Dividend comparison
ULTY vs YMAX: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for YieldMax Ultra Option Income Strategy ETF and YieldMax Universe Fund of Option Income ETFs, side by side. Updated October 21, 2026.
ULTY vs YMAX: key differences
The short answer, from the latest data on this page.
- Fees. YMAX is cheaper at 1.33% a year versus 1.40% for ULTY. On $10,000 that is $7 a year less in fees.
- Income. ULTY pays more income, yielding 98.01% over the last twelve months versus 61.45% for YMAX. That is about $3,656 more a year on $10,000. ULTY pays weekly, YMAX pays monthly.
- Performance. Over the last 1 year, ULTY returned -8.8% versus -37.6% for YMAX, with dividends reinvested. $10,000 would have grown to $9,116 in ULTY and $6,241 in YMAX.
- Risk. YMAX has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -40.4%, against -28.3% for ULTY.
- Diversification. ULTY holds 112 positions and YMAX holds 38. The ten largest positions make up 43.9% of ULTY and 62.3% of YMAX.
- Overlap. ULTY and YMAX share no holdings, so they behave as separate building blocks.
Bottom line: ULTY fits better if you care most about more income today, stronger 1-year returns, smaller drawdowns and broader diversification. YMAX fits better if you care most about lower fees.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | ULTY YieldMax Ultra Option Income Strategy ETF | YMAX YieldMax Universe Fund of Option Income ETFs |
|---|---|---|
| Dividend yield (TTM) | 98.01% | 61.45% |
| Dividend / share (TTM) | $23.25 | $4.51 |
| Payout frequency | Weekly | Monthly |
| Last dividend | $0.2955 on Oct 15, 2026 | $0.0594 on Oct 15, 2026 |
| Ex-dividend date | Oct 14, 2026 | Oct 14, 2026 |
| Next payment | $0.2772 on Oct 22, 2026 | $0.0563 on Oct 22, 2026 |
| Price | $23.72 | $7.34 |
| Beta | 1.45 | 1.28 |
| Max drawdown (5Y) | -28.3% | -40.4% |
| Market cap | $1.53B | $417.2M |
| Exchange | AMEX | AMEX |
| Expense ratio | 1.40% | 1.33% |
| Assets under management | $653.5M | $353.2M |
| Number of holdings | 112 | 38 |
| Top 10 concentration | 43.9% | 62.3% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
ULTY
$816.79/mo
$9801 /yr at 98.01% yield
YMAX
$512.09/mo
$6145 /yr at 61.45% yield
Dividend history
Total dividends paid per share in each calendar year. ULTY pays weekly; YMAX pays monthly.
| Year | ULTY | YMAX |
|---|---|---|
| 2025 | $52.6126 | $7.7483 |
Strategy: Single-stock option income
Funds that hold synthetic exposure to one stock, or a basket of them, and sell call options against it every week or month to pay very large distributions. The payout comes from option premium, which is high because the underlying stocks are volatile. When the stock rallies hard, the fund keeps only a slice of the gain; when it falls, the fund takes most of the loss.
Distributions can include return of capital and the share price tends to erode over time, so the headline yield overstates what the investor actually keeps.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Feb 29, 2024 would now be worth $9,137 in ULTY and $8,229 in YMAX.
| Period | ULTY | YMAX |
|---|---|---|
| 1 month | -3.73% | -3.80% |
| 3 months | 1.32% | -2.39% |
| Year to date | 5.89% | -26.45% |
| 1 year | -8.84% | -37.59% |
| 3 years | — | — |
| 5 years | — | — |
- ULTY
- YMAX
Both series indexed to 100 on 2024-02-29 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- ULTY
- YMAX
ULTY vs YMAX holdings overlap
0% overlap by weight, with 0 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Top 10 holdings
Largest positions by portfolio weight.
ULTY112 holdings total
YMAX38 holdings total
| Name | Weight |
|---|---|
| MRNYYieldMax MRNA Option Income Strategy ETF | 10.93% |
| APLYYieldMax AAPL Option Income Strategy ETF | 6.65% |
| HOOYYieldMax HOOD Option Income Strategy ETF | 6.53% |
| FBYYieldMax Meta Option Income Strategy ETF | 6.36% |
| AMDYYieldMax AMD Option Income Strategy ETF | 5.97% |
| GDXYYieldMax Gold Miners Option Income Strategy ETF | 5.38% |
| SMCYYieldMax Smci Option Income Strategy ETF | 5.37% |
| MSFOYieldMax MSFT Option Income Strategy ETF | 5.10% |
| TSLYYieldMax Tsla Option Income ETF | 5.06% |
| GPTYYieldMax AI & Tech Portfolio Option Income ETF | 4.94% |
Quick verdict
ULTY fits better if you care most about more income today, stronger 1-year returns, smaller drawdowns and broader diversification. YMAX fits better if you care most about lower fees. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how ULTY vs YMAX fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is ULTY or YMAX better for dividend income?
It depends on your goals. ULTY currently yields 98.01% Trailing Twelve Months (TTM) while YMAX yields 61.45%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between ULTY and YMAX?
YieldMax Ultra Option Income Strategy ETF (ULTY) is an ETF listed on AMEX. YieldMax Universe Fund of Option Income ETFs (YMAX) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, ULTY or YMAX?
YMAX has the lower expense ratio. ULTY charges 1.40% a year and YMAX charges 1.33%, a difference of $7 a year on a $10,000 investment.
Which has performed better, ULTY or YMAX?
Over the last 1 year, ULTY has the higher total return with dividends reinvested: ULTY returned -8.8% and YMAX returned -37.6%. Past performance does not predict future returns.
Which is riskier, ULTY or YMAX?
Measured by the worst peak-to-trough decline over the last five years, YMAX has been riskier: ULTY fell as much as 28.3% and YMAX as much as 40.4%. Their betas are 1.45 and 1.28.
How often do ULTY and YMAX pay dividends?
ULTY pays weekly and YMAX pays monthly.
How much income does $10,000 in ULTY vs YMAX generate?
At current TTM yields, $10,000 in ULTY would generate roughly $816.79 per month ($9801 annually). The same amount in YMAX would produce about $512.09 per month ($6145 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both ULTY and YMAX?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare ULTY vs YMAX with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how ULTY and YMAX fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.