Data as of Nov 4, 2026.
TCAL vs ULTY: Dividend Yield & Total Return
Over the year to Nov 4, 2026, ULTY paid 46.0% of its price in cash against TCAL’s 11.4%, though TCAL returned more with it reinvested.
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Net assets on Nov 3, 2026: $324m for T. Rowe Price Capital Appreciation Premium Income ETF and $576m for YieldMax Ultra Option Income Strategy ETF.
3.4 pts behind its own stocks
TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.
its own stocks
+14.6%
TCAL
+11.2%
11.4% of it arrived as cash
3.4 pts behind its own stocks
Total return, distributions reinvested
3.4 pts behind its own stocks
TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.
its own stocks
+14.6%
TCAL
+11.2%
11.4% of it arrived as cash. Total return, distributions reinvested. TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 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
TCAL costs 0.96 points a year less; their one-year returns differ by 23.6 points; ULTY is 1.8 times larger.
Points (pts) are percentage points.
| Measure | TCAL | ULTY |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | +11.2% | −12.4% |
| Price change, 1 year | fell 1.2% | fell 55.5% |
| Return of capital, issuer estimate | 100% of the Nov 5, 2026 payment | |
| Against its benchmark | ||
| Benchmark | its own stocks | its own holdings |
| Cost and size | ||
| Expense ratio | 0.34% | 1.30% |
| Net assets, as of Nov 3, 2026 | $324m | $576m |
| Holdings | ||
| Holdings in common | 4% | |
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
Apr 4, 2025 to Oct 30, 2026 · 82 weekly returnsFrom Apr 2025 to Oct 2026, ULTY returned more: +24.9% to +15.2%. TCAL swung less: 8.5% to 20.5%. TCAL fell less at its worst: −7.0% to −21.8%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | TCAL | ULTY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +15.2% | +24.9% | ULTY | Price change plus distributions, reinvested. |
| Annualized | +9.4% | +15.1% | ULTY | Total return as a yearly rate. |
| Price return | −3.8% | −60.5% | TCAL | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 8.5% | 20.5% | TCAL | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 5.7% | 14.3% | TCAL | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −7.0% | −21.8% | TCAL | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.64 | 0.60 | TCAL (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.95 | 0.86 | TCAL (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.34 | 0.69 | TCAL | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 82 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, TCAL and ULTY hold 4% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 4, 2026.
half
4% 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 | TCAL | ULTY | TCAL | ULTY | TCAL | ULTY |
| 3 months | +5.3% | −8.3% | 2.6% | 14.3% | −1.8 pts | +3.4 pts |
| 6 months | +12.3% | −9.9% | 6.3% | 26.6% | −0.9 pts | +1.6 pts |
| 1 year | +11.2% | −12.4% | 11.4% | 46.0% | −3.5 pts | +4.4 pts |
| Since launchNot the same days: TCAL Mar 2025 · ULTY Feb 2024 | +12.0% | −1.9% | 16.9% | 87.9% | not measured | not measured |
No client brief for this pair: the two funds' holdings are dated 127 days apart.
TCAL
Over the year to Nov 4, 2026, TCAL paid 11.4% of its starting value in cash distributions while its price fell 1.2%. With every distribution reinvested, the fund returned +11.2%. TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) returned +14.6% over the same days, so a holder was behind by 3.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 13.0%, paid monthly.
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). That is a tax label, not a measure of erosion.
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.
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ETFIQ, TCAL against ULTY, data as of Nov 4, 2026. https://etfiq.com/compare/income/tcal-vs-ulty
ETFIQ. (Nov 4, 2026). TCAL against ULTY. Retrieved from https://etfiq.com/compare/income/tcal-vs-ulty
[TCAL against ULTY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/tcal-vs-ulty)
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