XBTY vs. ULTY

Last updated Aug 2, 2026

XBTY (GraniteShares YieldBOOST Bitcoin ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, XBTY returned -44.39% vs -9.45% for ULTY. Their 0.53 correlation means they have sometimes moved together and sometimes differently. XBTY charges 0.99%/yr vs 1.40%/yr for ULTY.

Performance

XBTY vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares YieldBOOST Bitcoin ETF (XBTY) 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, XBTY achieves a -22.50% return, which is significantly lower than ULTY's 2.90% return.

XBTY

• 1D: -0.77%
• 1M: 1.12%
• 6M: -16.67%
• YTD: -22.50%
• 1Y: -44.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -33.34%

ULTY

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

*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
XBTY GraniteShares YieldBOOST Bitcoin ETF	$70.68K	$100.72K	$240.24K

XBTY vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025
XBTY GraniteShares YieldBOOST Bitcoin ETF	-22.50%	-21.19%
ULTY YieldMax Ultra Option Income Strategy ETF	2.90%	3.04%

Correlation

The correlation between XBTY and ULTY is 0.55, 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.	0.55
Correlation (All Time) Calculated using the full available price history since May 13, 2025	0.53

The correlation between XBTY and ULTY has been stable across timeframes, ranging from 0.53 to 0.55 - a consistent structural relationship.

Return for Risk

XBTY vs. ULTY — Risk / Return Rank

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

XBTY

XBTY Risk / Return Rank: 0
XBTY Sharpe Ratio Rank: 0
XBTY Sortino Ratio Rank: 0
XBTY Omega Ratio Rank: 0
XBTY Calmar Ratio Rank: 0
XBTY Martin Ratio Rank: 1

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

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.

XBTY vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST Bitcoin ETF (XBTY) 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.

	XBTY	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	-1.76	-0.52	-1.24
Sortino ratio: Return per unit of downside risk	-2.75	-0.57	-2.18
Omega ratio: Gain probability vs. loss probability	0.68	0.93	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.97	-0.47	-0.49
Martin ratio: Return relative to average drawdown	-1.35	-0.86	-0.49

XBTY vs. ULTY - Sharpe Ratio Comparison

The current XBTY Sharpe Ratio is -1.76, which is lower than the ULTY Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of XBTY 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

XBTY vs. ULTY - Drawdown Comparison

The maximum XBTY drawdown since its inception was -49.03%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for XBTY and ULTY.

Drawdown Indicators

	XBTY	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-49.03%	-26.85%	-22.18%
Max Drawdown (1Y) Largest decline over 1 year	-49.03%	-24.16%	-24.87%
Current Drawdown Current decline from peak	-47.49%	-15.63%	-31.86%
Average Drawdown Average peak-to-trough decline	-26.13%	-10.03%	-16.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.99%	13.27%	+21.72%

Volatility

XBTY vs. ULTY - Volatility Comparison

The current volatility for GraniteShares YieldBOOST Bitcoin ETF (XBTY) is 2.14%, while YieldMax Ultra Option Income Strategy ETF (ULTY) has a volatility of 6.71%. This indicates that XBTY 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

	XBTY	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	6.71%	-4.57%
Volatility (6M) Calculated over the trailing 6-month period	13.90%	17.07%	-3.17%
Volatility (1Y) Calculated over the trailing 1-year period	26.92%	22.12%	+4.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.42%	27.08%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.42%	27.08%	-0.66%

XBTY vs. ULTY - Expense Ratio Comparison

XBTY has a 0.99% expense ratio, which is lower than ULTY's 1.40% expense ratio.

Dividends

XBTY vs. ULTY - Dividend Comparison

XBTY's dividend yield for the trailing twelve months is around 201.11%, more than ULTY's 113.74% yield.

Position	TTM	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	113.74%	142.99%	111.70%
XBTY GraniteShares YieldBOOST Bitcoin ETF	192.49%	102.53%	0.00%

Frequently Asked Questions

Can I hold both XBTY and ULTY in my portfolio?

XBTY and ULTY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBTY or ULTY?

ULTY has higher volatility (6.71%) compared to XBTY (2.14%). In terms of maximum drawdown, XBTY dropped -49.03% vs ULTY's -26.85%.

Which ETF is better, XBTY or ULTY?

On 1-year performance, ULTY leads with -9.45% vs -44.39% for XBTY. On fees, XBTY is cheaper at 0.99% per year. On volatility, XBTY has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBTY or ULTY?

Over the 1-year period, ULTY has performed better with a -9.45% return vs -44.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBTY or ULTY?

XBTY is cheaper with a 0.99% expense ratio, compared with 1.40% for ULTY.

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

XBTY has the higher dividend yield at 192.49%, compared with 113.74% for ULTY.

What is the main difference between XBTY and ULTY?

They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 0.99% for XBTY and 1.40% for ULTY.

Which has better risk-adjusted returns?

ULTY currently has the higher Sharpe Ratio (-0.52 vs -1.76), 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.