SLTY vs. PEPS

Last updated Jun 4, 2026

SLTY (YieldMax Ultra Short Option Income Strategy ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.60, they often move in opposite directions. SLTY charges 1.24%/yr vs 0.10%/yr for PEPS.

Performance

SLTY vs. PEPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Short Option Income Strategy ETF (SLTY) and Parametric Equity Plus ETF (PEPS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLTY achieves a -6.01% return, which is significantly lower than PEPS's 10.67% return.

SLTY

• 1D: 0.65%
• 1M: -1.73%
• YTD: -6.01%
• 6M: -5.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PEPS

• 1D: -0.51%
• 1M: 6.44%
• YTD: 10.67%
• 6M: 10.79%
• 1Y: 31.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SLTY vs. PEPS - Yearly Performance Comparison

	2026 (YTD)	2025
SLTY YieldMax Ultra Short Option Income Strategy ETF	-6.01%	-12.17%
PEPS Parametric Equity Plus ETF	10.67%	10.06%

Correlation

The correlation between SLTY and PEPS is -0.60, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 22, 2025	-0.60

Return for Risk

SLTY vs. PEPS — Risk / Return Rank

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

PEPS

PEPS Risk / Return Rank: 73
PEPS Sharpe Ratio Rank: 76
PEPS Sortino Ratio Rank: 71
PEPS Omega Ratio Rank: 75
PEPS Calmar Ratio Rank: 66
PEPS Martin Ratio Rank: 79

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.

SLTY vs. PEPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Short Option Income Strategy ETF (SLTY) and Parametric Equity Plus ETF (PEPS). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SLTY	PEPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.19	1.05	-2.24

Drawdowns

SLTY vs. PEPS - Drawdown Comparison

The maximum SLTY drawdown since its inception was -20.88%, roughly equal to the maximum PEPS drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for SLTY and PEPS.

Drawdown Indicators

	SLTY	PEPS	Difference
Max Drawdown Largest peak-to-trough decline	-20.88%	-21.26%	+0.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.80%	—
Current Drawdown Current decline from peak	-17.45%	-0.51%	-16.94%
Average Drawdown Average peak-to-trough decline	-13.72%	-2.77%	-10.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.09%	—

Volatility

Volatility by Period

	SLTY	PEPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.77%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	13.06%	+5.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.42%	18.31%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	18.31%	+0.11%

SLTY vs. PEPS - Expense Ratio Comparison

SLTY has a 1.24% expense ratio, which is higher than PEPS's 0.10% expense ratio.

Dividends

SLTY vs. PEPS - Dividend Comparison

SLTY's dividend yield for the trailing twelve months is around 74.24%, more than PEPS's 0.88% yield.

Position	TTM	2025	2024
PEPS Parametric Equity Plus ETF	0.88%	1.00%	0.17%
SLTY YieldMax Ultra Short Option Income Strategy ETF	74.24%	29.68%	0.00%

Frequently Asked Questions

Can I hold both SLTY and PEPS in my portfolio?

SLTY and PEPS have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SLTY or PEPS?

On fees, PEPS is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SLTY or PEPS?

PEPS is cheaper with a 0.10% expense ratio, compared with 1.24% for SLTY.

Which ETF pays a higher dividend yield, SLTY or PEPS?

SLTY has the higher dividend yield at 74.24%, compared with 0.88% for PEPS.

What is the main difference between SLTY and PEPS?

They also come from different issuers: YieldMax and Parametric. Their fees differ too: 1.24% for SLTY and 0.10% for PEPS.