SPYT vs. ULTY

Last updated Aug 2, 2026

SPYT (Defiance S&P 500 Income Target ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPYT returned 18.21% vs -9.45% for ULTY. Their 0.72 correlation means they have sometimes moved together and sometimes differently. SPYT charges 0.87%/yr vs 1.40%/yr for ULTY.

Performance

SPYT vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Income Target ETF (SPYT) 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, SPYT achieves a 9.33% return, which is significantly higher than ULTY's 2.90% return.

SPYT

• 1D: 0.58%
• 1M: 0.41%
• 6M: 7.91%
• YTD: 9.33%
• 1Y: 18.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.80%

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)
SPYT Defiance S&P 500 Income Target ETF	$1.78M	$2.10M	$2.34M
ULTY YieldMax Ultra Option Income Strategy ETF	$16.46M	$14.74M	$17.73M

SPYT vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYT Defiance S&P 500 Income Target ETF	9.33%	12.41%	13.30%
ULTY YieldMax Ultra Option Income Strategy ETF	2.90%	-0.84%	-1.80%

Correlation

The correlation between SPYT and ULTY is 0.77, 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.	0.77
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.72

The correlation between SPYT and ULTY has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

SPYT vs. ULTY - Sectors Allocation Comparison

Sectors	SPYT	ULTY
Technology	38.5%	52.5%
Financial Services	11.6%	8.3%
Communication Services	9.9%	6.6%
Consumer Cyclical	9.5%	10.6%
Healthcare	8.9%	1.9%
Industrials	8.4%	13.3%
Consumer Defensive	4.5%	0.0%
Energy	3.0%	-
Utilities	2.2%	-
Real Estate	1.8%	-
Basic Materials	1.7%	7.0%

Return for Risk

SPYT vs. ULTY — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 62
SPYT Sharpe Ratio Rank: 59
SPYT Sortino Ratio Rank: 56
SPYT Omega Ratio Rank: 63
SPYT Calmar Ratio Rank: 59
SPYT Martin Ratio Rank: 71

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.

SPYT vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Income Target ETF (SPYT) 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.

	SPYT	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	1.39	-0.52	+1.91
Sortino ratio: Return per unit of downside risk	1.94	-0.57	+2.51
Omega ratio: Gain probability vs. loss probability	1.27	0.93	+0.34
Calmar ratio: Return relative to maximum drawdown	2.05	-0.47	+2.52
Martin ratio: Return relative to average drawdown	8.74	-0.86	+9.60

SPYT vs. ULTY - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 1.39, which is higher than the ULTY Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of SPYT 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

SPYT vs. ULTY - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, smaller than the maximum ULTY drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for SPYT and ULTY.

Drawdown Indicators

	SPYT	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-26.85%	+8.60%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-24.16%	+16.16%
Current Drawdown Current decline from peak	-1.01%	-15.63%	+14.62%
Average Drawdown Average peak-to-trough decline	-1.98%	-10.03%	+8.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	13.27%	-11.40%

Volatility

SPYT vs. ULTY - Volatility Comparison

The current volatility for Defiance S&P 500 Income Target ETF (SPYT) is 3.18%, while YieldMax Ultra Option Income Strategy ETF (ULTY) has a volatility of 6.71%. This indicates that SPYT 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

	SPYT	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	6.71%	-3.53%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	17.07%	-7.67%
Volatility (1Y) Calculated over the trailing 1-year period	11.77%	22.12%	-10.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.73%	27.08%	-12.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.73%	27.08%	-12.35%

SPYT vs. ULTY - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is lower than ULTY's 1.40% expense ratio.

Dividends

SPYT vs. ULTY - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 21.05%, less than ULTY's 113.74% yield.

Position	TTM	2025	2024
SPYT Defiance S&P 500 Income Target ETF	19.19%	21.40%	17.37%
ULTY YieldMax Ultra Option Income Strategy ETF	113.74%	142.99%	111.70%

Frequently Asked Questions

Can I hold both SPYT and ULTY in my portfolio?

SPYT and ULTY have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYT or ULTY?

ULTY has higher volatility (6.71%) compared to SPYT (3.18%). In terms of maximum drawdown, SPYT dropped -18.25% vs ULTY's -26.85%.

Which ETF is better, SPYT or ULTY?

On 1-year performance, SPYT leads with 18.21% vs -9.45% for ULTY. On fees, SPYT is cheaper at 0.87% per year. On volatility, SPYT has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYT or ULTY?

Over the 1-year period, SPYT has performed better with a 18.21% return vs -9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYT or ULTY?

SPYT is cheaper with a 0.87% expense ratio, compared with 1.40% for ULTY.

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

ULTY has the higher dividend yield at 113.74%, compared with 19.19% for SPYT.

What is the main difference between SPYT and ULTY?

They also come from different issuers: Defiance and YieldMax. Their fees differ too: 0.87% for SPYT and 1.40% for ULTY.

Which has better risk-adjusted returns?

SPYT currently has the higher Sharpe Ratio (1.39 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.