A head-to-head comparison of YieldMax NVDA Option Income Strategy ETF and YieldMax Ultra Option Income Strategy ETF covering yield, cost, risk, and income potential.
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YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.
See our curated list of related YouTube videos on NVDY and ULTY.
Bottom lineChoose NVDY if you are comfortable trading away most upside for a large, steady payout. Choose ULTY if you want to maximize current income — roughly 61.16%, generated by selling options premium. There's no free lunch: ULTY's payout comes from selling options, which caps upside and can erode the share price over time, while NVDY keeps full price exposure.
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
NVDY has outpaced ULTY over the trailing twelve months, posting a 24.16% total return against -8.41%. Measured from Feb 2024 — when the younger fund began trading — NVDY has compounded at 36.25% a year versus 0.33% for ULTY. ULTY has been the steadier holding, though — annualized volatility of 22.1% against 29.0% for NVDY. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 14, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Feb 2024” measures every fund from February 29, 2024 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Quick verdict
NVDY (YieldMax NVDA Option Income Strategy ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both weekly-pay dividend ETFs, but they take different approaches.
ULTY offers the higher yield at 61.16% vs 39.12% for NVDY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
NVDY is cheaper with an expense ratio of 1.01% compared to 1.14%.
They track different benchmarks: NVDY is linked to NVIDIA (NVDA) while ULTY tracks Basket (High Volatility stocks), which means their performance drivers differ.
NVDY is the larger fund by assets ($1.43B), which generally means tighter spreads and better liquidity.
Who should choose each?
Choose NVDY
YieldMax NVDA Option Income Strategy ETF
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Want to keep costs low — a 1.01% expense ratio vs 1.14% for ULTY.
Choose ULTY
YieldMax Ultra Option Income Strategy ETF
Want to maximize current income — ULTY distributes roughly 61.16% from selling options premium, vs 39.12% for NVDY.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Deep dive
Yield & income
On a $10,000 investment, NVDY would generate roughly $326.00/month, while ULTY would produce $509.67/month, at current distribution rates. Both pay weekly distributions.
NVDY yield39.12%
ULTY yield61.16%
Monthly diff on $10K$183.67
Cost & efficiency
Over 10 years on $10,000, NVDY would cost approximately $1,010 in fees vs $1,140 for ULTY (simplified, not compounded). The $130.00 difference may be offset by yield or performance.
NVDY ER1.01%
ULTY ER1.14%
Strategy & risk
NVDY tracks NVIDIA (NVDA) with a covered call approach, while ULTY tracks Basket (High Volatility stocks) with a covered call approach. Beta is 1.36 for NVDY and 1.3581 for ULTY, indicating ULTY is less volatile relative to the market.
NVDY beta1.36
ULTY beta1.3581
Fund details
NVDY is managed by YieldMax (launched 05/09/2023) with $1.43B in assets. ULTY is managed by YieldMax (launched 02/21/2024) with $914M in assets.
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Frequently asked questions
Is NVDY or ULTY better for dividend income?
It depends on your goals. ULTY currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between NVDY and ULTY?
NVDY (YieldMax NVDA Option Income Strategy ETF) tracks NVIDIA (NVDA) with a covered call approach, while ULTY (YieldMax Ultra Option Income Strategy ETF) tracks Basket (High Volatility stocks) with a covered call approach. They are issued by YieldMax and YieldMax respectively.
Can I hold both NVDY and ULTY?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which has lower fees, NVDY or ULTY?
NVDY has an expense ratio of 1.01% while ULTY charges 1.14%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in NVDY vs ULTY generate?
At current rates, $10,000 in NVDY would generate roughly $326.00 per month ($3,912.00 annually). The same in ULTY would produce about $509.67 per month ($6,116.00 annually).
Which has performed better historically, NVDY or ULTY?
NVDY has outpaced ULTY over the trailing twelve months, posting a 24.16% total return against -8.41%. Measured from Feb 2024 — when the younger fund began trading — NVDY has compounded at 36.25% a year versus 0.33% for ULTY. ULTY has been the steadier holding, though — annualized volatility of 22.1% against 29.0% for NVDY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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