BLOX and ULTY.

Drawdown Indicators

	BLOX	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-26.85%	-20.24%
Max Drawdown (1Y) Largest decline over 1 year	-47.09%	-24.16%	-22.93%
Current Drawdown Current decline from peak	-34.45%	-15.63%	-18.82%
Average Drawdown Average peak-to-trough decline	-19.83%	-10.03%	-9.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.55%	13.27%	+12.28%

Volatility

BLOX vs. ULTY - Volatility Comparison

Nicholas Crypto Income ETF (BLOX) has a higher volatility of 20.64% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 6.71%. This indicates that BLOX'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

	BLOX	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.64%	6.71%	+13.93%
Volatility (6M) Calculated over the trailing 6-month period	43.34%	17.07%	+26.27%
Volatility (1Y) Calculated over the trailing 1-year period	57.17%	22.12%	+35.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.13%	27.08%	+28.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.13%	27.08%	+28.05%

BLOX vs. ULTY - Expense Ratio Comparison

BLOX has a 1.03% expense ratio, which is lower than ULTY's 1.40% expense ratio.

Dividends

BLOX vs. ULTY - Dividend Comparison

BLOX's dividend yield for the trailing twelve months is around 50.86%, less than ULTY's 113.74% yield.

Position	TTM	2025	2024
BLOX Nicholas Crypto Income ETF	49.69%	22.69%	0.00%
ULTY YieldMax Ultra Option Income Strategy ETF	113.74%	142.99%	111.70%

Frequently Asked Questions

Can I hold both BLOX and ULTY in my portfolio?

BLOX and ULTY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BLOX or ULTY?

BLOX has higher volatility (20.64%) compared to ULTY (6.71%). In terms of maximum drawdown, BLOX dropped -47.09% vs ULTY's -26.85%.

Which ETF is better, BLOX or ULTY?

On 1-year performance, ULTY leads with -9.45% vs -9.46% for BLOX. On fees, BLOX is cheaper at 1.03% per year. On volatility, ULTY has been the lower-risk option at 6.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BLOX or ULTY?

Over the 1-year period, ULTY has performed better with a -9.45% return vs -9.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BLOX or ULTY?

BLOX is cheaper with a 1.03% expense ratio, compared with 1.40% for ULTY.

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

ULTY has the higher dividend yield at 113.74%, compared with 49.69% for BLOX.

What is the main difference between BLOX and ULTY?

BLOX is categorized as Cryptocurrency, while ULTY is Derivative Income. They also come from different issuers: Nicholas and YieldMax. Their fees differ too: 1.03% for BLOX and 1.40% for ULTY.

Which has better risk-adjusted returns?

BLOX currently has the higher Sharpe Ratio (-0.28 vs -0.52), 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.