NJTFX vs. ULTY

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) and YieldMax Ultra Option Income Strategy ETF (ULTY).

NJTFX is managed by T. Rowe Price. It was launched on Apr 29, 1991. ULTY is an actively managed fund by YieldMax. It was launched on Feb 28, 2024.

Performance

NJTFX vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) and YieldMax Ultra Option Income Strategy ETF (ULTY). The values are adjusted to include any dividend payments, if applicable.

NJTFX vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund	0.02%	6.48%	2.83%
ULTY YieldMax Ultra Option Income Strategy ETF	-3.71%	-0.84%	0.54%

Returns By Period

In the year-to-date period, NJTFX achieves a 0.02% return, which is significantly higher than ULTY's -3.71% return.

NJTFX

• 1D: 0.18%
• 1M: -2.42%
• YTD: 0.02%
• 6M: 2.64%
• 1Y: 7.16%
• 3Y*: 4.32%
• 5Y*: 1.57%
• 10Y*: 2.47%

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)

NJTFX vs. ULTY - Expense Ratio Comparison

NJTFX has a 0.56% expense ratio, which is lower than ULTY's 1.14% expense ratio.

ULTY

YieldMax Ultra Option Income Strategy ETF

NJTFX

T. Rowe Price New Jersey Tax Free Bond Fund

Return for Risk

NJTFX vs. ULTY — Risk / Return Rank

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

NJTFX

NJTFX Risk / Return Rank: 78
NJTFX Sharpe Ratio Rank: 84
NJTFX Sortino Ratio Rank: 82
NJTFX Omega Ratio Rank: 92
NJTFX Calmar Ratio Rank: 72
NJTFX Martin Ratio Rank: 61

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.

NJTFX vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) 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.

	NJTFX	ULTY	Difference
Sharpe ratio Return per unit of total volatility	1.57	0.46	+1.11
Sortino ratio Return per unit of downside risk	2.10	0.78	+1.32
Omega ratio Gain probability vs. loss probability	1.44	1.10	+0.34
Calmar ratio Return relative to maximum drawdown	1.64	0.43	+1.21
Martin ratio Return relative to average drawdown	5.78	0.94	+4.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NJTFX vs. ULTY - Sharpe Ratio Comparison

The current NJTFX Sharpe Ratio is 1.57, which is higher than the ULTY Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of NJTFX 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

	NJTFX	ULTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	0.46	+1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	-0.07	+1.33

Correlation

The correlation between NJTFX and ULTY is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

NJTFX vs. ULTY - Dividend Comparison

NJTFX's dividend yield for the trailing twelve months is around 6.17%, less than ULTY's 131.16% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund	6.17%	5.81%	3.19%	3.27%	2.03%	2.56%	2.79%	2.84%	3.13%	3.13%	3.26%	3.36%
ULTY YieldMax Ultra Option Income Strategy ETF	131.16%	142.99%	111.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

NJTFX vs. ULTY - Drawdown Comparison

The maximum NJTFX drawdown since its inception was -15.19%, smaller than the maximum ULTY drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for NJTFX and ULTY.

Drawdown Indicators

	NJTFX	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-15.19%	-26.85%	+11.66%
Max Drawdown (1Y) Largest decline over 1 year	-4.84%	-24.16%	+19.32%
Max Drawdown (5Y) Largest decline over 5 years	-15.19%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.19%	—	—
Current Drawdown Current decline from peak	-2.42%	-21.05%	+18.63%
Average Drawdown Average peak-to-trough decline	-1.82%	-9.04%	+7.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	11.04%	-9.67%

Volatility

NJTFX vs. ULTY - Volatility Comparison

The current volatility for T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) is 1.04%, while YieldMax Ultra Option Income Strategy ETF (ULTY) has a volatility of 9.47%. This indicates that NJTFX 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

	NJTFX	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	9.47%	-8.43%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	17.08%	-15.31%
Volatility (1Y) Calculated over the trailing 1-year period	4.95%	25.30%	-20.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.96%	27.64%	-23.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.86%	27.64%	-23.78%