ULTY vs. YSPY

Last updated Aug 2, 2026

ULTY (YieldMax Ultra Option Income Strategy ETF) and YSPY (GraniteShares YieldBOOST SPY ETF) are both exchange-traded funds - ULTY is a Derivative Income fund actively managed by YieldMax, while YSPY is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, ULTY returned -9.45% vs 19.29% for YSPY. Their 0.66 correlation means they have sometimes moved together and sometimes differently. ULTY charges 1.40%/yr vs 1.07%/yr for YSPY.

Performance

ULTY vs. YSPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) and GraniteShares YieldBOOST SPY ETF (YSPY). 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 lower than YSPY's 3.87% return.

ULTY

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

YSPY

• 1D: 0.30%
• 1M: 1.73%
• 6M: 0.04%
• YTD: 3.87%
• 1Y: 19.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.66%

*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)
ULTY YieldMax Ultra Option Income Strategy ETF	$16.46M	$14.74M	$17.73M
YSPY GraniteShares YieldBOOST SPY ETF	$153.79K	$154.85K	$338.37K

ULTY vs. YSPY - Yearly Performance Comparison

	2026 (YTD)	2025
ULTY YieldMax Ultra Option Income Strategy ETF	2.90%	3.20%
YSPY GraniteShares YieldBOOST SPY ETF	3.87%	8.36%

Correlation

The correlation between ULTY and YSPY is 0.65, 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.	0.65
Correlation (All Time) Calculated using the full available price history since Feb 26, 2025	0.66

The correlation between ULTY and YSPY has been stable across timeframes, ranging from 0.65 to 0.66 - a consistent structural relationship.

Return for Risk

ULTY vs. YSPY — 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

YSPY

YSPY Risk / Return Rank: 31
YSPY Sharpe Ratio Rank: 30
YSPY Sortino Ratio Rank: 27
YSPY Omega Ratio Rank: 35
YSPY Calmar Ratio Rank: 29
YSPY Martin Ratio Rank: 35

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. YSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) and GraniteShares YieldBOOST SPY ETF (YSPY). 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	YSPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	0.72	-1.23
Sortino ratio: Return per unit of downside risk	-0.57	0.99	-1.56
Omega ratio: Gain probability vs. loss probability	0.93	1.17	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.47	0.94	-1.41
Martin ratio: Return relative to average drawdown	-0.86	3.39	-4.25

ULTY vs. YSPY - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is -0.52, which is lower than the YSPY Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of ULTY and YSPY, 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. YSPY - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, which is greater than YSPY's maximum drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for ULTY and YSPY.

Drawdown Indicators

	ULTY	YSPY	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-18.74%	-8.11%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	-14.60%	-9.56%
Current Drawdown Current decline from peak	-15.63%	-2.00%	-13.63%
Average Drawdown Average peak-to-trough decline	-10.03%	-4.76%	-5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.27%	4.08%	+9.19%

Volatility

ULTY vs. YSPY - Volatility Comparison

YieldMax Ultra Option Income Strategy ETF (ULTY) has a higher volatility of 6.71% compared to GraniteShares YieldBOOST SPY ETF (YSPY) at 1.52%. This indicates that ULTY's price experiences larger fluctuations and is considered to be riskier than YSPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULTY	YSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	1.52%	+5.19%
Volatility (6M) Calculated over the trailing 6-month period	17.07%	12.37%	+4.70%
Volatility (1Y) Calculated over the trailing 1-year period	22.12%	19.15%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.08%	20.27%	+6.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.08%	20.27%	+6.81%

ULTY vs. YSPY - Expense Ratio Comparison

ULTY has a 1.40% expense ratio, which is higher than YSPY's 1.07% expense ratio.

Dividends

ULTY vs. YSPY - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 113.74%, more than YSPY's 52.01% yield.

Position	TTM	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	113.74%	142.99%	111.70%
YSPY GraniteShares YieldBOOST SPY ETF	50.70%	45.57%	0.00%

Frequently Asked Questions

Can I hold both ULTY and YSPY in my portfolio?

ULTY and YSPY have a correlation of 0.65, 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 YSPY?

ULTY has higher volatility (6.71%) compared to YSPY (1.52%). In terms of maximum drawdown, ULTY dropped -26.85% vs YSPY's -18.74%.

Which ETF is better, ULTY or YSPY?

On 1-year performance, YSPY leads with 19.29% vs -9.45% for ULTY. On fees, YSPY is cheaper at 1.07% per year. On volatility, YSPY has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULTY or YSPY?

Over the 1-year period, YSPY has performed better with a 19.29% 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 YSPY?

YSPY is cheaper with a 1.07% expense ratio, compared with 1.40% for ULTY.

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

ULTY has the higher dividend yield at 113.74%, compared with 50.70% for YSPY.

What is the main difference between ULTY and YSPY?

ULTY is categorized as Derivative Income, while YSPY is Leveraged Equities. They also come from different issuers: YieldMax and GraniteShares. Their fees differ too: 1.40% for ULTY and 1.07% for YSPY.

Which has better risk-adjusted returns?

YSPY currently has the higher Sharpe Ratio (0.72 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.