ULTY vs. HYGW
ULTY (YieldMax Ultra Option Income Strategy ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. ULTY is actively managed, while HYGW is passively managed. Over the past year, ULTY returned -9.45% vs 5.90% for HYGW. Their 0.49 correlation means their historical movements had little consistent relationship. ULTY charges 1.40%/yr vs 0.69%/yr for HYGW.
Performance
ULTY vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, ULTY achieves a 2.90% return, which is significantly higher than HYGW's 2.36% return.
ULTY
- 1D
- 0.58%
- 1M
- -3.39%
- 6M
- 1.20%
- YTD
- 2.90%
- 1Y
- -9.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.16%
HYGW
- 1D
- 0.14%
- 1M
- 0.03%
- 6M
- 1.81%
- YTD
- 2.36%
- 1Y
- 5.90%
- 3Y*
- 5.30%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $480.97K | $636.40K | $814.79K | |
| $16.46M | $14.74M | $17.73M |
ULTY vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ULTY YieldMax Ultra Option Income Strategy ETF | 2.90% | -0.84% | -4.73% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.36% | 6.19% | 5.17% |
Correlation
The correlation between ULTY and HYGW is 0.51, 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. | 0.51 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024 | 0.49 |
The correlation between ULTY and HYGW has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.
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Return for Risk
ULTY vs. HYGW — Risk / Return Rank
ULTY
HYGW
ULTY vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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 | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.55 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.42 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | 3.26 | -3.73 |
| Martin ratioReturn relative to average drawdown | -0.86 | 14.57 | -15.42 |
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Drawdowns
ULTY vs. HYGW - Drawdown Comparison
The maximum ULTY drawdown since its inception was -26.85%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for ULTY and HYGW.
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Drawdown Indicators
| ULTY | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.85% | -5.49% | -21.36% |
Max Drawdown (1Y)Largest decline over 1 year | -24.16% | -1.82% | -22.34% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.42% | — |
Current DrawdownCurrent decline from peak | -15.63% | -0.21% | -15.42% |
Average DrawdownAverage peak-to-trough decline | -10.03% | -0.59% | -9.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.27% | 0.41% | +12.86% |
Volatility
ULTY vs. HYGW - Volatility Comparison
YieldMax Ultra Option Income Strategy ETF (ULTY) has a higher volatility of 6.71% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.80%. This indicates that ULTY's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULTY | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.71% | 0.80% | +5.91% |
Volatility (6M)Calculated over the trailing 6-month period | 17.07% | 2.32% | +14.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.12% | 2.92% | +19.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.08% | 4.62% | +22.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.08% | 4.62% | +22.46% |
ULTY vs. HYGW - Expense Ratio Comparison
ULTY has a 1.40% expense ratio, which is higher than HYGW's 0.69% expense ratio.
Dividends
ULTY vs. HYGW - Dividend Comparison
ULTY's dividend yield for the trailing twelve months is around 113.74%, more than HYGW's 10.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 10.71% | 12.53% | 12.30% | 15.98% | 8.71% |
ULTY YieldMax Ultra Option Income Strategy ETF | 113.74% | 142.99% | 111.70% | 0.00% | 0.00% |
Frequently Asked Questions
ULTY and HYGW have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ULTY has higher volatility (6.71%) compared to HYGW (0.80%). In terms of maximum drawdown, ULTY dropped -26.85% vs HYGW's -5.49%.
On 1-year performance, HYGW leads with 5.90% vs -9.45% for ULTY. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HYGW has performed better with a 5.90% return vs -9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGW is cheaper with a 0.69% expense ratio, compared with 1.40% for ULTY.
ULTY has the higher dividend yield at 113.74%, compared with 10.71% for HYGW.
They also come from different issuers: YieldMax and iShares. Their fees differ too: 1.40% for ULTY and 0.69% for HYGW.
HYGW currently has the higher Sharpe Ratio (2.03 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.
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