QDTY vs. ULTY

Last updated Aug 1, 2026

QDTY (YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both exchange-traded funds - QDTY is a Nasdaq-100 fund actively managed by YieldMax, while ULTY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, QDTY returned 22.67% vs -9.45% for ULTY. Their 0.77 correlation means they have sometimes moved together and sometimes differently. QDTY charges 1.01%/yr vs 1.40%/yr for ULTY.

Performance

QDTY vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF (QDTY) 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, QDTY achieves a 9.56% return, which is significantly higher than ULTY's 2.90% return.

QDTY

• 1D: 0.19%
• 1M: -0.96%
• 6M: 7.98%
• YTD: 9.56%
• 1Y: 22.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.20%

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)
QDTY YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF	$575.56K	$563.37K	$755.82K
ULTY YieldMax Ultra Option Income Strategy ETF	$16.46M	$14.74M	$17.73M

QDTY vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025
QDTY YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF	9.56%	12.21%
ULTY YieldMax Ultra Option Income Strategy ETF	2.90%	-4.83%

Correlation

The correlation between QDTY and ULTY is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.77

The correlation between QDTY and ULTY has been stable across timeframes, ranging from 0.77 to 0.79 - a consistent structural relationship.

QDTY vs. ULTY - Sectors Allocation Comparison

Sectors	QDTY	ULTY
Technology	60.8%	52.5%
Communication Services	13.0%	6.6%
Consumer Cyclical	10.7%	10.6%
Consumer Defensive	6.2%	0.0%
Healthcare	3.6%	1.9%
Industrials	2.9%	13.3%
Utilities	1.1%	-
Basic Materials	1.0%	7.0%
Energy	0.5%	-
Financial Services	0.2%	8.3%
Real Estate	0.1%	-

Return for Risk

QDTY vs. ULTY — Risk / Return Rank

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

QDTY

QDTY Risk / Return Rank: 46
QDTY Sharpe Ratio Rank: 44
QDTY Sortino Ratio Rank: 43
QDTY Omega Ratio Rank: 43
QDTY Calmar Ratio Rank: 51
QDTY Martin Ratio Rank: 50

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.

QDTY vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF (QDTY) 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.

	QDTY	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	1.11	-0.52	+1.62
Sortino ratio: Return per unit of downside risk	1.57	-0.57	+2.14
Omega ratio: Gain probability vs. loss probability	1.20	0.93	+0.27
Calmar ratio: Return relative to maximum drawdown	1.84	-0.47	+2.32
Martin ratio: Return relative to average drawdown	5.79	-0.86	+6.65

QDTY vs. ULTY - Sharpe Ratio Comparison

The current QDTY Sharpe Ratio is 1.11, which is higher than the ULTY Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of QDTY 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

QDTY vs. ULTY - Drawdown Comparison

The maximum QDTY drawdown since its inception was -23.45%, smaller than the maximum ULTY drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for QDTY and ULTY.

Drawdown Indicators

	QDTY	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-23.45%	-26.85%	+3.40%
Max Drawdown (1Y) Largest decline over 1 year	-11.10%	-24.16%	+13.06%
Current Drawdown Current decline from peak	-5.85%	-15.63%	+9.78%
Average Drawdown Average peak-to-trough decline	-4.44%	-10.03%	+5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	13.27%	-9.74%

Volatility

QDTY vs. ULTY - Volatility Comparison

YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF (QDTY) has a higher volatility of 7.08% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 6.71%. This indicates that QDTY'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

	QDTY	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	6.71%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	15.40%	17.07%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	18.49%	22.12%	-3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.06%	27.08%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.06%	27.08%	-1.02%

QDTY vs. ULTY - Expense Ratio Comparison

QDTY has a 1.01% expense ratio, which is lower than ULTY's 1.40% expense ratio.

Dividends

QDTY vs. ULTY - Dividend Comparison

QDTY's dividend yield for the trailing twelve months is around 35.74%, less than ULTY's 113.74% yield.

Position	TTM	2025	2024
QDTY YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF	35.74%	26.82%	0.00%
ULTY YieldMax Ultra Option Income Strategy ETF	113.74%	142.99%	111.70%

Frequently Asked Questions

Can I hold both QDTY and ULTY in my portfolio?

QDTY and ULTY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QDTY or ULTY?

QDTY has higher volatility (7.08%) compared to ULTY (6.71%). In terms of maximum drawdown, QDTY dropped -23.45% vs ULTY's -26.85%.

Which ETF is better, QDTY or ULTY?

On 1-year performance, QDTY leads with 22.67% vs -9.45% for ULTY. On fees, QDTY is cheaper at 1.01% per year. On volatility, ULTY has been the lower-risk option at 6.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDTY or ULTY?

Over the 1-year period, QDTY has performed better with a 22.67% return vs -9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDTY or ULTY?

QDTY is cheaper with a 1.01% expense ratio, compared with 1.40% for ULTY.

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

ULTY has the higher dividend yield at 113.74%, compared with 35.74% for QDTY.

What is the main difference between QDTY and ULTY?

QDTY is categorized as Nasdaq-100, while ULTY is Derivative Income. Their fees differ too: 1.01% for QDTY and 1.40% for ULTY.

Which has better risk-adjusted returns?

QDTY currently has the higher Sharpe Ratio (1.11 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.