FIATX vs. ULTY

Last updated Aug 2, 2026

FIATX (Fidelity Advisor International Capital Appreciation Fund Class M) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both funds - FIATX is a Foreign Large Cap Equities fund managed by Fidelity, while ULTY is a Derivative Income fund actively managed by YieldMax. Over the past year, FIATX returned 7.09% vs -9.45% for ULTY. Their 0.71 correlation means they have sometimes moved together and sometimes differently. FIATX charges 1.49%/yr vs 1.40%/yr for ULTY.

Performance

FIATX vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Capital Appreciation Fund Class M (FIATX) 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, FIATX achieves a 4.59% return, which is significantly higher than ULTY's 2.90% return.

FIATX

• 1D: 4.49%
• 1M: -3.74%
• 6M: 0.00%
• YTD: 4.59%
• 1Y: 7.09%
• 3Y*: 12.38%
• 5Y*: 4.97%
• 10Y*: 9.08%
• ALL TIME*: 7.10%

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)
FIATX Fidelity Advisor International Capital Appreciation Fund Class M	$0.00	$0.00	$0.00
ULTY YieldMax Ultra Option Income Strategy ETF	$16.46M	$14.74M	$17.73M

FIATX vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FIATX Fidelity Advisor International Capital Appreciation Fund Class M	4.59%	18.07%	1.47%
ULTY YieldMax Ultra Option Income Strategy ETF	2.90%	-0.84%	-4.73%

Correlation

The correlation between FIATX and ULTY is 0.77, 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.	0.77
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.71

The correlation between FIATX and ULTY has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

FIATX vs. ULTY - Sectors Allocation Comparison

Sectors	FIATX	ULTY
Industrials	31.0%	13.3%
Technology	29.5%	52.5%
Financial Services	21.4%	8.3%
Basic Materials	7.8%	7.0%
Consumer Cyclical	4.1%	10.6%
Consumer Defensive	3.2%	0.0%
Utilities	1.7%	-
Energy	1.5%	-
Healthcare	1.5%	1.9%
Communication Services	1.2%	6.6%
Real Estate	-	-

Return for Risk

FIATX vs. ULTY — Risk / Return Rank

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

FIATX

FIATX Risk / Return Rank: 9
FIATX Sharpe Ratio Rank: 8
FIATX Sortino Ratio Rank: 8
FIATX Omega Ratio Rank: 9
FIATX Calmar Ratio Rank: 9
FIATX Martin Ratio Rank: 10

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.

FIATX vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Capital Appreciation Fund Class M (FIATX) 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.

	FIATX	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	0.25	-0.52	+0.77
Sortino ratio: Return per unit of downside risk	0.50	-0.57	+1.07
Omega ratio: Gain probability vs. loss probability	1.06	0.93	+0.13
Calmar ratio: Return relative to maximum drawdown	0.36	-0.47	+0.83
Martin ratio: Return relative to average drawdown	1.19	-0.86	+2.05

FIATX vs. ULTY - Sharpe Ratio Comparison

The current FIATX Sharpe Ratio is 0.25, which is higher than the ULTY Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of FIATX 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

FIATX vs. ULTY - Drawdown Comparison

The maximum FIATX drawdown since its inception was -68.05%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for FIATX and ULTY.

Drawdown Indicators

	FIATX	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-68.05%	-26.85%	-41.20%
Max Drawdown (1Y) Largest decline over 1 year	-14.52%	-24.16%	+9.64%
Max Drawdown (3Y) Largest decline over 3 years	-16.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.53%	—	—
Current Drawdown Current decline from peak	-8.37%	-15.63%	+7.26%
Average Drawdown Average peak-to-trough decline	-16.41%	-10.03%	-6.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	13.27%	-8.89%

Volatility

FIATX vs. ULTY - Volatility Comparison

Fidelity Advisor International Capital Appreciation Fund Class M (FIATX) has a higher volatility of 8.72% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 6.71%. This indicates that FIATX'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

	FIATX	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.72%	6.71%	+2.01%
Volatility (6M) Calculated over the trailing 6-month period	19.27%	17.07%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	20.96%	22.12%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.58%	27.08%	-7.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	27.08%	-8.80%

FIATX vs. ULTY - Expense Ratio Comparison

FIATX has a 1.49% expense ratio, which is higher than ULTY's 1.40% expense ratio.

Dividends

FIATX vs. ULTY - Dividend Comparison

FIATX's dividend yield for the trailing twelve months is around 5.41%, less than ULTY's 113.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FIATX Fidelity Advisor International Capital Appreciation Fund Class M	5.41%	5.66%	0.35%	0.00%	0.00%	3.67%	0.00%	0.20%
ULTY YieldMax Ultra Option Income Strategy ETF	113.74%	142.99%	111.70%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIATX and ULTY in my portfolio?

FIATX and ULTY have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIATX or ULTY?

FIATX has higher volatility (8.72%) compared to ULTY (6.71%). In terms of maximum drawdown, FIATX dropped -68.05% vs ULTY's -26.85%.

Which has better risk-adjusted returns?

FIATX currently has the higher Sharpe Ratio (0.25 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.