ULTY vs. TSLW

Last updated Aug 2, 2026

ULTY (YieldMax Ultra Option Income Strategy ETF) and TSLW (Roundhill TSLA WeeklyPay™ ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ULTY returned -9.45% vs -3.40% for TSLW. Their 0.53 correlation means they have sometimes moved together and sometimes differently. ULTY charges 1.40%/yr vs 0.99%/yr for TSLW.

Performance

ULTY vs. TSLW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) and Roundhill TSLA WeeklyPay™ ETF (TSLW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULTY achieves a 2.90% return, which is significantly higher than TSLW's -38.16% return.

ULTY

• 1D: 0.58%
• 1M: -3.39%
• 6M: 1.20%
• YTD: 2.90%
• 1Y: -9.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.16%

TSLW

• 1D: 1.15%
• 1M: -25.15%
• 6M: -34.54%
• YTD: -38.16%
• 1Y: -3.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -14.25%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TSLW Roundhill TSLA WeeklyPay™ ETF	$2.02M	$1.80M	$2.69M
ULTY YieldMax Ultra Option Income Strategy ETF	$16.46M	$14.74M	$17.73M

ULTY vs. TSLW - Yearly Performance Comparison

	2026 (YTD)	2025
ULTY YieldMax Ultra Option Income Strategy ETF	2.90%	-1.19%
TSLW Roundhill TSLA WeeklyPay™ ETF	-38.16%	35.28%

Correlation

The correlation between ULTY and TSLW is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.57
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025	0.53

The correlation between ULTY and TSLW has been stable across timeframes, ranging from 0.53 to 0.57 - a consistent structural relationship.

Return for Risk

ULTY vs. TSLW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ULTY

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

TSLW

TSLW Risk / Return Rank: 10
TSLW Sharpe Ratio Rank: 9
TSLW Sortino Ratio Rank: 12
TSLW Omega Ratio Rank: 12
TSLW Calmar Ratio Rank: 9
TSLW Martin Ratio Rank: 9

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ULTY vs. TSLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and Roundhill TSLA WeeklyPay™ ETF (TSLW). 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	TSLW	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	-0.10	-0.42
Sortino ratio: Return per unit of downside risk	-0.57	0.25	-0.82
Omega ratio: Gain probability vs. loss probability	0.93	1.03	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.47	-0.12	-0.35
Martin ratio: Return relative to average drawdown	-0.86	-0.29	-0.57

ULTY vs. TSLW - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is -0.52, which is lower than the TSLW Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of ULTY and TSLW, 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. TSLW - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, smaller than the maximum TSLW drawdown of -47.19%. Use the drawdown chart below to compare losses from any high point for ULTY and TSLW.

Drawdown Indicators

	ULTY	TSLW	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-47.19%	+20.34%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	-47.19%	+23.03%
Current Drawdown Current decline from peak	-15.63%	-44.27%	+28.64%
Average Drawdown Average peak-to-trough decline	-10.03%	-14.92%	+4.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.27%	19.01%	-5.74%

Volatility

ULTY vs. TSLW - Volatility Comparison

The current volatility for YieldMax Ultra Option Income Strategy ETF (ULTY) is 6.71%, while Roundhill TSLA WeeklyPay™ ETF (TSLW) has a volatility of 24.91%. This indicates that ULTY experiences smaller price fluctuations and is considered to be less risky than TSLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULTY	TSLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	24.91%	-18.20%
Volatility (6M) Calculated over the trailing 6-month period	17.07%	41.72%	-24.65%
Volatility (1Y) Calculated over the trailing 1-year period	22.12%	55.54%	-33.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.08%	58.84%	-31.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.08%	58.84%	-31.76%

ULTY vs. TSLW - Expense Ratio Comparison

ULTY has a 1.40% expense ratio, which is higher than TSLW's 0.99% expense ratio.

Dividends

ULTY vs. TSLW - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 113.74%, less than TSLW's 121.20% yield.

Position	TTM	2025	2024
TSLW Roundhill TSLA WeeklyPay™ ETF	121.20%	49.31%	0.00%
ULTY YieldMax Ultra Option Income Strategy ETF	113.74%	142.99%	111.70%

Frequently Asked Questions

Can I hold both ULTY and TSLW in my portfolio?

ULTY and TSLW have a correlation of 0.57, 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 TSLW?

TSLW has higher volatility (24.91%) compared to ULTY (6.71%). In terms of maximum drawdown, ULTY dropped -26.85% vs TSLW's -47.19%.

Which ETF is better, ULTY or TSLW?

On 1-year performance, TSLW leads with -3.40% vs -9.45% for ULTY. On fees, TSLW is cheaper at 0.99% per year. On volatility, ULTY has been the lower-risk option at 6.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULTY or TSLW?

Over the 1-year period, TSLW has performed better with a -3.40% return vs -9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULTY or TSLW?

TSLW is cheaper with a 0.99% expense ratio, compared with 1.40% for ULTY.

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

TSLW has the higher dividend yield at 121.20%, compared with 113.74% for ULTY.

What is the main difference between ULTY and TSLW?

They also come from different issuers: YieldMax and Roundhill. Their fees differ too: 1.40% for ULTY and 0.99% for TSLW.

Which has better risk-adjusted returns?

TSLW currently has the higher Sharpe Ratio (-0.10 vs -0.52), 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.