ULTY vs. QQQY

Last updated Jul 21, 2026

ULTY (YieldMax Ultra Option Income Strategy ETF) and QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) are both exchange-traded funds - ULTY is a Derivative Income fund actively managed by YieldMax, while QQQY is a Nasdaq-100 fund actively managed by Defiance. Both are actively managed. Over the past year, ULTY returned -10.84% vs 21.87% for QQQY. A 0.73 correlation means they provide meaningful diversification when combined. ULTY charges 1.14%/yr vs 0.99%/yr for QQQY.

Performance

ULTY vs. QQQY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULTY achieves a 4.58% return, which is significantly lower than QQQY's 12.87% return.

ULTY

• 1D: 0.48%
• 1M: -6.07%
• 6M: 1.30%
• YTD: 4.58%
• 1Y: -10.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.50%

QQQY

• 1D: -0.07%
• 1M: -4.79%
• 6M: 11.42%
• YTD: 12.87%
• 1Y: 21.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.24%

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

ULTY vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	4.58%	-0.84%	-4.73%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	12.87%	14.96%	5.16%

Correlation

The correlation between ULTY and QQQY is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.73

The correlation between ULTY and QQQY has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

Return for Risk

ULTY vs. QQQY — Risk / Return Rank

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

ULTY

ULTY Risk / Return Rank: 6
ULTY Sharpe Ratio Rank: 6
ULTY Sortino Ratio Rank: 6
ULTY Omega Ratio Rank: 5
ULTY Calmar Ratio Rank: 6
ULTY Martin Ratio Rank: 6

QQQY

QQQY Risk / Return Rank: 51
QQQY Sharpe Ratio Rank: 50
QQQY Sortino Ratio Rank: 45
QQQY Omega Ratio Rank: 51
QQQY Calmar Ratio Rank: 52
QQQY Martin Ratio Rank: 59

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. QQQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). 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	QQQY	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	1.31	-1.81
Sortino ratio: Return per unit of downside risk	-0.55	1.77	-2.32
Omega ratio: Gain probability vs. loss probability	0.93	1.25	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.45	1.97	-2.42
Martin ratio: Return relative to average drawdown	-0.84	7.58	-8.42

ULTY vs. QQQY - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is -0.50, which is lower than the QQQY Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of ULTY and QQQY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ULTY vs. QQQY - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, which is greater than QQQY's maximum drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for ULTY and QQQY.

Drawdown Indicators

	ULTY	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-19.05%	-7.80%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	-11.14%	-13.02%
Current Drawdown Current decline from peak	-14.25%	-5.55%	-8.70%
Average Drawdown Average peak-to-trough decline	-9.95%	-2.92%	-7.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.95%	2.89%	+10.06%

Volatility

ULTY vs. QQQY - Volatility Comparison

The current volatility for YieldMax Ultra Option Income Strategy ETF (ULTY) is 6.15%, while Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) has a volatility of 7.08%. This indicates that ULTY experiences smaller price fluctuations and is considered to be less risky than QQQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULTY	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	7.08%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	16.65%	14.66%	+1.99%
Volatility (1Y) Calculated over the trailing 1-year period	21.80%	16.75%	+5.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.12%	15.57%	+11.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.12%	15.57%	+11.55%

ULTY vs. QQQY - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is higher than QQQY's 0.99% expense ratio.

Dividends

ULTY vs. QQQY - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 114.49%, more than QQQY's 37.35% yield.

Position	TTM	2025	2024	2023
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	37.35%	45.34%	83.34%	20.64%
ULTY YieldMax Ultra Option Income Strategy ETF	114.49%	142.99%	111.70%	0.00%

Frequently Asked Questions

Can I hold both ULTY and QQQY in my portfolio?

ULTY and QQQY have a correlation of 0.80, 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 QQQY?

QQQY has higher volatility (7.08%) compared to ULTY (6.15%). In terms of maximum drawdown, ULTY dropped -26.85% vs QQQY's -19.05%.

Which ETF is better, ULTY or QQQY?

On 1-year performance, QQQY leads with 21.87% vs -10.84% for ULTY. On fees, QQQY is cheaper at 0.99% per year. On volatility, ULTY has been the lower-risk option at 6.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULTY or QQQY?

Over the 1-year period, QQQY has performed better with a 21.87% return vs -10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULTY or QQQY?

QQQY is cheaper with a 0.99% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 114.49%, compared with 37.35% for QQQY.

What is the main difference between ULTY and QQQY?

ULTY is categorized as Derivative Income, while QQQY is Nasdaq-100. They also come from different issuers: YieldMax and Defiance. Their fees differ too: 1.14% for ULTY and 0.99% for QQQY.

Which has better risk-adjusted returns?

QQQY currently has the higher Sharpe Ratio (1.31 vs -0.50), 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.