Data as of Nov 4, 2026.
OVL vs ULTY: Dividend Yield & Total Return
Over the year to Nov 4, 2026, ULTY paid 46.0% of its price in cash against OVL’s 9.9%, though OVL returned more with it reinvested.
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Net assets: $427m on Aug 31, 2026 for Overlay Shares Large Cap Equity ETF, and $576m on Nov 3, 2026 for YieldMax Ultra Option Income Strategy ETF.
2.4 pts ahead of VOO
OVL over 1 year: paid 9.9%, price +6.6%, total +17.2%, VOO +14.8%, +2.4 pts. Data to Nov 4, 2026.
VOO
+14.8%
OVL
+17.2%
9.9% as cash
2.4 pts ahead of VOO
Total return, distributions reinvested
2.4 pts ahead of VOO
OVL over 1 year: paid 9.9%, price +6.6%, total +17.2%, VOO +14.8%, +2.4 pts. Data to Nov 4, 2026.
VOO
+14.8%
OVL
+17.2%
2.4 pts ahead of VOO
9.9% of it arrived as cash. Total return, distributions reinvested. OVL over 1 year: paid 9.9%, price +6.6%, total +17.2%, VOO +14.8%, +2.4 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.4.4 pts ahead of its own holdings
ULTY over 1 year: paid 46.0%, price −55.5%, total −12.4%, its own holdings −16.8%, +4.4 pts. Data to Nov 4, 2026.
its own holdings
−16.8%
ULTY
−12.4%
4.4 pts ahead of its own holdings
Total return, distributions reinvested
4.4 pts ahead of its own holdings
ULTY over 1 year: paid 46.0%, price −55.5%, total −12.4%, its own holdings −16.8%, +4.4 pts. Data to Nov 4, 2026.
its own holdings
−16.8%
ULTY
−12.4%
46.0% of it arrived as cash. Both charts share one scale, with zero at the line. ULTY over 1 year: paid 46.0%, price −55.5%, total −12.4%, its own holdings −16.8%, +4.4 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
OVL costs 0.51 points a year less; their one-year returns differ by 29.6 points.
Points (pts) are percentage points.
| Measure | OVL | ULTY |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | +17.2% | −12.4% |
| Price change, 1 year | rose 6.6% | fell 55.5% |
| Return of capital, issuer estimate | 100% of the Oct 29, 2026 payment | 100% of the Nov 5, 2026 payment |
| Against its benchmark | ||
| Benchmark | Vanguard S&P 500 ETF, measured through VOO | its own holdings |
| Cost and size | ||
| Expense ratio | 0.79% | 1.30% |
| Net assets, OVL as of Aug 31, 2026 and ULTY as of Nov 3, 2026 | $427m | $576m |
| Holdings | ||
| Holdings in common | 0% | |
How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed
One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →
Risk and return
Mar 8, 2024 to Oct 30, 2026 · 138 weekly returnsFrom Mar 2024 to Oct 2026, OVL returned more: +55.3% to −3.8%. OVL swung less: 16.4% to 24.1%. OVL fell less at its worst: −19.1% to −25.9%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | OVL | ULTY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +55.3% | −3.8% | OVL | Price change plus distributions, reinvested. |
| Annualized | +18.0% | −1.4% | OVL | Total return as a yearly rate. |
| Price return | +33.5% | −89.2% | OVL | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 16.4% | 24.1% | OVL | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 10.8% | 18.4% | OVL | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −19.1% | −25.9% | OVL | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.83 | −0.12 | OVL | Return above Treasury bills per unit of volatility. |
| Sortino | 1.26 | −0.15 | OVL | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.94 | −0.06 | OVL | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 138 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, OVL and ULTY hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 4, 2026.
half
0% in common
Only in one fund ↓
Side by side
As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.
Window by window
| Total return | Cash paid | Against the benchmark | ||||
|---|---|---|---|---|---|---|
| Window | OVL | ULTY | OVL | ULTY | OVL | ULTY |
| 3 months | −0.5% | −8.3% | 2.6% | 14.3% | −0.4 pts | +3.4 pts |
| 6 months | +4.4% | −9.9% | 5.2% | 26.6% | −0.6 pts | +1.6 pts |
| 1 year | +17.2% | −12.4% | 9.9% | 46.0% | +2.4 pts | +4.4 pts |
| 3 years | +92.6% | – | 23.9% | – | +9.3 pts | – |
| Since launchNot the same days: OVL Oct 2019 · ULTY Feb 2024 | +204.4% | −1.9% | 51.2% | 87.9% | +14.4 pts | not measured |
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OVL
Over the year to Nov 4, 2026, OVL paid 9.9% of its starting value in cash distributions while its price rose 6.6%. With every distribution reinvested, the fund returned +17.2%. Vanguard S&P 500 ETF (VOO) returned +14.8% over the same days, so a holder was ahead by 2.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 10.6%, paid monthly. Overlay Shares 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.
ULTY
Over the year to Nov 4, 2026, ULTY paid 46.0% of its starting value in cash distributions while its price fell 55.5%. With every distribution reinvested, the fund returned −12.4%. ULTY's own holdings, without the options (from its filed holdings, rebalanced at each filing; latest Nov 2, 2026) returned −16.8% over the same days, so a holder was ahead by 4.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 60.9%, paid weekly. YieldMax estimates that 100% of the distribution paid Nov 5, 2026 was a return of capital (its 19a-1 notice).
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, OVL against ULTY, data as of Nov 4, 2026. https://etfiq.com/compare/income/ovl-vs-ulty
ETFIQ. (Nov 4, 2026). OVL against ULTY. Retrieved from https://etfiq.com/compare/income/ovl-vs-ulty
[OVL against ULTY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/ovl-vs-ulty)
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