TSLW vs. ULTY

Last updated Jul 14, 2026

TSLW (Roundhill TSLA WeeklyPay™ ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, TSLW returned 23.67% vs -3.83% for ULTY. A 0.51 correlation means they provide meaningful diversification when combined. TSLW charges 0.99%/yr vs 1.14%/yr for ULTY.

Performance

TSLW vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill TSLA WeeklyPay™ ETF (TSLW) 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, TSLW achieves a -17.23% return, which is significantly lower than ULTY's 7.52% return.

TSLW

• 1D: -3.72%
• 1M: -3.84%
• 6M: -16.87%
• YTD: -17.23%
• 1Y: 23.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULTY

• 1D: -1.08%
• 1M: -1.18%
• 6M: 4.13%
• YTD: 7.52%
• 1Y: -3.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLW vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025
TSLW Roundhill TSLA WeeklyPay™ ETF	-17.23%	35.28%
ULTY YieldMax Ultra Option Income Strategy ETF	7.52%	-1.19%

Correlation

The correlation between TSLW and ULTY is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025	0.51

The correlation between TSLW and ULTY has been stable across timeframes, ranging from 0.51 to 0.53 - a consistent structural relationship.

Return for Risk

TSLW vs. ULTY — Risk / Return Rank

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

TSLW

TSLW Risk / Return Rank: 19
TSLW Sharpe Ratio Rank: 18
TSLW Sortino Ratio Rank: 21
TSLW Omega Ratio Rank: 20
TSLW Calmar Ratio Rank: 19
TSLW Martin Ratio Rank: 18

ULTY

ULTY Risk / Return Rank: 7
ULTY Sharpe Ratio Rank: 8
ULTY Sortino Ratio Rank: 7
ULTY Omega Ratio Rank: 7
ULTY Calmar Ratio Rank: 8
ULTY Martin Ratio Rank: 8

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.

TSLW vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill TSLA WeeklyPay™ ETF (TSLW) 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.

	TSLW	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	0.44	-0.18	+0.62
Sortino ratio: Return per unit of downside risk	0.97	-0.09	+1.07
Omega ratio: Gain probability vs. loss probability	1.11	0.99	+0.12
Calmar ratio: Return relative to maximum drawdown	0.66	-0.16	+0.82
Martin ratio: Return relative to average drawdown	1.40	-0.30	+1.70

TSLW vs. ULTY - Sharpe Ratio Comparison

The current TSLW Sharpe Ratio is 0.44, which is higher than the ULTY Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of TSLW 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

TSLW vs. ULTY - Drawdown Comparison

The maximum TSLW drawdown since its inception was -35.80%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for TSLW and ULTY.

Drawdown Indicators

	TSLW	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-35.80%	-26.85%	-8.95%
Max Drawdown (1Y) Largest decline over 1 year	-35.80%	-24.16%	-11.64%
Current Drawdown Current decline from peak	-25.41%	-11.84%	-13.57%
Average Drawdown Average peak-to-trough decline	-13.85%	-9.93%	-3.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.92%	12.82%	+4.10%

Volatility

TSLW vs. ULTY - Volatility Comparison

Roundhill TSLA WeeklyPay™ ETF (TSLW) has a higher volatility of 20.82% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 6.90%. This indicates that TSLW'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

	TSLW	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.82%	6.90%	+13.92%
Volatility (6M) Calculated over the trailing 6-month period	37.41%	16.40%	+21.01%
Volatility (1Y) Calculated over the trailing 1-year period	53.62%	21.72%	+31.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.26%	27.15%	+30.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.26%	27.15%	+30.11%

TSLW vs. ULTY - Expense Ratio Comparison

TSLW has a 0.99% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

TSLW vs. ULTY - Dividend Comparison

TSLW's dividend yield for the trailing twelve months is around 92.94%, less than ULTY's 112.57% yield.

Position	TTM	2025	2024
TSLW Roundhill TSLA WeeklyPay™ ETF	92.94%	49.31%	0.00%
ULTY YieldMax Ultra Option Income Strategy ETF	112.57%	142.99%	111.70%

Frequently Asked Questions

Can I hold both TSLW and ULTY in my portfolio?

TSLW and ULTY have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLW or ULTY?

TSLW has higher volatility (20.82%) compared to ULTY (6.90%). In terms of maximum drawdown, TSLW dropped -35.80% vs ULTY's -26.85%.

Which ETF is better, TSLW or ULTY?

On 1-year performance, TSLW leads with 23.67% vs -3.83% for ULTY. On fees, TSLW is cheaper at 0.99% per year. On volatility, ULTY has been the lower-risk option at 6.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLW or ULTY?

Over the 1-year period, TSLW has performed better with a 23.67% return vs -3.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLW or ULTY?

TSLW is cheaper with a 0.99% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 112.57%, compared with 92.94% for TSLW.

What is the main difference between TSLW and ULTY?

They also come from different issuers: Roundhill and YieldMax. Their fees differ too: 0.99% for TSLW and 1.14% for ULTY.

Which has better risk-adjusted returns?

TSLW currently has the higher Sharpe Ratio (0.44 vs -0.18), 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.