Data as of Oct 28, 2026.
SPY vs ULTY: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to ULTY's −11.2%, and SPY charges 0.09% to ULTY's 1.30%.
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Net assets on Oct 27, 2026: $814.8bn for SPDR S&P 500 ETF Trust and $627m for YieldMax Ultra Option Income Strategy ETF.
Pair scorecard
SPY costs 1.21 points a year less; their one-year returns differ by 24.8 points; SPY is far larger, $814.8bn against $627m.
| Measure | SPY | ULTY |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | −11.2% |
| Price change, 1 year | rose 12.4% | fell 55.2% |
| Latest payout, annualized | 60.7% | |
| Return of capital, issuer estimate | 100% of the Oct 29, 2026 payment | |
| Against its benchmark | ||
| What it tracks | S&P 500 Index | Benchmark: its own holdings |
| Against its benchmark, same days | ahead by 4.1 pts | |
| Cost and size | ||
| Expense ratio | 0.09% | 1.30% |
| Net assets, as of Oct 27, 2026 | $814.8bn | $627m |
| Holdings | ||
| Holdings in common | 12% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated Oct 27, 2026 and Oct 28, 2026. Method
What they share
By the books each fund has filed, SPY and ULTY hold 12% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026 and Oct 28, 2026.
half
12% in common
Only in one fund ↓
Side by side
SPY and ULTY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
ULTY's own holdings, without the options (from its filed holdings, rebalanced at each filing; latest Oct 26, 2026) returned −15.3% over the same days, so a holder was ahead by 4.1 pts.
Over the year to Oct 28, 2026, ULTY paid 44.3% of its starting value in cash distributions while its price fell 55.2%. With every distribution reinvested, the fund returned −11.2%. At its price on Oct 28, 2026 the latest distribution annualizes to 60.7%, paid weekly. YieldMax estimates that 100% of the distribution paid Oct 29, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
Questions people ask
- Are SPY and ULTY in the same category?
- SPY is a stock ETF and ULTY is an option-income ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, SPY or ULTY?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and ULTY −11.2%.
- Which is cheaper, SPY or ULTY?
- SPY is cheaper, by 1.21 percentage points a year. That is about $121 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, SPY against ULTY, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-ulty
ETFIQ. (Oct 28, 2026). SPY against ULTY. Retrieved from https://etfiq.com/compare/any/spy-vs-ulty
[SPY against ULTY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/spy-vs-ulty)
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