ULTY vs. MST

Last updated Apr 2, 2026

Compare and contrast key facts about YieldMax Ultra Option Income Strategy ETF (ULTY) and Defiance Leveraged Long Income MSTR ETF (MST).

ULTY and MST are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ULTY is an actively managed fund by YieldMax. It was launched on Feb 28, 2024. MST is an actively managed fund by Defiance. It was launched on May 1, 2025.

Performance

ULTY vs. MST - Performance Comparison

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

ULTY vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
ULTY YieldMax Ultra Option Income Strategy ETF	-3.10%	8.63%
MST Defiance Leveraged Long Income MSTR ETF	-40.86%	-87.72%

Returns By Period

In the year-to-date period, ULTY achieves a -3.10% return, which is significantly higher than MST's -40.86% return.

ULTY

• 1D: 0.63%
• 1M: -7.50%
• YTD: -3.10%
• 6M: -18.46%
• 1Y: 10.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: -2.41%
• 1M: -19.87%
• YTD: -40.86%
• 6M: -87.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULTY vs. MST - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is lower than MST's 1.31% expense ratio.

MST

Defiance Leveraged Long Income MSTR ETF

ULTY

YieldMax Ultra Option Income Strategy ETF

Return for Risk

ULTY vs. MST — Risk / Return Rank

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

ULTY

ULTY Risk / Return Rank: 23
ULTY Sharpe Ratio Rank: 23
ULTY Sortino Ratio Rank: 24
ULTY Omega Ratio Rank: 23
ULTY Calmar Ratio Rank: 23
ULTY Martin Ratio Rank: 20

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. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and Defiance Leveraged Long Income MSTR ETF (MST). 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	MST	Difference
Sharpe ratio Return per unit of total volatility	0.42	—	—
Sortino ratio Return per unit of downside risk	0.74	—	—
Omega ratio Gain probability vs. loss probability	1.09	—	—
Calmar ratio Return relative to maximum drawdown	0.51	—	—
Martin ratio Return relative to average drawdown	1.11	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ULTY	MST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	-0.77	+0.71

Correlation

The correlation between ULTY and MST is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ULTY vs. MST - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 133.15%, less than MST's 816.26% yield.

	TTM	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	133.15%	142.99%	111.70%
MST Defiance Leveraged Long Income MSTR ETF	816.26%	381.22%	0.00%

Drawdowns

ULTY vs. MST - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, smaller than the maximum MST drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for ULTY and MST.

Drawdown Indicators

	ULTY	MST	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-94.99%	+68.14%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	—	—
Current Drawdown Current decline from peak	-20.55%	-93.69%	+73.14%
Average Drawdown Average peak-to-trough decline	-9.06%	-56.89%	+47.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.12%	—	—

Volatility

Volatility by Period

	ULTY	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	25.28%	122.72%	-97.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.62%	122.72%	-95.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.62%	122.72%	-95.10%