ULTY vs. XDTE

Last updated Jun 9, 2026

ULTY (YieldMax Ultra Option Income Strategy ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ULTY returned 4.18% vs 22.20% for XDTE. A 0.72 correlation means they provide meaningful diversification when combined. ULTY charges 1.14%/yr vs 0.97%/yr for XDTE.

Performance

ULTY vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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 XDTE's 6.69% return.

ULTY

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

XDTE

• 1D: 0.31%
• 1M: -0.27%
• YTD: 6.69%
• 6M: 6.52%
• 1Y: 22.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULTY vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	7.39%	-0.84%	-1.80%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	6.69%	12.60%	17.12%

Correlation

The correlation between ULTY and XDTE is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.72

The correlation between ULTY and XDTE has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

ULTY vs. XDTE - Sectors Allocation Comparison

Sectors	ULTY	XDTE
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. XDTE — 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

XDTE

XDTE Risk / Return Rank: 68
XDTE Sharpe Ratio Rank: 67
XDTE Sortino Ratio Rank: 63
XDTE Omega Ratio Rank: 68
XDTE Calmar Ratio Rank: 64
XDTE Martin Ratio Rank: 76

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. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	0.20	1.99	-1.79
Sortino ratio: Return per unit of downside risk	0.40	2.64	-2.24
Omega ratio: Gain probability vs. loss probability	1.05	1.37	-0.31
Calmar ratio: Return relative to maximum drawdown	0.17	2.90	-2.73
Martin ratio: Return relative to average drawdown	0.34	13.13	-12.79
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. XDTE - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is 0.20, which is lower than the XDTE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of ULTY and XDTE, 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	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	1.99	-1.79
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	1.16	-1.05

Drawdowns

ULTY vs. XDTE - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for ULTY and XDTE.

Drawdown Indicators

	ULTY	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-19.09%	-7.76%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	-7.68%	-16.48%
Current Drawdown Current decline from peak	-11.95%	-2.61%	-9.34%
Average Drawdown Average peak-to-trough decline	-9.38%	-2.31%	-7.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.37%	1.69%	+10.68%

Volatility

ULTY vs. XDTE - Volatility Comparison

YieldMax Ultra Option Income Strategy ETF (ULTY) has a higher volatility of 6.96% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 3.50%. This indicates that ULTY's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULTY	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	3.50%	+3.46%
Volatility (6M) Calculated over the trailing 6-month period	15.88%	8.68%	+7.20%
Volatility (1Y) Calculated over the trailing 1-year period	21.21%	11.25%	+9.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.07%	13.92%	+13.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.07%	13.92%	+13.15%

ULTY vs. XDTE - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is higher than XDTE's 0.97% expense ratio.

Dividends

ULTY vs. XDTE - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 115.53%, more than XDTE's 33.68% yield.

Position	TTM	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	115.53%	142.99%	111.70%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.68%	39.16%	20.35%

Frequently Asked Questions

Can I hold both ULTY and XDTE in my portfolio?

ULTY and XDTE have a correlation of 0.71, 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 XDTE?

ULTY has higher volatility (6.96%) compared to XDTE (3.50%). In terms of maximum drawdown, ULTY dropped -26.85% vs XDTE's -19.09%.

Which ETF is better, ULTY or XDTE?

On 1-year performance, XDTE leads with 22.20% vs 4.18% for ULTY. On fees, XDTE is cheaper at 0.97% per year. On volatility, XDTE has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULTY or XDTE?

Over the 1-year period, XDTE has performed better with a 22.20% 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 XDTE?

XDTE is cheaper with a 0.97% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 115.53%, compared with 33.68% for XDTE.

What is the main difference between ULTY and XDTE?

They also come from different issuers: YieldMax and Roundhill. Their fees differ too: 1.14% for ULTY and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (1.99 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.