ULTY vs. SDTY

Last updated Jun 9, 2026

ULTY (YieldMax Ultra Option Income Strategy ETF) and SDTY (YieldMax S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, ULTY returned 4.18% vs 21.67% for SDTY. A 0.69 correlation means they provide meaningful diversification when combined. ULTY charges 1.14%/yr vs 1.01%/yr for SDTY.

Performance

ULTY vs. SDTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) and YieldMax S&P 500 0DTE Covered Call Strategy ETF (SDTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULTY achieves a 7.39% return, which is significantly higher than SDTY's 6.19% return.

ULTY

• 1D: 0.94%
• 1M: -1.19%
• YTD: 7.39%
• 6M: 5.32%
• 1Y: 4.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SDTY

• 1D: 0.23%
• 1M: -0.08%
• YTD: 6.19%
• 6M: 6.33%
• 1Y: 21.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULTY vs. SDTY - Yearly Performance Comparison

	2026 (YTD)	2025
ULTY YieldMax Ultra Option Income Strategy ETF	7.39%	-4.17%
SDTY YieldMax S&P 500 0DTE Covered Call Strategy ETF	6.19%	9.67%

Correlation

The correlation between ULTY and SDTY is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025	0.69

The correlation between ULTY and SDTY has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

ULTY vs. SDTY - Sectors Allocation Comparison

Sectors	ULTY	SDTY
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. SDTY — Risk / Return Rank

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

ULTY

ULTY Risk / Return Rank: 12
ULTY Sharpe Ratio Rank: 12
ULTY Sortino Ratio Rank: 12
ULTY Omega Ratio Rank: 12
ULTY Calmar Ratio Rank: 11
ULTY Martin Ratio Rank: 11

SDTY

SDTY Risk / Return Rank: 65
SDTY Sharpe Ratio Rank: 65
SDTY Sortino Ratio Rank: 64
SDTY Omega Ratio Rank: 67
SDTY Calmar Ratio Rank: 61
SDTY Martin Ratio Rank: 69

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. SDTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and YieldMax S&P 500 0DTE Covered Call Strategy ETF (SDTY). 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	SDTY	Difference
Sharpe ratio: Return per unit of total volatility	0.20	1.94	-1.74
Sortino ratio: Return per unit of downside risk	0.40	2.64	-2.25
Omega ratio: Gain probability vs. loss probability	1.05	1.36	-0.31
Calmar ratio: Return relative to maximum drawdown	0.17	2.71	-2.54
Martin ratio: Return relative to average drawdown	0.34	11.38	-11.04
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. SDTY - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is 0.20, which is lower than the SDTY Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of ULTY and SDTY, 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	SDTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	1.94	-1.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.73	-0.62

Drawdowns

ULTY vs. SDTY - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, which is greater than SDTY's maximum drawdown of -18.63%. Use the drawdown chart below to compare losses from any high point for ULTY and SDTY.

Drawdown Indicators

	ULTY	SDTY	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-18.63%	-8.22%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	-8.02%	-16.14%
Current Drawdown Current decline from peak	-11.95%	-2.70%	-9.25%
Average Drawdown Average peak-to-trough decline	-9.38%	-3.02%	-6.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.37%	1.91%	+10.46%

Volatility

ULTY vs. SDTY - Volatility Comparison

YieldMax Ultra Option Income Strategy ETF (ULTY) has a higher volatility of 6.96% compared to YieldMax S&P 500 0DTE Covered Call Strategy ETF (SDTY) at 3.44%. This indicates that ULTY's price experiences larger fluctuations and is considered to be riskier than SDTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULTY	SDTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	3.44%	+3.52%
Volatility (6M) Calculated over the trailing 6-month period	15.88%	8.74%	+7.14%
Volatility (1Y) Calculated over the trailing 1-year period	21.21%	11.23%	+9.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.07%	16.85%	+10.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.07%	16.85%	+10.22%

ULTY vs. SDTY - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is higher than SDTY's 1.01% expense ratio.

Dividends

ULTY vs. SDTY - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 115.53%, more than SDTY's 26.00% yield.

Position	TTM	2025	2024
SDTY YieldMax S&P 500 0DTE Covered Call Strategy ETF	26.00%	22.00%	0.00%
ULTY YieldMax Ultra Option Income Strategy ETF	115.53%	142.99%	111.70%

Frequently Asked Questions

Can I hold both ULTY and SDTY in my portfolio?

ULTY and SDTY have a correlation of 0.66, 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 SDTY?

ULTY has higher volatility (6.96%) compared to SDTY (3.44%). In terms of maximum drawdown, ULTY dropped -26.85% vs SDTY's -18.63%.

Which ETF is better, ULTY or SDTY?

On 1-year performance, SDTY leads with 21.67% vs 4.18% for ULTY. On fees, SDTY is cheaper at 1.01% per year. On volatility, SDTY has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULTY or SDTY?

Over the 1-year period, SDTY has performed better with a 21.67% return vs 4.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULTY or SDTY?

SDTY is cheaper with a 1.01% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 115.53%, compared with 26.00% for SDTY.

What is the main difference between ULTY and SDTY?

Their fees differ too: 1.14% for ULTY and 1.01% for SDTY.

Which has better risk-adjusted returns?

SDTY currently has the higher Sharpe Ratio (1.94 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.