ULTY vs. CHPY

Last updated Jun 4, 2026

ULTY (YieldMax Ultra Option Income Strategy ETF) and CHPY (YieldMax Semiconductor Portfolio Option Income ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, ULTY returned 8.24% vs 149.72% for CHPY. A 0.69 correlation means they provide meaningful diversification when combined. ULTY charges 1.14%/yr vs 0.99%/yr for CHPY.

Performance

ULTY vs. CHPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULTY achieves a 11.14% return, which is significantly lower than CHPY's 85.77% return.

ULTY

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

CHPY

• 1D: 1.14%
• 1M: 29.53%
• YTD: 85.77%
• 6M: 85.49%
• 1Y: 149.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULTY vs. CHPY - Yearly Performance Comparison

	2026 (YTD)	2025
ULTY YieldMax Ultra Option Income Strategy ETF	11.14%	19.94%
CHPY YieldMax Semiconductor Portfolio Option Income ETF	85.77%	62.91%

Correlation

The correlation between ULTY and CHPY is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.69

The correlation between ULTY and CHPY has been stable across timeframes, ranging from 0.69 to 0.69 - a consistent structural relationship.

Return for Risk

ULTY vs. CHPY — Risk / Return Rank

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

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

CHPY

CHPY Risk / Return Rank: 97
CHPY Sharpe Ratio Rank: 98
CHPY Sortino Ratio Rank: 96
CHPY Omega Ratio Rank: 96
CHPY Calmar Ratio Rank: 97
CHPY Martin Ratio Rank: 97

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.

ULTY vs. CHPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). 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.

	ULTY	CHPY	Difference
Sharpe ratio: Return per unit of total volatility	0.40	5.47	-5.07
Sortino ratio: Return per unit of downside risk	0.66	5.76	-5.10
Omega ratio: Gain probability vs. loss probability	1.08	1.81	-0.73
Calmar ratio: Return relative to maximum drawdown	0.34	12.38	-12.04
Martin ratio: Return relative to average drawdown	0.67	47.28	-46.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ULTY vs. CHPY - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is 0.40, which is lower than the CHPY Sharpe Ratio of 5.47. The chart below compares the historical Sharpe Ratios of ULTY and CHPY, 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

	ULTY	CHPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	5.47	-5.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	4.83	-4.66

Drawdowns

ULTY vs. CHPY - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, which is greater than CHPY's maximum drawdown of -12.17%. Use the drawdown chart below to compare losses from any high point for ULTY and CHPY.

Drawdown Indicators

	ULTY	CHPY	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-12.17%	-14.68%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	-12.17%	-11.99%
Current Drawdown Current decline from peak	-8.88%	0.00%	-8.88%
Average Drawdown Average peak-to-trough decline	-9.37%	-1.98%	-7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.31%	3.18%	+9.13%

Volatility

ULTY vs. CHPY - Volatility Comparison

The current volatility for YieldMax Ultra Option Income Strategy ETF (ULTY) is 4.51%, while YieldMax Semiconductor Portfolio Option Income ETF (CHPY) has a volatility of 11.23%. This indicates that ULTY experiences smaller price fluctuations and is considered to be less risky than CHPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULTY	CHPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	11.23%	-6.72%
Volatility (6M) Calculated over the trailing 6-month period	15.03%	22.33%	-7.30%
Volatility (1Y) Calculated over the trailing 1-year period	20.79%	27.59%	-6.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.92%	33.17%	-6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.92%	33.17%	-6.25%

ULTY vs. CHPY - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is higher than CHPY's 0.99% expense ratio.

Dividends

ULTY vs. CHPY - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 114.67%, more than CHPY's 28.40% yield.

Position	TTM	2025	2024
CHPY YieldMax Semiconductor Portfolio Option Income ETF	28.40%	28.19%	0.00%
ULTY YieldMax Ultra Option Income Strategy ETF	114.67%	142.99%	111.70%

Frequently Asked Questions

Can I hold both ULTY and CHPY in my portfolio?

ULTY and CHPY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ULTY or CHPY?

CHPY has higher volatility (11.23%) compared to ULTY (4.51%). In terms of maximum drawdown, ULTY dropped -26.85% vs CHPY's -12.17%.

Which ETF is better, ULTY or CHPY?

On 1-year performance, CHPY leads with 149.72% vs 8.24% for ULTY. On fees, CHPY is cheaper at 0.99% per year. On volatility, ULTY has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULTY or CHPY?

Over the 1-year period, CHPY has performed better with a 149.72% return vs 8.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULTY or CHPY?

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

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

ULTY has the higher dividend yield at 114.67%, compared with 28.40% for CHPY.

What is the main difference between ULTY and CHPY?

Their fees differ too: 1.14% for ULTY and 0.99% for CHPY.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (5.47 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.