SLTY vs. SPY

Last updated Jun 24, 2026

SLTY (YieldMax Ultra Short Option Income Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SLTY is a Derivative Income fund actively managed by YieldMax, while SPY is a S&P 500 fund tracking the S&P 500 Index. SLTY is actively managed, while SPY is passively managed. At a correlation of -0.62, they often move in opposite directions. SLTY charges 1.24%/yr vs 0.09%/yr for SPY.

Performance

SLTY vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Short Option Income Strategy ETF (SLTY) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLTY achieves a -4.71% return, which is significantly lower than SPY's 8.15% return.

SLTY

• 1D: 0.55%
• 1M: 1.09%
• YTD: -4.71%
• 6M: -3.93%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

SLTY vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
SLTY YieldMax Ultra Short Option Income Strategy ETF	-4.71%	-12.61%
SPY State Street SPDR S&P 500 ETF	8.15%	7.48%

Correlation

The correlation between SLTY and SPY is -0.62, 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 21, 2025	-0.62

Return for Risk

SLTY vs. SPY — Risk / Return Rank

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

SLTY

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

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Short Option Income Strategy ETF (SLTY) and State Street SPDR S&P 500 ETF (SPY). 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.

	SLTY	SPY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.90	—
Sortino ratio: Return per unit of downside risk	—	2.58	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	2.67	—
Martin ratio: Return relative to average drawdown	—	11.92	—

Drawdowns

SLTY vs. SPY - Drawdown Comparison

The maximum SLTY drawdown since its inception was -21.27%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SLTY and SPY.

Drawdown Indicators

	SLTY	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-21.27%	-55.19%	+33.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-16.73%	-3.17%	-13.56%
Average Drawdown Average peak-to-trough decline	-14.33%	-9.04%	-5.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.98%	—

Volatility

Volatility by Period

	SLTY	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.87%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.85%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.12%	12.50%	+5.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.12%	17.15%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.12%	17.95%	+0.17%

SLTY vs. SPY - Expense Ratio Comparison

SLTY has a 1.24% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SLTY vs. SPY - Dividend Comparison

SLTY's dividend yield for the trailing twelve months is around 77.13%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLTY YieldMax Ultra Short Option Income Strategy ETF	77.13%	29.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SLTY and SPY in my portfolio?

SLTY and SPY have a correlation of -0.62, 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 SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SLTY or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.24% for SLTY.

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

SLTY has the higher dividend yield at 77.13%, compared with 1.03% for SPY.

What is the main difference between SLTY and SPY?

SLTY is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: YieldMax and State Street. Their fees differ too: 1.24% for SLTY and 0.09% for SPY.