MSTI vs. ULTY

Last updated Aug 2, 2026

MSTI (Madison Short-Term Strategic Income ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both exchange-traded funds - MSTI is a Short-Term Bond fund actively managed by Madison, while ULTY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, MSTI returned 2.82% vs -9.45% for ULTY. Their 0.24 correlation means their historical movements had little consistent relationship. MSTI charges 0.40%/yr vs 1.40%/yr for ULTY.

Performance

MSTI vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Short-Term Strategic Income ETF (MSTI) 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, MSTI achieves a 0.65% return, which is significantly lower than ULTY's 2.90% return.

MSTI

• 1D: -0.10%
• 1M: -0.27%
• 6M: 0.37%
• YTD: 0.65%
• 1Y: 2.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.51%

ULTY

• 1D: 0.58%
• 1M: -3.39%
• 6M: 1.20%
• YTD: 2.90%
• 1Y: -9.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTI Madison Short-Term Strategic Income ETF	$25.90K	$19.79K	$48.81K
ULTY YieldMax Ultra Option Income Strategy ETF	$16.46M	$14.74M	$17.73M

MSTI vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTI Madison Short-Term Strategic Income ETF	0.65%	6.33%	4.92%
ULTY YieldMax Ultra Option Income Strategy ETF	2.90%	-0.84%	-4.73%

Correlation

The correlation between MSTI and ULTY is 0.24, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.24
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.24

Return for Risk

MSTI vs. ULTY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSTI

MSTI Risk / Return Rank: 64
MSTI Sharpe Ratio Rank: 57
MSTI Sortino Ratio Rank: 58
MSTI Omega Ratio Rank: 61
MSTI Calmar Ratio Rank: 70
MSTI Martin Ratio Rank: 77

ULTY

ULTY Risk / Return Rank: 5
ULTY Sharpe Ratio Rank: 5
ULTY Sortino Ratio Rank: 5
ULTY Omega Ratio Rank: 5
ULTY Calmar Ratio Rank: 5
ULTY Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSTI vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Short-Term Strategic Income ETF (MSTI) 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.

	MSTI	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	1.36	-0.52	+1.87
Sortino ratio: Return per unit of downside risk	1.99	-0.57	+2.56
Omega ratio: Gain probability vs. loss probability	1.26	0.93	+0.33
Calmar ratio: Return relative to maximum drawdown	2.44	-0.47	+2.91
Martin ratio: Return relative to average drawdown	9.70	-0.86	+10.56

MSTI vs. ULTY - Sharpe Ratio Comparison

The current MSTI Sharpe Ratio is 1.36, which is higher than the ULTY Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of MSTI 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

MSTI vs. ULTY - Drawdown Comparison

The maximum MSTI drawdown since its inception was -1.48%, smaller than the maximum ULTY drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for MSTI and ULTY.

Drawdown Indicators

	MSTI	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-1.48%	-26.85%	+25.37%
Max Drawdown (1Y) Largest decline over 1 year	-1.32%	-24.16%	+22.84%
Current Drawdown Current decline from peak	-0.39%	-15.63%	+15.24%
Average Drawdown Average peak-to-trough decline	-0.29%	-10.03%	+9.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	13.27%	-12.94%

Volatility

MSTI vs. ULTY - Volatility Comparison

The current volatility for Madison Short-Term Strategic Income ETF (MSTI) is 0.55%, while YieldMax Ultra Option Income Strategy ETF (ULTY) has a volatility of 6.71%. This indicates that MSTI 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

	MSTI	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.55%	6.71%	-6.16%
Volatility (6M) Calculated over the trailing 6-month period	1.61%	17.07%	-15.46%
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	22.12%	-19.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.67%	27.08%	-24.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.67%	27.08%	-24.41%

MSTI vs. ULTY - Expense Ratio Comparison

MSTI has a 0.40% expense ratio, which is lower than ULTY's 1.40% expense ratio.

Dividends

MSTI vs. ULTY - Dividend Comparison

MSTI's dividend yield for the trailing twelve months is around 5.44%, less than ULTY's 113.74% yield.

Position	TTM	2025	2024	2023
MSTI Madison Short-Term Strategic Income ETF	5.44%	5.40%	5.48%	1.55%
ULTY YieldMax Ultra Option Income Strategy ETF	113.74%	142.99%	111.70%	0.00%

Frequently Asked Questions

Can I hold both MSTI and ULTY in my portfolio?

MSTI and ULTY have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTI or ULTY?

ULTY has higher volatility (6.71%) compared to MSTI (0.55%). In terms of maximum drawdown, MSTI dropped -1.48% vs ULTY's -26.85%.

Which ETF is better, MSTI or ULTY?

On 1-year performance, MSTI leads with 2.82% vs -9.45% for ULTY. On fees, MSTI is cheaper at 0.40% per year. On volatility, MSTI has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTI or ULTY?

Over the 1-year period, MSTI has performed better with a 2.82% return vs -9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTI or ULTY?

MSTI is cheaper with a 0.40% expense ratio, compared with 1.40% for ULTY.

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

ULTY has the higher dividend yield at 113.74%, compared with 5.44% for MSTI.

What is the main difference between MSTI and ULTY?

MSTI is categorized as Short-Term Bond, while ULTY is Derivative Income. They also come from different issuers: Madison and YieldMax. Their fees differ too: 0.40% for MSTI and 1.40% for ULTY.

Which has better risk-adjusted returns?

MSTI currently has the higher Sharpe Ratio (1.36 vs -0.52), 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.