FSLCX vs. ULTY

Last updated Jun 4, 2026

FSLCX (Fidelity Small Cap Stock Fund) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both funds - FSLCX is a Small Cap Blend Equities fund managed by Fidelity, while ULTY is a Derivative Income fund actively managed by YieldMax. Over the past year, FSLCX returned 33.11% vs 8.24% for ULTY. A 0.66 correlation means they provide meaningful diversification when combined. FSLCX charges 0.90%/yr vs 1.14%/yr for ULTY.

Performance

FSLCX vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small Cap Stock Fund (FSLCX) 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, FSLCX achieves a 16.37% return, which is significantly higher than ULTY's 11.14% return.

FSLCX

• 1D: 1.27%
• 1M: 5.82%
• YTD: 16.37%
• 6M: 15.55%
• 1Y: 33.11%
• 3Y*: 19.16%
• 5Y*: 6.96%
• 10Y*: 10.14%

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)

FSLCX vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FSLCX Fidelity Small Cap Stock Fund	16.37%	14.95%	7.15%
ULTY YieldMax Ultra Option Income Strategy ETF	11.14%	-0.84%	0.54%

Correlation

The correlation between FSLCX and ULTY is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.66

The correlation between FSLCX and ULTY has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.

Return for Risk

FSLCX vs. ULTY — Risk / Return Rank

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

FSLCX

FSLCX Risk / Return Rank: 45
FSLCX Sharpe Ratio Rank: 43
FSLCX Sortino Ratio Rank: 44
FSLCX Omega Ratio Rank: 38
FSLCX Calmar Ratio Rank: 54
FSLCX Martin Ratio Rank: 48

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.

FSLCX vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small Cap Stock Fund (FSLCX) 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.

	FSLCX	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	1.91	0.40	+1.51
Sortino ratio: Return per unit of downside risk	2.77	0.66	+2.11
Omega ratio: Gain probability vs. loss probability	1.33	1.08	+0.24
Calmar ratio: Return relative to maximum drawdown	2.80	0.34	+2.46
Martin ratio: Return relative to average drawdown	9.89	0.67	+9.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSLCX vs. ULTY - Sharpe Ratio Comparison

The current FSLCX Sharpe Ratio is 1.91, which is higher than the ULTY Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of FSLCX 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

	FSLCX	ULTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	0.40	+1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.17	+0.24

Drawdowns

FSLCX vs. ULTY - Drawdown Comparison

The maximum FSLCX drawdown since its inception was -61.22%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for FSLCX and ULTY.

Drawdown Indicators

	FSLCX	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-61.22%	-26.85%	-34.37%
Max Drawdown (1Y) Largest decline over 1 year	-12.51%	-24.16%	+11.65%
Max Drawdown (3Y) Largest decline over 3 years	-22.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.42%	—	—
Current Drawdown Current decline from peak	0.00%	-8.88%	+8.88%
Average Drawdown Average peak-to-trough decline	-9.82%	-9.37%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	12.31%	-8.77%

Volatility

FSLCX vs. ULTY - Volatility Comparison

Fidelity Small Cap Stock Fund (FSLCX) has a higher volatility of 6.16% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 4.51%. This indicates that FSLCX'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

	FSLCX	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	4.51%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	13.79%	15.03%	-1.24%
Volatility (1Y) Calculated over the trailing 1-year period	18.37%	20.79%	-2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.97%	26.92%	-5.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	26.92%	-5.69%

FSLCX vs. ULTY - Expense Ratio Comparison

FSLCX has a 0.90% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

FSLCX vs. ULTY - Dividend Comparison

FSLCX's dividend yield for the trailing twelve months is around 12.81%, less than ULTY's 114.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSLCX Fidelity Small Cap Stock Fund	12.81%	14.91%	1.86%	0.02%	7.91%	22.97%	0.00%	0.31%	26.25%	8.92%	3.85%	10.97%
ULTY YieldMax Ultra Option Income Strategy ETF	114.67%	142.99%	111.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSLCX and ULTY in my portfolio?

FSLCX and ULTY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSLCX or ULTY?

FSLCX has higher volatility (6.16%) compared to ULTY (4.51%). In terms of maximum drawdown, FSLCX dropped -61.22% vs ULTY's -26.85%.

Which has better risk-adjusted returns?

FSLCX currently has the higher Sharpe Ratio (1.91 vs 0.40), 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.