Data as of Nov 4, 2026.
ULTY vs XPAY: Dividend Yield & Total Return
Over the year to Nov 4, 2026, ULTY paid 46.0% of its price in cash against XPAY’s 19.7%, though XPAY returned more with it reinvested.
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Net assets: $576m on Nov 3, 2026 for YieldMax Ultra Option Income Strategy ETF, and $187m on Nov 4, 2026 for Roundhill S&P 500 Target 20 Managed Distribution ETF.
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. Total return, distributions reinvested. 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, 2026.0.8 pts behind VOO
XPAY over 1 year: paid 19.7%, price −7.2%, total +14.0%, VOO +14.8%, −0.8 pts. Data to Nov 4, 2026.
VOO
+14.8%
XPAY
+14.0%
19.7% of it arrived as cash
0.8 pts behind VOO
Total return, distributions reinvested
0.8 pts behind VOO
XPAY over 1 year: paid 19.7%, price −7.2%, total +14.0%, VOO +14.8%, −0.8 pts. Data to Nov 4, 2026.
VOO
+14.8%
XPAY
+14.0%
0.8 pts behind VOO
19.7% of it arrived as cash. Both charts share one scale, with zero at the line. XPAY over 1 year: paid 19.7%, price −7.2%, total +14.0%, VOO +14.8%, −0.8 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
XPAY costs 0.81 points a year less; their one-year returns differ by 26.4 points; ULTY is 3.1 times larger.
Points (pts) are percentage points.
| Measure | ULTY | XPAY |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | −12.4% | +14.0% |
| Price change, 1 year | fell 55.5% | fell 7.2% |
| Return of capital, issuer estimate | 100% of the Nov 5, 2026 payment | 100% of the Oct 15, 2026 payment |
| Against its benchmark | ||
| Benchmark | its own holdings | Vanguard S&P 500 ETF, measured through VOO |
| Cost and size | ||
| Expense ratio | 1.30% | 0.49% |
| Net assets, as of Nov 3, 2026 | $576m | $183m |
| 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
Nov 8, 2024 to Oct 30, 2026 · 103 weekly returnsFrom Nov 2024 to Oct 2026, XPAY returned more: +27.3% to −3.5%. XPAY swung less: 14.9% to 21.7%. XPAY fell less at its worst: −17.1% to −25.9%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | ULTY | XPAY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | −3.5% | +27.3% | XPAY | Price change plus distributions, reinvested. |
| Annualized | −1.8% | +12.9% | XPAY | Total return as a yearly rate. |
| Price return | −79.8% | −14.6% | XPAY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 21.7% | 14.9% | XPAY | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 16.7% | 9.9% | XPAY | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −25.9% | −17.1% | XPAY | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | −0.16 | 0.62 | XPAY | Return above Treasury bills per unit of volatility. |
| Sortino | −0.21 | 0.93 | XPAY | Return above Treasury bills per unit of downside deviation. |
| Calmar | −0.07 | 0.76 | XPAY | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 103 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, ULTY and XPAY hold 0% of their money in the same securities at the same weight. Holdings dated 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 | ULTY | XPAY | ULTY | XPAY | ULTY | XPAY |
| 3 months | −8.3% | −0.3% | 14.3% | 5.0% | +3.4 pts | −0.2 pts |
| 6 months | −9.9% | +4.9% | 26.6% | 10.0% | +1.6 pts | −0.1 pts |
| 1 year | −12.4% | +14.0% | 46.0% | 19.7% | +4.4 pts | −0.9 pts |
| Since launchNot the same days: ULTY Feb 2024 · XPAY Oct 2024 | −1.9% | +35.6% | 87.9% | 39.0% | not measured | −2.6 pts |
Client brief:
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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.
XPAY
Over the year to Nov 4, 2026, XPAY paid 19.7% of its starting value in cash distributions while its price fell 7.2%. With every distribution reinvested, the fund returned +14.0%. Vanguard S&P 500 ETF (VOO) returned +14.8% over the same days, so a holder was behind by 0.8 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 21.1%, paid monthly. Roundhill estimates that 100% of the distribution paid Oct 15, 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.
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ETFIQ, ULTY against XPAY, data as of Nov 4, 2026. https://etfiq.com/compare/income/ulty-vs-xpay
ETFIQ. (Nov 4, 2026). ULTY against XPAY. Retrieved from https://etfiq.com/compare/income/ulty-vs-xpay
[ULTY against XPAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/ulty-vs-xpay)
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