GIAX vs. ULTY

Last updated Jun 4, 2026

GIAX (Nicholas Global Equity and Income ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, GIAX returned 31.82% vs 8.24% for ULTY. A 0.80 correlation means they provide meaningful diversification when combined. GIAX charges 0.97%/yr vs 1.14%/yr for ULTY.

Performance

GIAX vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Global Equity and Income ETF (GIAX) 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, GIAX achieves a 22.12% return, which is significantly higher than ULTY's 11.14% return.

GIAX

• 1D: -2.89%
• 1M: 12.88%
• YTD: 22.12%
• 6M: 19.89%
• 1Y: 31.82%
• 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)

GIAX vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GIAX Nicholas Global Equity and Income ETF	22.12%	11.73%	3.74%
ULTY YieldMax Ultra Option Income Strategy ETF	11.14%	-0.84%	10.85%

Correlation

The correlation between GIAX and ULTY is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.80

The correlation between GIAX and ULTY has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

GIAX vs. ULTY - Sectors Allocation Comparison

Sectors	GIAX	ULTY
Technology	36.5%	54.6%
Communication Services	14.8%	8.9%
Financial Services	14.0%	8.6%
Consumer Cyclical	11.8%	5.2%
Industrials	5.8%	9.3%
Basic Materials	4.4%	11.7%
Utilities	4.0%	-
Healthcare	3.1%	1.8%
Real Estate	2.9%	-
Consumer Defensive	1.4%	0.0%
Energy	1.3%	-

Return for Risk

GIAX vs. ULTY — Risk / Return Rank

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

GIAX

GIAX Risk / Return Rank: 41
GIAX Sharpe Ratio Rank: 41
GIAX Sortino Ratio Rank: 39
GIAX Omega Ratio Rank: 41
GIAX Calmar Ratio Rank: 36
GIAX Martin Ratio Rank: 47

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.

GIAX vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) 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.

	GIAX	ULTY	Difference
Sharpe ratio Return per unit of total volatility	1.47	0.40	+1.07
Sortino ratio Return per unit of downside risk	2.04	0.66	+1.38
Omega ratio Gain probability vs. loss probability	1.27	1.08	+0.19
Calmar ratio Return relative to maximum drawdown	1.81	0.34	+1.47
Martin ratio Return relative to average drawdown	7.84	0.67	+7.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIAX vs. ULTY - Sharpe Ratio Comparison

The current GIAX Sharpe Ratio is 1.47, which is higher than the ULTY Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of GIAX 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

	GIAX	ULTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	0.40	+1.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.17	+0.80

Drawdowns

GIAX vs. ULTY - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, smaller than the maximum ULTY drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for GIAX and ULTY.

Drawdown Indicators

	GIAX	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-26.85%	+6.47%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-24.16%	+6.54%
Current Drawdown Current decline from peak	-2.89%	-8.88%	+5.99%
Average Drawdown Average peak-to-trough decline	-2.99%	-9.37%	+6.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	12.31%	-8.24%

Volatility

GIAX vs. ULTY - Volatility Comparison

Nicholas Global Equity and Income ETF (GIAX) has a higher volatility of 8.06% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 4.51%. This indicates that GIAX'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

	GIAX	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.06%	4.51%	+3.55%
Volatility (6M) Calculated over the trailing 6-month period	19.80%	15.03%	+4.77%
Volatility (1Y) Calculated over the trailing 1-year period	21.77%	20.79%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	26.92%	-5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	26.92%	-5.46%

GIAX vs. ULTY - Expense Ratio Comparison

GIAX has a 0.97% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

GIAX vs. ULTY - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 22.33%, less than ULTY's 114.67% yield.

Position	TTM	2025	2024
GIAX Nicholas Global Equity and Income ETF	22.33%	25.62%	10.58%
ULTY YieldMax Ultra Option Income Strategy ETF	114.67%	142.99%	111.70%

Frequently Asked Questions

Can I hold both GIAX and ULTY in my portfolio?

GIAX and ULTY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIAX or ULTY?

GIAX has higher volatility (8.06%) compared to ULTY (4.51%). In terms of maximum drawdown, GIAX dropped -20.38% vs ULTY's -26.85%.

Which ETF is better, GIAX or ULTY?

On 1-year performance, GIAX leads with 31.82% vs 8.24% for ULTY. On fees, GIAX is cheaper at 0.97% 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, GIAX or ULTY?

Over the 1-year period, GIAX has performed better with a 31.82% return vs 8.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIAX or ULTY?

GIAX is cheaper with a 0.97% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 114.67%, compared with 22.33% for GIAX.

What is the main difference between GIAX and ULTY?

They also come from different issuers: Nicholas and YieldMax. Their fees differ too: 0.97% for GIAX and 1.14% for ULTY.

Which has better risk-adjusted returns?

GIAX currently has the higher Sharpe Ratio (1.47 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.