ULTY vs. IIPR
ULTY (YieldMax Ultra Option Income Strategy ETF) is Derivative Income fund actively managed by YieldMax, while IIPR (Innovative Industrial Properties, Inc.) is a stock. Over the past year, ULTY returned 4.18% vs 23.77% for IIPR. At a 0.33 correlation, their price movements are largely independent.
Performance
ULTY vs. IIPR - Performance Comparison
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Returns By Period
In the year-to-date period, ULTY achieves a 7.39% return, which is significantly lower than IIPR's 29.84% return.
ULTY
- 1D
- 0.94%
- 1M
- -1.19%
- YTD
- 7.39%
- 6M
- 5.32%
- 1Y
- 4.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IIPR
- 1D
- 1.08%
- 1M
- 3.32%
- YTD
- 29.84%
- 6M
- 28.01%
- 1Y
- 23.77%
- 3Y*
- 4.89%
- 5Y*
- -13.70%
- 10Y*
- —
ULTY vs. IIPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ULTY YieldMax Ultra Option Income Strategy ETF | 7.39% | -0.84% | -4.73% |
IIPR Innovative Industrial Properties, Inc. | 29.84% | -18.40% | -26.12% |
Correlation
The correlation between ULTY and IIPR is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024 | 0.33 |
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Return for Risk
ULTY vs. IIPR — Risk / Return Rank
ULTY
IIPR
ULTY vs. IIPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and Innovative Industrial Properties, Inc. (IIPR). 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 | IIPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.15 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | 1.12 | -0.95 |
| Martin ratioReturn relative to average drawdown | 0.34 | 2.73 | -2.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ULTY | IIPR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.20 | 0.58 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.33 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.11 | 0.40 | -0.29 |
Drawdowns
ULTY vs. IIPR - Drawdown Comparison
The maximum ULTY drawdown since its inception was -26.85%, smaller than the maximum IIPR drawdown of -78.42%. Use the drawdown chart below to compare losses from any high point for ULTY and IIPR.
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Drawdown Indicators
| ULTY | IIPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.85% | -78.42% | +51.57% |
Max Drawdown (1Y)Largest decline over 1 year | -24.16% | -21.29% | -2.87% |
Max Drawdown (3Y)Largest decline over 3 years | — | -62.92% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -78.42% | — |
Current DrawdownCurrent decline from peak | -11.95% | -68.82% | +56.87% |
Average DrawdownAverage peak-to-trough decline | -9.38% | -37.04% | +27.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.37% | 8.72% | +3.65% |
Volatility
ULTY vs. IIPR - Volatility Comparison
YieldMax Ultra Option Income Strategy ETF (ULTY) has a higher volatility of 6.96% compared to Innovative Industrial Properties, Inc. (IIPR) at 5.83%. This indicates that ULTY's price experiences larger fluctuations and is considered to be riskier than IIPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULTY | IIPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.96% | 5.83% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 15.88% | 29.58% | -13.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.21% | 40.99% | -19.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.07% | 41.59% | -14.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.07% | 48.41% | -21.34% |
Dividends
ULTY vs. IIPR - Dividend Comparison
ULTY's dividend yield for the trailing twelve months is around 115.53%, more than IIPR's 12.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IIPR Innovative Industrial Properties, Inc. | 12.84% | 16.05% | 11.28% | 7.16% | 7.01% | 2.18% | 2.44% | 3.73% | 1.87% | 1.70% |
ULTY YieldMax Ultra Option Income Strategy ETF | 115.53% | 142.99% | 111.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ULTY and IIPR have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ULTY has higher volatility (6.96%) compared to IIPR (5.83%). In terms of maximum drawdown, ULTY dropped -26.85% vs IIPR's -78.42%.
IIPR currently has the higher Sharpe Ratio (0.58 vs 0.20), 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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