DIPS vs. ULTY

Last updated Jun 4, 2026

DIPS (YieldMax Short NVDA Option Income Strategy ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, DIPS returned -26.57% vs 8.24% for ULTY. At a correlation of -0.55, they often move in opposite directions. DIPS charges 0.99%/yr vs 1.14%/yr for ULTY.

Performance

DIPS vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short NVDA Option Income Strategy ETF (DIPS) 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, DIPS achieves a -8.73% return, which is significantly lower than ULTY's 11.14% return.

DIPS

• 1D: 2.87%
• 1M: -6.32%
• YTD: -8.73%
• 6M: -11.40%
• 1Y: -26.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULTY

• 1D: -1.25%
• 1M: 4.53%
• YTD: 11.14%
• 6M: 9.84%
• 1Y: 8.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIPS vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	-8.73%	-31.46%	-23.19%
ULTY YieldMax Ultra Option Income Strategy ETF	11.14%	-0.84%	8.50%

Correlation

The correlation between DIPS and ULTY is -0.48, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.48
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024	-0.55

The correlation between DIPS and ULTY has been stable across timeframes, ranging from -0.55 to -0.48 - a consistent structural relationship.

Return for Risk

DIPS vs. ULTY — Risk / Return Rank

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

DIPS

DIPS Risk / Return Rank: 2
DIPS Sharpe Ratio Rank: 2
DIPS Sortino Ratio Rank: 2
DIPS Omega Ratio Rank: 2
DIPS Calmar Ratio Rank: 2
DIPS Martin Ratio Rank: 2

ULTY

ULTY Risk / Return Rank: 13
ULTY Sharpe Ratio Rank: 14
ULTY Sortino Ratio Rank: 14
ULTY Omega Ratio Rank: 14
ULTY Calmar Ratio Rank: 13
ULTY Martin Ratio Rank: 12

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.

DIPS vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) 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.

	DIPS	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	0.40	-1.36
Sortino ratio: Return per unit of downside risk	-1.28	0.66	-1.94
Omega ratio: Gain probability vs. loss probability	0.85	1.08	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.78	0.34	-1.13
Martin ratio: Return relative to average drawdown	-1.36	0.67	-2.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIPS vs. ULTY - Sharpe Ratio Comparison

The current DIPS Sharpe Ratio is -0.96, which is lower than the ULTY Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of DIPS 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.

Sharpe Ratios by Period

	DIPS	ULTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	0.40	-1.36
Sharpe Ratio (All Time) Calculated using the full available price history	-0.86	0.17	-1.04

Drawdowns

DIPS vs. ULTY - Drawdown Comparison

The maximum DIPS drawdown since its inception was -59.93%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for DIPS and ULTY.

Drawdown Indicators

	DIPS	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-59.93%	-26.85%	-33.08%
Max Drawdown (1Y) Largest decline over 1 year	-33.97%	-24.16%	-9.81%
Current Drawdown Current decline from peak	-55.85%	-8.88%	-46.97%
Average Drawdown Average peak-to-trough decline	-38.22%	-9.37%	-28.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.49%	12.31%	+7.18%

Volatility

DIPS vs. ULTY - Volatility Comparison

YieldMax Short NVDA Option Income Strategy ETF (DIPS) has a higher volatility of 10.68% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 4.51%. This indicates that DIPS'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

	DIPS	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	4.51%	+6.17%
Volatility (6M) Calculated over the trailing 6-month period	20.77%	15.03%	+5.74%
Volatility (1Y) Calculated over the trailing 1-year period	27.88%	20.79%	+7.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.03%	26.92%	+11.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.03%	26.92%	+11.11%

DIPS vs. ULTY - Expense Ratio Comparison

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

Dividends

DIPS vs. ULTY - Dividend Comparison

DIPS's dividend yield for the trailing twelve months is around 66.49%, less than ULTY's 114.67% yield.

Position	TTM	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	66.49%	96.20%	24.18%
ULTY YieldMax Ultra Option Income Strategy ETF	114.67%	142.99%	111.70%

Frequently Asked Questions

Can I hold both DIPS and ULTY in my portfolio?

DIPS and ULTY have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIPS or ULTY?

DIPS has higher volatility (10.68%) compared to ULTY (4.51%). In terms of maximum drawdown, DIPS dropped -59.93% vs ULTY's -26.85%.

Which ETF is better, DIPS or ULTY?

On 1-year performance, ULTY leads with 8.24% vs -26.57% for DIPS. On fees, DIPS is cheaper at 0.99% per year. On volatility, ULTY has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIPS or ULTY?

Over the 1-year period, ULTY has performed better with a 8.24% return vs -26.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIPS or ULTY?

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

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

ULTY has the higher dividend yield at 114.67%, compared with 66.49% for DIPS.

What is the main difference between DIPS and ULTY?

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

Which has better risk-adjusted returns?

ULTY currently has the higher Sharpe Ratio (0.40 vs -0.96), 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.