GPIQ vs. ULTY

Last updated Jun 13, 2026

GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both exchange-traded funds - GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs, while ULTY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, GPIQ returned 33.15% vs 3.61% for ULTY. A 0.74 correlation means they provide meaningful diversification when combined. GPIQ charges 0.29%/yr vs 1.14%/yr for ULTY.

Performance

GPIQ vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) 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, GPIQ achieves a 15.73% return, which is significantly higher than ULTY's 8.80% return.

GPIQ

• 1D: 0.71%
• 1M: 1.26%
• YTD: 15.73%
• 6M: 16.33%
• 1Y: 33.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULTY

• 1D: 1.04%
• 1M: -0.81%
• YTD: 8.80%
• 6M: 8.04%
• 1Y: 3.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GPIQ vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	15.73%	19.77%	16.57%
ULTY YieldMax Ultra Option Income Strategy ETF	8.80%	-0.84%	-4.73%

Correlation

The correlation between GPIQ and ULTY is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.74

The correlation between GPIQ and ULTY has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

GPIQ vs. ULTY - Sectors Allocation Comparison

Sectors	GPIQ	ULTY
Technology	53.8%	54.6%
Communication Services	15.8%	8.9%
Consumer Cyclical	12.3%	5.2%
Consumer Defensive	7.7%	0.0%
Healthcare	4.2%	1.8%
Industrials	2.9%	9.3%
Utilities	1.4%	-
Basic Materials	1.1%	11.7%
Energy	0.6%	-
Financial Services	0.2%	8.6%
Real Estate	0.1%	-

Return for Risk

GPIQ vs. ULTY — Risk / Return Rank

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

GPIQ

GPIQ Risk / Return Rank: 81
GPIQ Sharpe Ratio Rank: 83
GPIQ Sortino Ratio Rank: 78
GPIQ Omega Ratio Rank: 81
GPIQ Calmar Ratio Rank: 78
GPIQ Martin Ratio Rank: 84

ULTY

ULTY Risk / Return Rank: 12
ULTY Sharpe Ratio Rank: 12
ULTY Sortino Ratio Rank: 12
ULTY Omega Ratio Rank: 12
ULTY Calmar Ratio Rank: 11
ULTY Martin Ratio Rank: 11

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.

GPIQ vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) 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.

	GPIQ	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	2.29	0.17	+2.12
Sortino ratio: Return per unit of downside risk	3.00	0.36	+2.64
Omega ratio: Gain probability vs. loss probability	1.42	1.05	+0.37
Calmar ratio: Return relative to maximum drawdown	3.50	0.15	+3.35
Martin ratio: Return relative to average drawdown	14.86	0.29	+14.57

GPIQ vs. ULTY - Sharpe Ratio Comparison

The current GPIQ Sharpe Ratio is 2.29, which is higher than the ULTY Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of GPIQ 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

GPIQ vs. ULTY - Drawdown Comparison

The maximum GPIQ drawdown since its inception was -21.06%, smaller than the maximum ULTY drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for GPIQ and ULTY.

Drawdown Indicators

	GPIQ	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-21.06%	-26.85%	+5.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-24.16%	+14.65%
Current Drawdown Current decline from peak	-2.35%	-10.79%	+8.44%
Average Drawdown Average peak-to-trough decline	-2.28%	-9.90%	+7.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	12.47%	-10.23%

Volatility

GPIQ vs. ULTY - Volatility Comparison

The current volatility for Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) is 6.42%, while YieldMax Ultra Option Income Strategy ETF (ULTY) has a volatility of 8.04%. This indicates that GPIQ experiences smaller price fluctuations and is considered to be less risky than ULTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIQ	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	8.04%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	16.40%	-4.48%
Volatility (1Y) Calculated over the trailing 1-year period	14.53%	21.55%	-7.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.72%	27.32%	-9.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.72%	27.32%	-9.60%

GPIQ vs. ULTY - Expense Ratio Comparison

GPIQ has a 0.29% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

GPIQ vs. ULTY - Dividend Comparison

GPIQ's dividend yield for the trailing twelve months is around 9.53%, less than ULTY's 113.38% yield.

Position	TTM	2025	2024	2023
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.53%	9.81%	9.18%	1.74%
ULTY YieldMax Ultra Option Income Strategy ETF	113.38%	142.99%	111.70%	0.00%

Frequently Asked Questions

Can I hold both GPIQ and ULTY in my portfolio?

GPIQ 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, GPIQ or ULTY?

ULTY has higher volatility (8.04%) compared to GPIQ (6.42%). In terms of maximum drawdown, GPIQ dropped -21.06% vs ULTY's -26.85%.

Which ETF is better, GPIQ or ULTY?

On 1-year performance, GPIQ leads with 33.15% vs 3.61% for ULTY. On fees, GPIQ is cheaper at 0.29% per year. On volatility, GPIQ has been the lower-risk option at 6.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIQ or ULTY?

Over the 1-year period, GPIQ has performed better with a 33.15% return vs 3.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIQ or ULTY?

GPIQ is cheaper with a 0.29% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 113.38%, compared with 9.53% for GPIQ.

What is the main difference between GPIQ and ULTY?

GPIQ is categorized as Nasdaq-100, while ULTY is Derivative Income. They also come from different issuers: Goldman Sachs and YieldMax. Their fees differ too: 0.29% for GPIQ and 1.14% for ULTY.

Which has better risk-adjusted returns?

GPIQ currently has the higher Sharpe Ratio (2.29 vs 0.17), 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.