YETH vs. ULTY

Last updated Jun 9, 2026

YETH (Roundhill Ether Covered Call Strategy ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, YETH returned -32.39% vs 4.18% for ULTY. A 0.58 correlation means they provide meaningful diversification when combined. YETH charges 0.95%/yr vs 1.14%/yr for ULTY.

Performance

YETH vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Ether Covered Call Strategy ETF (YETH) 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, YETH achieves a -37.76% return, which is significantly lower than ULTY's 7.39% return.

YETH

• 1D: 6.84%
• 1M: -26.20%
• YTD: -37.76%
• 6M: -37.20%
• 1Y: -32.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

YETH vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YETH Roundhill Ether Covered Call Strategy ETF	-37.76%	-32.10%	24.84%
ULTY YieldMax Ultra Option Income Strategy ETF	7.39%	-0.84%	16.06%

Correlation

The correlation between YETH and ULTY is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.58

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

Return for Risk

YETH vs. ULTY — Risk / Return Rank

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

YETH

YETH Risk / Return Rank: 5
YETH Sharpe Ratio Rank: 5
YETH Sortino Ratio Rank: 5
YETH Omega Ratio Rank: 5
YETH Calmar Ratio Rank: 5
YETH Martin Ratio Rank: 5

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.

YETH vs. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Ether Covered Call Strategy ETF (YETH) 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.

	YETH	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	0.20	-0.75
Sortino ratio: Return per unit of downside risk	-0.51	0.40	-0.90
Omega ratio: Gain probability vs. loss probability	0.94	1.05	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.55	0.17	-0.73
Martin ratio: Return relative to average drawdown	-1.03	0.34	-1.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YETH vs. ULTY - Sharpe Ratio Comparison

The current YETH Sharpe Ratio is -0.56, which is lower than the ULTY Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of YETH 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

	YETH	ULTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	0.20	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	0.11	-0.66

Drawdowns

YETH vs. ULTY - Drawdown Comparison

The maximum YETH drawdown since its inception was -64.41%, which is greater than ULTY's maximum drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for YETH and ULTY.

Drawdown Indicators

	YETH	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-26.85%	-37.56%
Max Drawdown (1Y) Largest decline over 1 year	-58.73%	-24.16%	-34.57%
Current Drawdown Current decline from peak	-61.97%	-11.95%	-50.02%
Average Drawdown Average peak-to-trough decline	-31.13%	-9.38%	-21.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.51%	12.37%	+19.14%

Volatility

YETH vs. ULTY - Volatility Comparison

Roundhill Ether Covered Call Strategy ETF (YETH) has a higher volatility of 17.00% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 6.96%. This indicates that YETH'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

	YETH	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.00%	6.96%	+10.04%
Volatility (6M) Calculated over the trailing 6-month period	40.48%	15.88%	+24.60%
Volatility (1Y) Calculated over the trailing 1-year period	58.59%	21.21%	+37.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.22%	27.07%	+29.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.22%	27.07%	+29.15%

YETH vs. ULTY - Expense Ratio Comparison

YETH has a 0.95% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

YETH vs. ULTY - Dividend Comparison

YETH's dividend yield for the trailing twelve months is around 153.07%, more than ULTY's 115.53% yield.

Position	TTM	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	115.53%	142.99%	111.70%
YETH Roundhill Ether Covered Call Strategy ETF	153.07%	109.12%	20.52%

Frequently Asked Questions

Can I hold both YETH and ULTY in my portfolio?

YETH and ULTY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YETH or ULTY?

YETH has higher volatility (17.00%) compared to ULTY (6.96%). In terms of maximum drawdown, YETH dropped -64.41% vs ULTY's -26.85%.

Which ETF is better, YETH or ULTY?

On 1-year performance, ULTY leads with 4.18% vs -32.39% for YETH. On fees, YETH is cheaper at 0.95% per year. On volatility, ULTY has been the lower-risk option at 6.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YETH or ULTY?

Over the 1-year period, ULTY has performed better with a 4.18% return vs -32.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YETH or ULTY?

YETH is cheaper with a 0.95% expense ratio, compared with 1.14% for ULTY.

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

YETH has the higher dividend yield at 153.07%, compared with 115.53% for ULTY.

What is the main difference between YETH and ULTY?

They also come from different issuers: Roundhill and YieldMax. Their fees differ too: 0.95% for YETH and 1.14% for ULTY.

Which has better risk-adjusted returns?

ULTY currently has the higher Sharpe Ratio (0.20 vs -0.56), 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.