MARO vs. ULTY

Last updated Apr 1, 2026

Compare and contrast key facts about YieldMax MARA Option Income Strategy ETF (MARO) and YieldMax Ultra Option Income Strategy ETF (ULTY).

MARO and ULTY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MARO is an actively managed fund by YieldMax. It was launched on Dec 9, 2024. ULTY is an actively managed fund by YieldMax. It was launched on Feb 28, 2024.

Performance

MARO vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax MARA Option Income Strategy ETF (MARO) and YieldMax Ultra Option Income Strategy ETF (ULTY). The values are adjusted to include any dividend payments, if applicable.

MARO vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MARO YieldMax MARA Option Income Strategy ETF	-13.08%	-48.05%	-19.61%
ULTY YieldMax Ultra Option Income Strategy ETF	-3.71%	-0.84%	-3.30%

Returns By Period

In the year-to-date period, MARO achieves a -13.08% return, which is significantly lower than ULTY's -3.71% return.

MARO

• 1D: 3.69%
• 1M: -8.15%
• YTD: -13.08%
• 6M: -53.43%
• 1Y: -33.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULTY

• 1D: 4.11%
• 1M: -7.74%
• YTD: -3.71%
• 6M: -18.53%
• 1Y: 11.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MARO vs. ULTY - Expense Ratio Comparison

MARO has a 0.99% expense ratio, which is lower than ULTY's 1.14% expense ratio.

ULTY

YieldMax Ultra Option Income Strategy ETF

MARO

YieldMax MARA Option Income Strategy ETF

Return for Risk

MARO vs. ULTY — Risk / Return Rank

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

MARO

MARO Risk / Return Rank: 4
MARO Sharpe Ratio Rank: 4
MARO Sortino Ratio Rank: 5
MARO Omega Ratio Rank: 5
MARO Calmar Ratio Rank: 3
MARO Martin Ratio Rank: 3

ULTY

ULTY Risk / Return Rank: 25
ULTY Sharpe Ratio Rank: 28
ULTY Sortino Ratio Rank: 28
ULTY Omega Ratio Rank: 27
ULTY Calmar Ratio Rank: 23
ULTY Martin Ratio Rank: 20

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.

MARO vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax MARA Option Income Strategy ETF (MARO) 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.

	MARO	ULTY	Difference
Sharpe ratio Return per unit of total volatility	-0.52	0.46	-0.98
Sortino ratio Return per unit of downside risk	-0.43	0.78	-1.22
Omega ratio Gain probability vs. loss probability	0.95	1.10	-0.15
Calmar ratio Return relative to maximum drawdown	-0.57	0.43	-1.00
Martin ratio Return relative to average drawdown	-1.13	0.94	-2.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MARO vs. ULTY - Sharpe Ratio Comparison

The current MARO Sharpe Ratio is -0.52, which is lower than the ULTY Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of MARO and ULTY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MARO	ULTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	0.46	-0.98
Sharpe Ratio (All Time) Calculated using the full available price history	-0.82	-0.07	-0.75

Correlation

The correlation between MARO and ULTY is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MARO vs. ULTY - Dividend Comparison

MARO's dividend yield for the trailing twelve months is around 279.58%, more than ULTY's 131.16% yield.

	TTM	2025	2024
MARO YieldMax MARA Option Income Strategy ETF	279.58%	277.68%	0.00%
ULTY YieldMax Ultra Option Income Strategy ETF	131.16%	142.99%	111.70%

Drawdowns

MARO vs. ULTY - Drawdown Comparison

The maximum MARO drawdown since its inception was -71.75%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for MARO and ULTY.

Drawdown Indicators

	MARO	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-71.75%	-26.85%	-44.90%
Max Drawdown (1Y) Largest decline over 1 year	-65.51%	-24.16%	-41.35%
Current Drawdown Current decline from peak	-66.88%	-21.05%	-45.83%
Average Drawdown Average peak-to-trough decline	-39.99%	-9.04%	-30.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.17%	11.04%	+22.13%

Volatility

MARO vs. ULTY - Volatility Comparison

YieldMax MARA Option Income Strategy ETF (MARO) has a higher volatility of 20.53% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 9.47%. This indicates that MARO'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

	MARO	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.53%	9.47%	+11.06%
Volatility (6M) Calculated over the trailing 6-month period	50.16%	17.08%	+33.08%
Volatility (1Y) Calculated over the trailing 1-year period	64.75%	25.30%	+39.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.81%	27.64%	+39.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.81%	27.64%	+39.17%