CHPY vs. ULTY

Last updated Jun 23, 2026

CHPY (YieldMax Semiconductor Portfolio Option Income ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, CHPY returned 154.02% vs 4.21% for ULTY. A 0.70 correlation means they provide meaningful diversification when combined. CHPY charges 0.99%/yr vs 1.14%/yr for ULTY.

Performance

CHPY vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Semiconductor Portfolio Option Income ETF (CHPY) 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, CHPY achieves a 96.36% return, which is significantly higher than ULTY's 11.16% return.

CHPY

• 1D: 2.11%
• 1M: 19.19%
• YTD: 96.36%
• 6M: 96.20%
• 1Y: 154.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULTY

• 1D: -0.16%
• 1M: 2.32%
• YTD: 11.16%
• 6M: 8.66%
• 1Y: 4.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CHPY vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025
CHPY YieldMax Semiconductor Portfolio Option Income ETF	96.36%	56.76%
ULTY YieldMax Ultra Option Income Strategy ETF	11.16%	12.73%

Correlation

The correlation between CHPY and ULTY is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.70

The correlation between CHPY and ULTY has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

Return for Risk

CHPY vs. ULTY — Risk / Return Rank

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

CHPY

CHPY Risk / Return Rank: 97
CHPY Sharpe Ratio Rank: 98
CHPY Sortino Ratio Rank: 95
CHPY Omega Ratio Rank: 95
CHPY Calmar Ratio Rank: 98
CHPY Martin Ratio Rank: 97

ULTY

ULTY Risk / Return Rank: 10
ULTY Sharpe Ratio Rank: 11
ULTY Sortino Ratio Rank: 10
ULTY Omega Ratio Rank: 10
ULTY Calmar Ratio Rank: 10
ULTY Martin Ratio Rank: 10

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.

CHPY vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Semiconductor Portfolio Option Income ETF (CHPY) 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.

	CHPY	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	4.88	0.20	+4.69
Sortino ratio: Return per unit of downside risk	4.94	0.40	+4.54
Omega ratio: Gain probability vs. loss probability	1.73	1.05	+0.68
Calmar ratio: Return relative to maximum drawdown	12.74	0.18	+12.56
Martin ratio: Return relative to average drawdown	45.23	0.34	+44.90

CHPY vs. ULTY - Sharpe Ratio Comparison

The current CHPY Sharpe Ratio is 4.88, which is higher than the ULTY Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of CHPY 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

CHPY vs. ULTY - Drawdown Comparison

The maximum CHPY drawdown since its inception was -12.19%, smaller than the maximum ULTY drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for CHPY and ULTY.

Drawdown Indicators

	CHPY	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-12.19%	-26.85%	+14.66%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-24.16%	+11.99%
Current Drawdown Current decline from peak	0.00%	-8.86%	+8.86%
Average Drawdown Average peak-to-trough decline	-2.12%	-9.89%	+7.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	12.53%	-9.11%

Volatility

CHPY vs. ULTY - Volatility Comparison

YieldMax Semiconductor Portfolio Option Income ETF (CHPY) has a higher volatility of 17.94% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 8.25%. This indicates that CHPY'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

	CHPY	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.94%	8.25%	+9.69%
Volatility (6M) Calculated over the trailing 6-month period	26.88%	16.19%	+10.69%
Volatility (1Y) Calculated over the trailing 1-year period	31.79%	21.58%	+10.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.81%	27.29%	+8.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.81%	27.29%	+8.52%

CHPY vs. ULTY - Expense Ratio Comparison

CHPY has a 0.99% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

CHPY vs. ULTY - Dividend Comparison

CHPY's dividend yield for the trailing twelve months is around 27.58%, less than ULTY's 110.82% yield.

Position	TTM	2025	2024
CHPY YieldMax Semiconductor Portfolio Option Income ETF	27.58%	28.19%	0.00%
ULTY YieldMax Ultra Option Income Strategy ETF	110.82%	142.99%	111.70%

Frequently Asked Questions

Can I hold both CHPY and ULTY in my portfolio?

CHPY and ULTY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHPY or ULTY?

CHPY has higher volatility (17.94%) compared to ULTY (8.25%). In terms of maximum drawdown, CHPY dropped -12.19% vs ULTY's -26.85%.

Which ETF is better, CHPY or ULTY?

On 1-year performance, CHPY leads with 154.02% vs 4.21% for ULTY. On fees, CHPY is cheaper at 0.99% per year. On volatility, ULTY has been the lower-risk option at 8.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHPY or ULTY?

Over the 1-year period, CHPY has performed better with a 154.02% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHPY or ULTY?

CHPY is cheaper with a 0.99% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 110.82%, compared with 27.58% for CHPY.

What is the main difference between CHPY and ULTY?

Their fees differ too: 0.99% for CHPY and 1.14% for ULTY.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (4.88 vs 0.20), 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.