ULTY vs. IVVW

Last updated Jun 4, 2026

ULTY (YieldMax Ultra Option Income Strategy ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. ULTY is actively managed, while IVVW is passively managed. Over the past year, ULTY returned 8.24% vs 20.07% for IVVW. A 0.69 correlation means they provide meaningful diversification when combined. ULTY charges 1.14%/yr vs 0.25%/yr for IVVW.

Performance

ULTY vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) and iShares S&P 500 BuyWrite ETF (IVVW). 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 higher than IVVW's 4.84% return.

ULTY

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

IVVW

• 1D: -0.02%
• 1M: 1.90%
• YTD: 4.84%
• 6M: 6.58%
• 1Y: 20.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULTY vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	11.14%	-0.84%	1.10%
IVVW iShares S&P 500 BuyWrite ETF	4.84%	11.71%	12.90%

Correlation

The correlation between ULTY and IVVW is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	0.69

The correlation between ULTY and IVVW has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

ULTY vs. IVVW - Sectors Allocation Comparison

Sectors	ULTY	IVVW
Technology	54.6%	35.6%
Basic Materials	11.7%	1.8%
Industrials	9.3%	8.3%
Communication Services	8.9%	11.2%
Financial Services	8.6%	11.8%
Consumer Cyclical	5.2%	10.1%
Healthcare	1.8%	8.5%
Consumer Defensive	0.0%	4.9%
Energy	-	3.5%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

ULTY vs. IVVW — 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

IVVW

IVVW Risk / Return Rank: 82
IVVW Sharpe Ratio Rank: 82
IVVW Sortino Ratio Rank: 83
IVVW Omega Ratio Rank: 91
IVVW Calmar Ratio Rank: 69
IVVW Martin Ratio Rank: 87

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. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and iShares S&P 500 BuyWrite ETF (IVVW). 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	IVVW	Difference
Sharpe ratio: Return per unit of total volatility	0.40	2.73	-2.33
Sortino ratio: Return per unit of downside risk	0.66	3.77	-3.11
Omega ratio: Gain probability vs. loss probability	1.08	1.61	-0.53
Calmar ratio: Return relative to maximum drawdown	0.34	3.47	-3.12
Martin ratio: Return relative to average drawdown	0.67	19.13	-18.46
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. IVVW - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is 0.40, which is lower than the IVVW Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of ULTY and IVVW, 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	IVVW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	2.73	-2.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	1.07	-0.90

Drawdowns

ULTY vs. IVVW - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for ULTY and IVVW.

Drawdown Indicators

	ULTY	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-16.79%	-10.06%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	-5.81%	-18.35%
Current Drawdown Current decline from peak	-8.88%	-0.09%	-8.79%
Average Drawdown Average peak-to-trough decline	-9.37%	-1.75%	-7.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.31%	1.05%	+11.26%

Volatility

ULTY vs. IVVW - Volatility Comparison

YieldMax Ultra Option Income Strategy ETF (ULTY) has a higher volatility of 4.51% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 1.13%. This indicates that ULTY's price experiences larger fluctuations and is considered to be riskier than IVVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULTY	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	1.13%	+3.38%
Volatility (6M) Calculated over the trailing 6-month period	15.03%	6.07%	+8.96%
Volatility (1Y) Calculated over the trailing 1-year period	20.79%	7.40%	+13.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.92%	12.66%	+14.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.92%	12.66%	+14.26%

ULTY vs. IVVW - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is higher than IVVW's 0.25% expense ratio.

Dividends

ULTY vs. IVVW - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 114.67%, more than IVVW's 19.70% yield.

Position	TTM	2025	2024
IVVW iShares S&P 500 BuyWrite ETF	19.70%	18.55%	13.72%
ULTY YieldMax Ultra Option Income Strategy ETF	114.67%	142.99%	111.70%

Frequently Asked Questions

Can I hold both ULTY and IVVW in my portfolio?

ULTY and IVVW have a correlation of 0.65, 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 IVVW?

ULTY has higher volatility (4.51%) compared to IVVW (1.13%). In terms of maximum drawdown, ULTY dropped -26.85% vs IVVW's -16.79%.

Which ETF is better, ULTY or IVVW?

On 1-year performance, IVVW leads with 20.07% vs 8.24% for ULTY. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULTY or IVVW?

Over the 1-year period, IVVW has performed better with a 20.07% 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 IVVW?

IVVW is cheaper with a 0.25% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 114.67%, compared with 19.70% for IVVW.

What is the main difference between ULTY and IVVW?

They also come from different issuers: YieldMax and iShares. Their fees differ too: 1.14% for ULTY and 0.25% for IVVW.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.73 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.