OARK vs. ULTY

Last updated Jul 14, 2026

OARK (YieldMax Innovation Option Income Strategy ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both exchange-traded funds - OARK is a Options Trading fund actively managed by YieldMax, while ULTY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, OARK returned 12.21% vs -3.83% for ULTY. A 0.79 correlation means they provide meaningful diversification when combined. OARK charges 0.99%/yr vs 1.14%/yr for ULTY.

Performance

OARK vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Innovation Option Income Strategy ETF (OARK) 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, OARK achieves a 5.68% return, which is significantly lower than ULTY's 7.52% return.

OARK

• 1D: -2.22%
• 1M: 2.53%
• 6M: 0.80%
• YTD: 5.68%
• 1Y: 12.21%
• 3Y*: 10.76%
• 5Y*: —
• 10Y*: —

ULTY

• 1D: -1.08%
• 1M: -1.18%
• 6M: 4.13%
• YTD: 7.52%
• 1Y: -3.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OARK vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OARK YieldMax Innovation Option Income Strategy ETF	5.68%	20.37%	10.08%
ULTY YieldMax Ultra Option Income Strategy ETF	7.52%	-0.84%	-4.73%

Correlation

The correlation between OARK and ULTY is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.79

The correlation between OARK and ULTY has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

Return for Risk

OARK vs. ULTY — Risk / Return Rank

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

OARK

OARK Risk / Return Rank: 17
OARK Sharpe Ratio Rank: 17
OARK Sortino Ratio Rank: 17
OARK Omega Ratio Rank: 17
OARK Calmar Ratio Rank: 17
OARK Martin Ratio Rank: 16

ULTY

ULTY Risk / Return Rank: 7
ULTY Sharpe Ratio Rank: 8
ULTY Sortino Ratio Rank: 7
ULTY Omega Ratio Rank: 7
ULTY Calmar Ratio Rank: 8
ULTY Martin Ratio Rank: 8

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.

OARK vs. ULTY - Risk-Adjusted Trends Comparison

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

	OARK	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	0.43	-0.18	+0.61
Sortino ratio: Return per unit of downside risk	0.76	-0.09	+0.86
Omega ratio: Gain probability vs. loss probability	1.09	0.99	+0.10
Calmar ratio: Return relative to maximum drawdown	0.53	-0.16	+0.69
Martin ratio: Return relative to average drawdown	1.22	-0.30	+1.52

OARK vs. ULTY - Sharpe Ratio Comparison

The current OARK Sharpe Ratio is 0.43, which is higher than the ULTY Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of OARK 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

OARK vs. ULTY - Drawdown Comparison

The maximum OARK drawdown since its inception was -35.48%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for OARK and ULTY.

Drawdown Indicators

	OARK	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-35.48%	-26.85%	-8.63%
Max Drawdown (1Y) Largest decline over 1 year	-23.26%	-24.16%	+0.90%
Max Drawdown (3Y) Largest decline over 3 years	-35.48%	—	—
Current Drawdown Current decline from peak	-7.12%	-11.84%	+4.72%
Average Drawdown Average peak-to-trough decline	-10.47%	-9.93%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.05%	12.82%	-2.77%

Volatility

OARK vs. ULTY - Volatility Comparison

YieldMax Innovation Option Income Strategy ETF (OARK) has a higher volatility of 7.47% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 6.90%. This indicates that OARK'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

	OARK	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	6.90%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	21.22%	16.40%	+4.82%
Volatility (1Y) Calculated over the trailing 1-year period	28.65%	21.72%	+6.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.84%	27.15%	+3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.84%	27.15%	+3.69%

OARK vs. ULTY - Expense Ratio Comparison

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

Dividends

OARK vs. ULTY - Dividend Comparison

OARK's dividend yield for the trailing twelve months is around 60.65%, less than ULTY's 112.57% yield.

Position	TTM	2025	2024	2023
OARK YieldMax Innovation Option Income Strategy ETF	60.65%	61.86%	47.86%	45.03%
ULTY YieldMax Ultra Option Income Strategy ETF	112.57%	142.99%	111.70%	0.00%

Frequently Asked Questions

Can I hold both OARK and ULTY in my portfolio?

OARK and ULTY have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OARK or ULTY?

OARK has higher volatility (7.47%) compared to ULTY (6.90%). In terms of maximum drawdown, OARK dropped -35.48% vs ULTY's -26.85%.

Which ETF is better, OARK or ULTY?

On 1-year performance, OARK leads with 12.21% vs -3.83% for ULTY. On fees, OARK is cheaper at 0.99% per year. On volatility, ULTY has been the lower-risk option at 6.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OARK or ULTY?

Over the 1-year period, OARK has performed better with a 12.21% return vs -3.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OARK or ULTY?

OARK is cheaper with a 0.99% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 112.57%, compared with 60.65% for OARK.

What is the main difference between OARK and ULTY?

OARK is categorized as Options Trading, while ULTY is Derivative Income. Their fees differ too: 0.99% for OARK and 1.14% for ULTY.

Which has better risk-adjusted returns?

OARK currently has the higher Sharpe Ratio (0.43 vs -0.18), 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.