ULTY vs. FIYY

Last updated Jul 14, 2026

ULTY (YieldMax Ultra Option Income Strategy ETF) and FIYY (GraniteShares YieldBOOST 20Y+ Treasuries ETF) are both Derivative Income funds. Both are actively managed. At a 0.29 correlation, their price movements are largely independent. ULTY charges 1.14%/yr vs 1.07%/yr for FIYY.

Performance

ULTY vs. FIYY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (FIYY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ULTY

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

FIYY

• 1D: -0.07%
• 1M: -0.64%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULTY vs. FIYY - Yearly Performance Comparison

	2026 (YTD)
ULTY YieldMax Ultra Option Income Strategy ETF	1.12%
FIYY GraniteShares YieldBOOST 20Y+ Treasuries ETF	-2.01%

Correlation

The correlation between ULTY and FIYY is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 5, 2026	0.29

Return for Risk

ULTY vs. FIYY — Risk / Return Rank

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

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

FIYY

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

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. FIYY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (FIYY). 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.

	ULTY	FIYY	Difference
Sharpe ratio: Return per unit of total volatility	-0.18	—	—
Sortino ratio: Return per unit of downside risk	-0.09	—	—
Omega ratio: Gain probability vs. loss probability	0.99	—	—
Calmar ratio: Return relative to maximum drawdown	-0.16	—	—
Martin ratio: Return relative to average drawdown	-0.30	—	—

Drawdowns

ULTY vs. FIYY - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, which is greater than FIYY's maximum drawdown of -2.51%. Use the drawdown chart below to compare losses from any high point for ULTY and FIYY.

Drawdown Indicators

	ULTY	FIYY	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-2.51%	-24.34%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	—	—
Current Drawdown Current decline from peak	-11.84%	-2.13%	-9.71%
Average Drawdown Average peak-to-trough decline	-9.93%	-1.47%	-8.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.82%	—	—

Volatility

Volatility by Period

	ULTY	FIYY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.40%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.72%	5.08%	+16.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.15%	5.08%	+22.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.15%	5.08%	+22.07%

ULTY vs. FIYY - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is higher than FIYY's 1.07% expense ratio.

Dividends

ULTY vs. FIYY - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 112.57%, more than FIYY's 1.13% yield.

Position	TTM	2025	2024
FIYY GraniteShares YieldBOOST 20Y+ Treasuries ETF	1.13%	0.00%	0.00%
ULTY YieldMax Ultra Option Income Strategy ETF	112.57%	142.99%	111.70%

Frequently Asked Questions

Can I hold both ULTY and FIYY in my portfolio?

ULTY and FIYY have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ULTY or FIYY?

On fees, FIYY is cheaper at 1.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ULTY or FIYY?

FIYY is cheaper with a 1.07% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 112.57%, compared with 1.13% for FIYY.

What is the main difference between ULTY and FIYY?

They also come from different issuers: YieldMax and GraniteShares. Their fees differ too: 1.14% for ULTY and 1.07% for FIYY.