USOY vs. ULTY

Last updated Aug 4, 2026

USOY (Defiance Oil Enhanced Options Income ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, USOY returned 35.36% vs -7.82% for ULTY. Their 0.00 correlation means their historical movements had little consistent relationship. USOY charges 1.22%/yr vs 1.40%/yr for ULTY.

Performance

USOY vs. ULTY - Performance Comparison

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

Returns By Period

In the year-to-date period, USOY achieves a 44.25% return, which is significantly higher than ULTY's 4.74% return.

USOY

• 1D: -4.63%
• 1M: 12.58%
• 6M: 35.65%
• YTD: 44.25%
• 1Y: 35.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.63%

ULTY

• 1D: 1.79%
• 1M: -1.65%
• 6M: 3.82%
• YTD: 4.74%
• 1Y: -7.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.43%

*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	$16.58M	$14.57M	$17.74M
USOY Defiance Oil Enhanced Options Income ETF	$3.04M	$3.28M	$3.41M

USOY vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	44.25%	-7.93%	6.13%
ULTY YieldMax Ultra Option Income Strategy ETF	4.74%	-0.84%	4.76%

Correlation

The correlation between USOY and ULTY is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.13
Correlation (All Time) Calculated using the full available price history since May 10, 2024	0.00

The correlation between USOY and ULTY shifts across timeframes, from -0.13 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USOY vs. ULTY — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 39
USOY Sharpe Ratio Rank: 40
USOY Sortino Ratio Rank: 39
USOY Omega Ratio Rank: 42
USOY Calmar Ratio Rank: 39
USOY Martin Ratio Rank: 38

ULTY

ULTY Risk / Return Rank: 7
ULTY Sharpe Ratio Rank: 6
ULTY Sortino Ratio Rank: 7
ULTY Omega Ratio Rank: 6
ULTY Calmar Ratio Rank: 7
ULTY Martin Ratio Rank: 7

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.

USOY vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Oil Enhanced Options Income ETF (USOY) and YieldMax Ultra Option Income Strategy ETF (ULTY). 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.

	USOY	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	1.01	-0.36	+1.37
Sortino ratio: Return per unit of downside risk	1.47	-0.34	+1.81
Omega ratio: Gain probability vs. loss probability	1.20	0.96	+0.24
Calmar ratio: Return relative to maximum drawdown	1.39	-0.33	+1.72
Martin ratio: Return relative to average drawdown	4.10	-0.59	+4.69

USOY vs. ULTY - Sharpe Ratio Comparison

The current USOY Sharpe Ratio is 1.01, which is higher than the ULTY Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of USOY and ULTY, 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

USOY vs. ULTY - Drawdown Comparison

The maximum USOY drawdown since its inception was -25.51%, roughly equal to the maximum ULTY drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for USOY and ULTY.

Drawdown Indicators

	USOY	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-25.51%	-26.85%	+1.34%
Max Drawdown (1Y) Largest decline over 1 year	-25.51%	-24.16%	-1.35%
Current Drawdown Current decline from peak	-15.60%	-14.12%	-1.48%
Average Drawdown Average peak-to-trough decline	-7.18%	-10.04%	+2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.65%	13.30%	-4.65%

Volatility

USOY vs. ULTY - Volatility Comparison

Defiance Oil Enhanced Options Income ETF (USOY) has a higher volatility of 16.26% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 6.78%. This indicates that USOY's price experiences larger fluctuations and is considered to be riskier than ULTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOY	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.26%	6.78%	+9.48%
Volatility (6M) Calculated over the trailing 6-month period	32.70%	17.09%	+15.61%
Volatility (1Y) Calculated over the trailing 1-year period	35.22%	22.14%	+13.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.35%	27.08%	+1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.35%	27.08%	+1.27%

USOY vs. ULTY - Expense Ratio Comparison

USOY has a 1.22% expense ratio, which is lower than ULTY's 1.40% expense ratio.

Dividends

USOY vs. ULTY - Dividend Comparison

USOY's dividend yield for the trailing twelve months is around 59.33%, less than ULTY's 111.74% yield.

Position	TTM	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	111.74%	142.99%	111.70%
USOY Defiance Oil Enhanced Options Income ETF	59.33%	104.32%	48.60%

Frequently Asked Questions

Can I hold both USOY and ULTY in my portfolio?

USOY and ULTY have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USOY or ULTY?

USOY has higher volatility (16.26%) compared to ULTY (6.78%). In terms of maximum drawdown, USOY dropped -25.51% vs ULTY's -26.85%.

Which ETF is better, USOY or ULTY?

On 1-year performance, USOY leads with 35.36% vs -7.82% for ULTY. On fees, USOY is cheaper at 1.22% per year. On volatility, ULTY has been the lower-risk option at 6.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOY or ULTY?

Over the 1-year period, USOY has performed better with a 35.36% return vs -7.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOY or ULTY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.40% for ULTY.

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

ULTY has the higher dividend yield at 111.74%, compared with 59.33% for USOY.

What is the main difference between USOY and ULTY?

They also come from different issuers: Defiance and YieldMax. Their fees differ too: 1.22% for USOY and 1.40% for ULTY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.01 vs -0.36), 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.