ULTY vs. YMAX

Last updated Jun 3, 2026

ULTY (YieldMax Ultra Option Income Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both exchange-traded funds - ULTY is a Derivative Income fund actively managed by YieldMax, while YMAX is a Large Cap Blend Equities fund actively managed by YieldMax. Both are actively managed. Over the past year, ULTY returned 11.03% vs 12.05% for YMAX. Their correlation of 0.83 suggests significant overlap in exposure. ULTY charges 1.14%/yr vs 1.28%/yr for YMAX.

Performance

ULTY vs. YMAX - Performance Comparison

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

Returns By Period

In the year-to-date period, ULTY achieves a 12.54% return, which is significantly higher than YMAX's 7.89% return.

ULTY

• 1D: 0.98%
• 1M: 6.02%
• YTD: 12.54%
• 6M: 12.64%
• 1Y: 11.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YMAX

• 1D: -0.68%
• 1M: 8.60%
• YTD: 7.89%
• 6M: 6.51%
• 1Y: 12.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULTY vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	12.54%	-0.84%	0.54%
YMAX YieldMax Universe Fund of Option Income ETFs	7.89%	6.04%	13.63%

Correlation

The correlation between ULTY and YMAX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.83

The correlation between ULTY and YMAX has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.

ULTY vs. YMAX - Sectors Allocation Comparison

Sectors	ULTY	YMAX
Technology	54.6%	68.7%
Basic Materials	11.7%	2.2%
Industrials	9.3%	1.9%
Communication Services	8.9%	6.9%
Financial Services	8.6%	13.8%
Consumer Cyclical	5.2%	4.8%
Healthcare	1.8%	0.8%
Consumer Defensive	0.0%	0.9%
Energy	-	0.1%
Real Estate	-	0.0%
Utilities	-	0.2%

Return for Risk

ULTY vs. YMAX — Risk / Return Rank

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

ULTY

ULTY Risk / Return Rank: 16
ULTY Sharpe Ratio Rank: 17
ULTY Sortino Ratio Rank: 17
ULTY Omega Ratio Rank: 17
ULTY Calmar Ratio Rank: 14
ULTY Martin Ratio Rank: 13

YMAX

YMAX Risk / Return Rank: 16
YMAX Sharpe Ratio Rank: 18
YMAX Sortino Ratio Rank: 17
YMAX Omega Ratio Rank: 18
YMAX Calmar Ratio Rank: 14
YMAX Martin Ratio Rank: 14

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. YMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and YieldMax Universe Fund of Option Income ETFs (YMAX). 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	YMAX	Difference
Sharpe ratio Return per unit of total volatility	0.53	0.56	-0.03
Sortino ratio Return per unit of downside risk	0.83	0.88	-0.06
Omega ratio Gain probability vs. loss probability	1.10	1.11	-0.01
Calmar ratio Return relative to maximum drawdown	0.46	0.49	-0.03
Martin ratio Return relative to average drawdown	0.91	1.17	-0.26
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. YMAX - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is 0.53, which is comparable to the YMAX Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of ULTY and YMAX, 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	YMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	0.56	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.73	-0.54

Drawdowns

ULTY vs. YMAX - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, roughly equal to the maximum YMAX drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for ULTY and YMAX.

Drawdown Indicators

	ULTY	YMAX	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-26.13%	-0.72%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	-26.13%	+1.97%
Current Drawdown Current decline from peak	-7.72%	-4.35%	-3.37%
Average Drawdown Average peak-to-trough decline	-9.37%	-6.33%	-3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.30%	10.99%	+1.31%

Volatility

ULTY vs. YMAX - Volatility Comparison

The current volatility for YieldMax Ultra Option Income Strategy ETF (ULTY) is 4.24%, while YieldMax Universe Fund of Option Income ETFs (YMAX) has a volatility of 5.86%. This indicates that ULTY experiences smaller price fluctuations and is considered to be less risky than YMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULTY	YMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	5.86%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	15.09%	17.03%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	20.75%	21.56%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.93%	22.96%	+3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.93%	22.96%	+3.97%

ULTY vs. YMAX - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is lower than YMAX's 1.28% expense ratio.

Dividends

ULTY vs. YMAX - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 110.59%, more than YMAX's 69.87% yield.

Position	TTM	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	110.59%	142.99%	111.70%
YMAX YieldMax Universe Fund of Option Income ETFs	69.87%	78.70%	44.20%

Frequently Asked Questions

Can I hold both ULTY and YMAX in my portfolio?

ULTY and YMAX have a correlation of 0.84, 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 YMAX?

YMAX has higher volatility (5.86%) compared to ULTY (4.24%). In terms of maximum drawdown, ULTY dropped -26.85% vs YMAX's -26.13%.

Which ETF is better, ULTY or YMAX?

On 1-year performance, YMAX leads with 12.05% vs 11.03% for ULTY. On fees, ULTY is cheaper at 1.14% per year. On volatility, ULTY has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULTY or YMAX?

Over the 1-year period, YMAX has performed better with a 12.05% return vs 11.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULTY or YMAX?

ULTY is cheaper with a 1.14% expense ratio, compared with 1.28% for YMAX.

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

ULTY has the higher dividend yield at 110.59%, compared with 69.87% for YMAX.

What is the main difference between ULTY and YMAX?

ULTY is categorized as Derivative Income, while YMAX is Large Cap Blend Equities. Their fees differ too: 1.14% for ULTY and 1.28% for YMAX.

Which has better risk-adjusted returns?

YMAX currently has the higher Sharpe Ratio (0.56 vs 0.53), 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.