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ULTY vs. PBP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ULTY vs. PBP

Last updated Jun 4, 2026

ULTY (YieldMax Ultra Option Income Strategy ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. ULTY is actively managed, while PBP is passively managed. Over the past year, ULTY returned 8.24% vs 18.32% for PBP. A 0.59 correlation means they provide meaningful diversification when combined. ULTY charges 1.14%/yr vs 0.29%/yr for PBP.

Performance

ULTY vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) and Invesco S&P 500 BuyWrite ETF (PBP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ULTY achieves a 11.14% return, which is significantly higher than PBP's 4.90% return.

ULTY

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

PBP

1D
-0.17%
1M
2.03%
YTD
4.90%
6M
6.44%
1Y
18.32%
3Y*
11.58%
5Y*
8.10%
10Y*
7.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ULTY vs. PBP - Yearly Performance Comparison

2026 (YTD)20252024
ULTY
YieldMax Ultra Option Income Strategy ETF		11.14%-0.84%0.54%
PBP
Invesco S&P 500 BuyWrite ETF		4.90%8.49%15.92%

Correlation

The correlation between ULTY and PBP is 0.56, 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

0.56

Correlation (All Time)
Calculated using the full available price history since Mar 1, 2024

0.59

The correlation between ULTY and PBP has been stable across timeframes, ranging from 0.56 to 0.59 - a consistent structural relationship.

ULTY vs. PBP - Sectors Allocation Comparison

Sectors
ULTY
PBP

Technology

54.6%
39.5%

Basic Materials

11.7%
1.8%

Industrials

9.3%
7.8%

Communication Services

8.9%
10.9%

Financial Services

8.6%
11.4%

Consumer Cyclical

5.2%
10.2%

Healthcare

1.8%
8.6%

Consumer Defensive

0.0%
4.7%

Energy

-

3.3%

Real Estate

-

1.8%

Utilities

-

2.6%

Technology

ULTY
54.6%
PBP
39.5%

Basic Materials

ULTY
11.7%
PBP
1.8%

Industrials

ULTY
9.3%
PBP
7.8%

Communication Services

ULTY
8.9%
PBP
10.9%

Financial Services

ULTY
8.6%
PBP
11.4%

Consumer Cyclical

ULTY
5.2%
PBP
10.2%

Healthcare

ULTY
1.8%
PBP
8.6%

Consumer Defensive

ULTY
0.0%
PBP
4.7%

Energy

ULTY

-

PBP
3.3%

Real Estate

ULTY

-

PBP
1.8%

Utilities

ULTY

-

PBP
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

YieldMax Ultra Option Income Strategy ETF

Invesco S&P 500 BuyWrite ETF

Often compared with ULTY:
ULTY vs. MSTYULTY vs. YMAXULTY vs. TSYYULTY vs. NVDYULTY vs. QQQTULTY vs. JEPQULTY vs. SCHD
Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. JEPIPBP vs. VOOPBP vs. SCHDPBP vs. FTHIPBP vs. JEPQ

Return for Risk

ULTY vs. PBP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ULTY
ULTY Risk / Return Rank: 1313
Overall Rank
ULTY Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
ULTY Sortino Ratio Rank: 1414
Sortino Ratio Rank
ULTY Omega Ratio Rank: 1414
Omega Ratio Rank
ULTY Calmar Ratio Rank: 1313
Calmar Ratio Rank
ULTY Martin Ratio Rank: 1212
Martin Ratio Rank
PBP
PBP Risk / Return Rank: 8282
Overall Rank
PBP Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 8585
Sortino Ratio Rank
PBP Omega Ratio Rank: 9090
Omega Ratio Rank
PBP Calmar Ratio Rank: 7070
Calmar Ratio Rank
PBP Martin Ratio Rank: 8686
Martin Ratio Rank
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. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and Invesco S&P 500 BuyWrite ETF (PBP). 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.

ULTYPBPDifference
Sharpe ratioReturn per unit of total volatility
0.40
2.68

-2.28

Sortino ratioReturn per unit of downside risk
0.66
3.86

-3.21

Omega ratioGain probability vs. loss probability

1.08

1.60

-0.51

Calmar ratioReturn relative to maximum drawdown

0.34

3.52

-3.18

Martin ratioReturn relative to average drawdown

0.67

18.66

-17.99

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. PBP - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is 0.40, which is lower than the PBP Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of ULTY and PBP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ULTYPBPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.40

2.68

-2.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.69

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.52

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.17

0.35

-0.17

Drawdowns

ULTY vs. PBP - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for ULTY and PBP.

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Drawdown Indicators

ULTYPBPDifference

Max Drawdown

Largest peak-to-trough decline

-26.85%

-43.43%

+16.58%

Max Drawdown (1Y)

Largest decline over 1 year

-24.16%

-5.22%

-18.94%

Max Drawdown (3Y)

Largest decline over 3 years

—

-15.42%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-18.61%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.31%

—

Current Drawdown

Current decline from peak

-8.88%

-0.17%

-8.71%

Average Drawdown

Average peak-to-trough decline

-9.37%

-6.69%

-2.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.31%

0.98%

+11.33%

Volatility

ULTY vs. PBP - Volatility Comparison

YieldMax Ultra Option Income Strategy ETF (ULTY) has a higher volatility of 4.51% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 0.93%. This indicates that ULTY's price experiences larger fluctuations and is considered to be riskier than PBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ULTYPBPDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.51%

0.93%

+3.58%

Volatility (6M)

Calculated over the trailing 6-month period

15.03%

5.53%

+9.50%

Volatility (1Y)

Calculated over the trailing 1-year period

20.79%

6.87%

+13.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.92%

11.86%

+15.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.92%

13.66%

+13.26%

ULTY vs. PBP - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

ULTY vs. PBP - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 114.67%, more than PBP's 11.16% yield.

PositionTTM20252024202320222021202020192018201720162015
PBP
Invesco S&P 500 BuyWrite ETF		11.16%11.12%9.36%3.35%1.33%6.21%1.41%5.04%2.59%10.86%2.56%6.19%
ULTY
YieldMax Ultra Option Income Strategy ETF		114.67%142.99%111.70%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ULTY and PBP have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ULTY has higher volatility (4.51%) compared to PBP (0.93%). In terms of maximum drawdown, ULTY dropped -26.85% vs PBP's -43.43%.

On 1-year performance, PBP leads with 18.32% vs 8.24% for ULTY. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, PBP has performed better with a 18.32% return vs 8.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PBP is cheaper with a 0.29% expense ratio, compared with 1.14% for ULTY.

ULTY has the higher dividend yield at 114.67%, compared with 11.16% for PBP.

They also come from different issuers: YieldMax and Invesco. Their fees differ too: 1.14% for ULTY and 0.29% for PBP.

PBP currently has the higher Sharpe Ratio (2.68 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.

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