VWO vs. ULTY

Last updated Jun 9, 2026

VWO (Vanguard FTSE Emerging Markets ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both exchange-traded funds - VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index, while ULTY is a Derivative Income fund actively managed by YieldMax. VWO is passively managed, while ULTY is actively managed. Over the past year, VWO returned 24.29% vs 4.18% for ULTY. A 0.58 correlation means they provide meaningful diversification when combined. VWO charges 0.08%/yr vs 1.14%/yr for ULTY.

Performance

VWO vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Emerging Markets ETF (VWO) 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, VWO achieves a 8.50% return, which is significantly higher than ULTY's 7.39% return.

VWO

• 1D: 0.52%
• 1M: -3.65%
• YTD: 8.50%
• 6M: 9.73%
• 1Y: 24.29%
• 3Y*: 16.22%
• 5Y*: 4.65%
• 10Y*: 8.60%

ULTY

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

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

VWO vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VWO Vanguard FTSE Emerging Markets ETF	8.50%	25.60%	11.05%
ULTY YieldMax Ultra Option Income Strategy ETF	7.39%	-0.84%	-4.73%

Correlation

The correlation between VWO and ULTY is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.58

The correlation between VWO and ULTY has been stable across timeframes, ranging from 0.58 to 0.62 - a consistent structural relationship.

VWO vs. ULTY - Sectors Allocation Comparison

Sectors	VWO	ULTY
Technology	29.6%	54.6%
Financial Services	19.5%	8.6%
Consumer Cyclical	10.7%	5.2%
Industrials	8.0%	9.3%
Basic Materials	8.0%	11.7%
Communication Services	7.1%	8.9%
Energy	4.6%	-
Healthcare	3.9%	1.8%
Consumer Defensive	3.7%	0.0%
Utilities	2.9%	-
Real Estate	2.2%	-

Return for Risk

VWO vs. ULTY — Risk / Return Rank

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

VWO

VWO Risk / Return Rank: 49
VWO Sharpe Ratio Rank: 47
VWO Sortino Ratio Rank: 47
VWO Omega Ratio Rank: 50
VWO Calmar Ratio Rank: 49
VWO Martin Ratio Rank: 51

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

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.

VWO vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets ETF (VWO) 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.

	VWO	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	1.49	0.20	+1.30
Sortino ratio: Return per unit of downside risk	2.08	0.40	+1.69
Omega ratio: Gain probability vs. loss probability	1.28	1.05	+0.23
Calmar ratio: Return relative to maximum drawdown	2.18	0.17	+2.01
Martin ratio: Return relative to average drawdown	7.79	0.34	+7.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWO vs. ULTY - Sharpe Ratio Comparison

The current VWO Sharpe Ratio is 1.49, which is higher than the ULTY Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of VWO 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.

Sharpe Ratios by Period

	VWO	ULTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	0.20	+1.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.11	+0.15

Drawdowns

VWO vs. ULTY - Drawdown Comparison

The maximum VWO drawdown since its inception was -67.68%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for VWO and ULTY.

Drawdown Indicators

	VWO	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-67.68%	-26.85%	-40.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.17%	-24.16%	+12.99%
Max Drawdown (3Y) Largest decline over 3 years	-17.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.39%	—	—
Current Drawdown Current decline from peak	-4.67%	-11.95%	+7.28%
Average Drawdown Average peak-to-trough decline	-15.81%	-9.38%	-6.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	12.37%	-9.25%

Volatility

VWO vs. ULTY - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets ETF (VWO) is 6.29%, while YieldMax Ultra Option Income Strategy ETF (ULTY) has a volatility of 6.96%. This indicates that VWO experiences smaller price fluctuations and is considered to be less risky than ULTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWO	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	6.96%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	15.88%	-2.08%
Volatility (1Y) Calculated over the trailing 1-year period	16.37%	21.21%	-4.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	27.07%	-9.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.23%	27.07%	-7.84%

VWO vs. ULTY - Expense Ratio Comparison

VWO has a 0.08% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

VWO vs. ULTY - Dividend Comparison

VWO's dividend yield for the trailing twelve months is around 2.49%, less than ULTY's 115.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ULTY YieldMax Ultra Option Income Strategy ETF	115.53%	142.99%	111.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VWO Vanguard FTSE Emerging Markets ETF	2.49%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both VWO and ULTY in my portfolio?

VWO and ULTY have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWO or ULTY?

ULTY has higher volatility (6.96%) compared to VWO (6.29%). In terms of maximum drawdown, VWO dropped -67.68% vs ULTY's -26.85%.

Which ETF is better, VWO or ULTY?

On 1-year performance, VWO leads with 24.29% vs 4.18% for ULTY. On fees, VWO is cheaper at 0.08% per year. On volatility, VWO has been the lower-risk option at 6.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VWO or ULTY?

Over the 1-year period, VWO has performed better with a 24.29% return vs 4.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VWO or ULTY?

VWO is cheaper with a 0.08% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 115.53%, compared with 2.49% for VWO.

What is the main difference between VWO and ULTY?

VWO is categorized as Emerging Markets Equities, while ULTY is Derivative Income. They also come from different issuers: Vanguard and YieldMax. Their fees differ too: 0.08% for VWO and 1.14% for ULTY.

Which has better risk-adjusted returns?

VWO currently has the higher Sharpe Ratio (1.49 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.