SPIN vs. ULTY

Last updated Jun 4, 2026

SPIN (State Street US Equity Premium Income ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPIN returned 19.71% vs 8.24% for ULTY. A 0.70 correlation means they provide meaningful diversification when combined. SPIN charges 0.25%/yr vs 1.14%/yr for ULTY.

Performance

SPIN vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street US Equity Premium Income ETF (SPIN) 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, SPIN achieves a 2.91% return, which is significantly lower than ULTY's 11.14% return.

SPIN

• 1D: -0.15%
• 1M: 2.52%
• YTD: 2.91%
• 6M: 3.47%
• 1Y: 19.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULTY

• 1D: -1.25%
• 1M: 4.53%
• YTD: 11.14%
• 6M: 9.84%
• 1Y: 8.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPIN vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPIN State Street US Equity Premium Income ETF	2.91%	14.14%	6.09%
ULTY YieldMax Ultra Option Income Strategy ETF	11.14%	-0.84%	17.37%

Correlation

The correlation between SPIN and ULTY is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.70

The correlation between SPIN and ULTY has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

SPIN vs. ULTY - Sectors Allocation Comparison

Sectors	SPIN	ULTY
Technology	39.0%	54.6%
Communication Services	12.2%	8.9%
Financial Services	11.5%	8.6%
Consumer Cyclical	8.7%	5.2%
Healthcare	8.3%	1.8%
Industrials	8.0%	9.3%
Consumer Defensive	3.8%	0.0%
Energy	2.9%	-
Utilities	2.3%	-
Basic Materials	2.2%	11.7%
Real Estate	1.6%	-

Return for Risk

SPIN vs. ULTY — Risk / Return Rank

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

SPIN

SPIN Risk / Return Rank: 52
SPIN Sharpe Ratio Rank: 55
SPIN Sortino Ratio Rank: 54
SPIN Omega Ratio Rank: 58
SPIN Calmar Ratio Rank: 40
SPIN Martin Ratio Rank: 50

ULTY

ULTY Risk / Return Rank: 13
ULTY Sharpe Ratio Rank: 14
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.

SPIN vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street US Equity Premium Income ETF (SPIN) 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.

	SPIN	ULTY	Difference
Sharpe ratio Return per unit of total volatility	1.89	0.40	+1.49
Sortino ratio Return per unit of downside risk	2.60	0.66	+1.94
Omega ratio Gain probability vs. loss probability	1.36	1.08	+0.28
Calmar ratio Return relative to maximum drawdown	2.02	0.34	+1.68
Martin ratio Return relative to average drawdown	8.42	0.67	+7.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPIN vs. ULTY - Sharpe Ratio Comparison

The current SPIN Sharpe Ratio is 1.89, which is higher than the ULTY Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of SPIN 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.

Sharpe Ratios by Period

	SPIN	ULTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	0.40	+1.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.17	+0.77

Drawdowns

SPIN vs. ULTY - Drawdown Comparison

The maximum SPIN drawdown since its inception was -16.85%, smaller than the maximum ULTY drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for SPIN and ULTY.

Drawdown Indicators

	SPIN	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-16.85%	-26.85%	+10.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-24.16%	+14.35%
Current Drawdown Current decline from peak	-0.40%	-8.88%	+8.48%
Average Drawdown Average peak-to-trough decline	-2.29%	-9.37%	+7.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	12.31%	-9.96%

Volatility

SPIN vs. ULTY - Volatility Comparison

The current volatility for State Street US Equity Premium Income ETF (SPIN) is 1.82%, while YieldMax Ultra Option Income Strategy ETF (ULTY) has a volatility of 4.51%. This indicates that SPIN 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

	SPIN	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	4.51%	-2.69%
Volatility (6M) Calculated over the trailing 6-month period	8.03%	15.03%	-7.00%
Volatility (1Y) Calculated over the trailing 1-year period	10.49%	20.79%	-10.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.33%	26.92%	-12.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	26.92%	-12.59%

SPIN vs. ULTY - Expense Ratio Comparison

SPIN has a 0.25% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

SPIN vs. ULTY - Dividend Comparison

SPIN's dividend yield for the trailing twelve months is around 5.64%, less than ULTY's 114.67% yield.

Position	TTM	2025	2024
SPIN State Street US Equity Premium Income ETF	5.64%	8.20%	2.36%
ULTY YieldMax Ultra Option Income Strategy ETF	114.67%	142.99%	111.70%

Frequently Asked Questions

Can I hold both SPIN and ULTY in my portfolio?

SPIN and ULTY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPIN or ULTY?

ULTY has higher volatility (4.51%) compared to SPIN (1.82%). In terms of maximum drawdown, SPIN dropped -16.85% vs ULTY's -26.85%.

Which ETF is better, SPIN or ULTY?

On 1-year performance, SPIN leads with 19.71% vs 8.24% for ULTY. On fees, SPIN is cheaper at 0.25% per year. On volatility, SPIN has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIN or ULTY?

Over the 1-year period, SPIN has performed better with a 19.71% return vs 8.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIN or ULTY?

SPIN is cheaper with a 0.25% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 114.67%, compared with 5.64% for SPIN.

What is the main difference between SPIN and ULTY?

They also come from different issuers: State Street and YieldMax. Their fees differ too: 0.25% for SPIN and 1.14% for ULTY.

Which has better risk-adjusted returns?

SPIN currently has the higher Sharpe Ratio (1.89 vs 0.40), 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.