IWS vs. ULTY

Last updated Jun 9, 2026

IWS (iShares Russell Mid-Cap Value ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both exchange-traded funds - IWS is a Mid Cap Value Equities fund tracking the Russell Midcap Value Index, while ULTY is a Derivative Income fund actively managed by YieldMax. IWS is passively managed, while ULTY is actively managed. Over the past year, IWS returned 24.70% vs 4.18% for ULTY. A 0.61 correlation means they provide meaningful diversification when combined. IWS charges 0.23%/yr vs 1.14%/yr for ULTY.

Performance

IWS vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Mid-Cap Value ETF (IWS) 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, IWS achieves a 13.43% return, which is significantly higher than ULTY's 7.39% return.

IWS

• 1D: 0.04%
• 1M: 1.01%
• YTD: 13.43%
• 6M: 13.77%
• 1Y: 24.70%
• 3Y*: 16.23%
• 5Y*: 8.15%
• 10Y*: 10.08%

ULTY

• 1D: 0.94%
• 1M: -1.19%
• YTD: 7.39%
• 6M: 5.32%
• 1Y: 4.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWS vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWS iShares Russell Mid-Cap Value ETF	13.43%	10.82%	10.46%
ULTY YieldMax Ultra Option Income Strategy ETF	7.39%	-0.84%	-4.73%

Correlation

The correlation between IWS and ULTY is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.61

The correlation between IWS and ULTY has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

IWS vs. ULTY - Sectors Allocation Comparison

Sectors	IWS	ULTY
Technology	18.2%	54.6%
Industrials	16.5%	9.3%
Financial Services	13.7%	8.6%
Consumer Cyclical	8.4%	5.2%
Real Estate	8.2%	-
Energy	7.7%	-
Healthcare	7.5%	1.8%
Utilities	6.5%	-
Basic Materials	5.4%	11.7%
Consumer Defensive	4.8%	0.0%
Communication Services	3.0%	8.9%

Return for Risk

IWS vs. ULTY — Risk / Return Rank

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

IWS

IWS Risk / Return Rank: 66
IWS Sharpe Ratio Rank: 62
IWS Sortino Ratio Rank: 64
IWS Omega Ratio Rank: 59
IWS Calmar Ratio Rank: 72
IWS Martin Ratio Rank: 72

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.

IWS vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Value ETF (IWS) 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.

	IWS	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	1.87	0.20	+1.67
Sortino ratio: Return per unit of downside risk	2.67	0.40	+2.27
Omega ratio: Gain probability vs. loss probability	1.33	1.05	+0.28
Calmar ratio: Return relative to maximum drawdown	3.29	0.17	+3.12
Martin ratio: Return relative to average drawdown	12.38	0.34	+12.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWS vs. ULTY - Sharpe Ratio Comparison

The current IWS Sharpe Ratio is 1.87, which is higher than the ULTY Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of IWS 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

	IWS	ULTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	0.20	+1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.11	+0.31

Drawdowns

IWS vs. ULTY - Drawdown Comparison

The maximum IWS drawdown since its inception was -62.40%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for IWS and ULTY.

Drawdown Indicators

	IWS	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-62.40%	-26.85%	-35.55%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-24.16%	+16.63%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.83%	—	—
Current Drawdown Current decline from peak	-1.83%	-11.95%	+10.12%
Average Drawdown Average peak-to-trough decline	-8.02%	-9.38%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	12.37%	-10.37%

Volatility

IWS vs. ULTY - Volatility Comparison

The current volatility for iShares Russell Mid-Cap Value ETF (IWS) is 3.45%, while YieldMax Ultra Option Income Strategy ETF (ULTY) has a volatility of 6.96%. This indicates that IWS 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

	IWS	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	6.96%	-3.51%
Volatility (6M) Calculated over the trailing 6-month period	9.74%	15.88%	-6.14%
Volatility (1Y) Calculated over the trailing 1-year period	13.30%	21.21%	-7.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	27.07%	-9.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.37%	27.07%	-7.70%

IWS vs. ULTY - Expense Ratio Comparison

IWS has a 0.23% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

IWS vs. ULTY - Dividend Comparison

IWS's dividend yield for the trailing twelve months is around 1.36%, less than ULTY's 115.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWS iShares Russell Mid-Cap Value ETF	1.36%	1.53%	1.50%	1.76%	1.93%	1.39%	1.87%	1.97%	2.53%	1.96%	2.10%	2.14%
ULTY YieldMax Ultra Option Income Strategy ETF	115.53%	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 IWS and ULTY in my portfolio?

IWS and ULTY have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWS or ULTY?

ULTY has higher volatility (6.96%) compared to IWS (3.45%). In terms of maximum drawdown, IWS dropped -62.40% vs ULTY's -26.85%.

Which ETF is better, IWS or ULTY?

On 1-year performance, IWS leads with 24.70% vs 4.18% for ULTY. On fees, IWS is cheaper at 0.23% per year. On volatility, IWS has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWS or ULTY?

Over the 1-year period, IWS has performed better with a 24.70% return vs 4.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWS or ULTY?

IWS is cheaper with a 0.23% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 115.53%, compared with 1.36% for IWS.

What is the main difference between IWS and ULTY?

IWS is categorized as Mid Cap Value Equities, while ULTY is Derivative Income. They also come from different issuers: iShares and YieldMax. Their fees differ too: 0.23% for IWS and 1.14% for ULTY.

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (1.87 vs 0.20), 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.