PBE vs. ULTY

Last updated Jun 16, 2026

PBE (Invesco Dynamic Biotechnology & Genome ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both exchange-traded funds - PBE is a Health & Biotech Equities fund tracking the Dynamic Biotech & Genome Intellidex Index (AMEX), while ULTY is a Derivative Income fund actively managed by YieldMax. PBE is passively managed, while ULTY is actively managed. Over the past year, PBE returned 34.13% vs 7.83% for ULTY. At a 0.46 correlation, their price movements are largely independent. PBE charges 0.59%/yr vs 1.14%/yr for ULTY.

Performance

PBE vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Biotechnology & Genome ETF (PBE) 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, PBE achieves a 3.32% return, which is significantly lower than ULTY's 11.58% return.

PBE

• 1D: 0.81%
• 1M: 4.85%
• YTD: 3.32%
• 6M: 5.17%
• 1Y: 34.13%
• 3Y*: 10.91%
• 5Y*: 2.31%
• 10Y*: 8.90%

ULTY

• 1D: 2.56%
• 1M: 3.18%
• YTD: 11.58%
• 6M: 13.08%
• 1Y: 7.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBE vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBE Invesco Dynamic Biotechnology & Genome ETF	3.32%	24.84%	0.26%
ULTY YieldMax Ultra Option Income Strategy ETF	11.58%	-0.84%	-4.73%

Correlation

The correlation between PBE and ULTY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.46

The correlation between PBE and ULTY shifts across timeframes, from 0.35 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

PBE vs. ULTY - Sectors Allocation Comparison

Sectors	PBE	ULTY
Healthcare	99.9%	1.1%
Financial Services	0.2%	9.8%
Basic Materials	-	12.0%
Communication Services	-	7.6%
Consumer Cyclical	-	6.6%
Consumer Defensive	-	0.0%
Energy	-	-
Industrials	-	10.6%
Real Estate	-	-
Technology	-	52.3%
Utilities	-	-

Return for Risk

PBE vs. ULTY — Risk / Return Rank

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

PBE

PBE Risk / Return Rank: 58
PBE Sharpe Ratio Rank: 58
PBE Sortino Ratio Rank: 63
PBE Omega Ratio Rank: 53
PBE Calmar Ratio Rank: 63
PBE Martin Ratio Rank: 52

ULTY

ULTY Risk / Return Rank: 14
ULTY Sharpe Ratio Rank: 15
ULTY Sortino Ratio Rank: 14
ULTY Omega Ratio Rank: 14
ULTY Calmar Ratio Rank: 13
ULTY Martin Ratio Rank: 12

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.

PBE vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Biotechnology & Genome ETF (PBE) 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.

	PBE	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	1.81	0.36	+1.44
Sortino ratio: Return per unit of downside risk	2.68	0.62	+2.07
Omega ratio: Gain probability vs. loss probability	1.31	1.08	+0.23
Calmar ratio: Return relative to maximum drawdown	2.92	0.33	+2.60
Martin ratio: Return relative to average drawdown	8.21	0.63	+7.58

PBE vs. ULTY - Sharpe Ratio Comparison

The current PBE Sharpe Ratio is 1.81, which is higher than the ULTY Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of PBE 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

PBE vs. ULTY - Drawdown Comparison

The maximum PBE drawdown since its inception was -45.69%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for PBE and ULTY.

Drawdown Indicators

	PBE	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-45.69%	-26.85%	-18.84%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-24.16%	+12.43%
Max Drawdown (3Y) Largest decline over 3 years	-22.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.71%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.84%	—	—
Current Drawdown Current decline from peak	-1.00%	-8.51%	+7.51%
Average Drawdown Average peak-to-trough decline	-16.21%	-9.89%	-6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	12.48%	-8.31%

Volatility

PBE vs. ULTY - Volatility Comparison

The current volatility for Invesco Dynamic Biotechnology & Genome ETF (PBE) is 6.04%, while YieldMax Ultra Option Income Strategy ETF (ULTY) has a volatility of 8.42%. This indicates that PBE 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

	PBE	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	8.42%	-2.38%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	16.58%	-2.91%
Volatility (1Y) Calculated over the trailing 1-year period	19.01%	21.69%	-2.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.48%	27.35%	-4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.91%	27.35%	-2.44%

PBE vs. ULTY - Expense Ratio Comparison

PBE has a 0.59% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

PBE vs. ULTY - Dividend Comparison

PBE's dividend yield for the trailing twelve months is around 1.02%, less than ULTY's 110.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBE Invesco Dynamic Biotechnology & Genome ETF	1.02%	1.00%	0.05%	0.02%	0.00%	0.00%	0.04%	0.00%	0.00%	0.57%	0.38%	1.12%
ULTY YieldMax Ultra Option Income Strategy ETF	110.56%	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 PBE and ULTY in my portfolio?

PBE and ULTY have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBE or ULTY?

ULTY has higher volatility (8.42%) compared to PBE (6.04%). In terms of maximum drawdown, PBE dropped -45.69% vs ULTY's -26.85%.

Which ETF is better, PBE or ULTY?

On 1-year performance, PBE leads with 34.13% vs 7.83% for ULTY. On fees, PBE is cheaper at 0.59% per year. On volatility, PBE has been the lower-risk option at 6.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBE or ULTY?

Over the 1-year period, PBE has performed better with a 34.13% return vs 7.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBE or ULTY?

PBE is cheaper with a 0.59% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 110.56%, compared with 1.02% for PBE.

What is the main difference between PBE and ULTY?

PBE is categorized as Health & Biotech Equities, while ULTY is Derivative Income. They also come from different issuers: Invesco and YieldMax. Their fees differ too: 0.59% for PBE and 1.14% for ULTY.

Which has better risk-adjusted returns?

PBE currently has the higher Sharpe Ratio (1.81 vs 0.36), 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.