DEFR vs. UPSD

Last updated Jul 15, 2026

DEFR (Aptus Deferred Income ETF) and UPSD (Aptus Large Cap Upside ETF) are both exchange-traded funds - DEFR is a Intermediate Core-Plus Bond fund actively managed by Aptus, while UPSD is a Actively Managed fund actively managed by Aptus. Both are actively managed. Over the past year, DEFR returned 3.91% vs 18.01% for UPSD. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

DEFR vs. UPSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus Deferred Income ETF (DEFR) and Aptus Large Cap Upside ETF (UPSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEFR achieves a -0.33% return, which is significantly lower than UPSD's 8.71% return.

DEFR

• 1D: 0.11%
• 1M: 0.19%
• 6M: -0.65%
• YTD: -0.33%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UPSD

• 1D: 0.29%
• 1M: 3.97%
• 6M: 6.52%
• YTD: 8.71%
• 1Y: 18.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DEFR vs. UPSD - Yearly Performance Comparison

	2026 (YTD)	2025
DEFR Aptus Deferred Income ETF	-0.33%	6.80%
UPSD Aptus Large Cap Upside ETF	8.71%	16.35%

Correlation

The correlation between DEFR and UPSD is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since May 14, 2025	0.46

Return for Risk

DEFR vs. UPSD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DEFR

DEFR Risk / Return Rank: 25
DEFR Sharpe Ratio Rank: 26
DEFR Sortino Ratio Rank: 24
DEFR Omega Ratio Rank: 24
DEFR Calmar Ratio Rank: 25
DEFR Martin Ratio Rank: 24

UPSD

UPSD Risk / Return Rank: 42
UPSD Sharpe Ratio Rank: 44
UPSD Sortino Ratio Rank: 41
UPSD Omega Ratio Rank: 42
UPSD Calmar Ratio Rank: 37
UPSD Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DEFR vs. UPSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Deferred Income ETF (DEFR) and Aptus Large Cap Upside ETF (UPSD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DEFR	UPSD	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.27	-0.49
Sortino ratio: Return per unit of downside risk	1.11	1.75	-0.64
Omega ratio: Gain probability vs. loss probability	1.14	1.23	-0.09
Calmar ratio: Return relative to maximum drawdown	1.01	1.52	-0.51
Martin ratio: Return relative to average drawdown	2.42	5.95	-3.54

DEFR vs. UPSD - Sharpe Ratio Comparison

The current DEFR Sharpe Ratio is 0.77, which is lower than the UPSD Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of DEFR and UPSD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DEFR vs. UPSD - Drawdown Comparison

The maximum DEFR drawdown since its inception was -3.90%, smaller than the maximum UPSD drawdown of -23.85%. Use the drawdown chart below to compare losses from any high point for DEFR and UPSD.

Drawdown Indicators

	DEFR	UPSD	Difference
Max Drawdown Largest peak-to-trough decline	-3.90%	-23.85%	+19.95%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-11.91%	+8.01%
Current Drawdown Current decline from peak	-2.63%	0.00%	-2.63%
Average Drawdown Average peak-to-trough decline	-1.08%	-3.78%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	3.03%	-1.40%

Volatility

DEFR vs. UPSD - Volatility Comparison

The current volatility for Aptus Deferred Income ETF (DEFR) is 1.23%, while Aptus Large Cap Upside ETF (UPSD) has a volatility of 3.78%. This indicates that DEFR experiences smaller price fluctuations and is considered to be less risky than UPSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFR	UPSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	3.78%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	3.45%	11.03%	-7.58%
Volatility (1Y) Calculated over the trailing 1-year period	5.13%	14.29%	-9.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	20.76%	-15.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.26%	20.76%	-15.50%

DEFR vs. UPSD - Expense Ratio Comparison

Both DEFR and UPSD have an expense ratio of 0.79%.

Dividends

DEFR vs. UPSD - Dividend Comparison

DEFR has not paid dividends to shareholders, while UPSD's dividend yield for the trailing twelve months is around 0.66%.

Position	TTM	2025	2024
DEFR Aptus Deferred Income ETF	0.00%	0.00%	0.00%
UPSD Aptus Large Cap Upside ETF	0.66%	0.67%	0.06%

Frequently Asked Questions

Can I hold both DEFR and UPSD in my portfolio?

DEFR and UPSD have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEFR or UPSD?

UPSD has higher volatility (3.78%) compared to DEFR (1.23%). In terms of maximum drawdown, DEFR dropped -3.90% vs UPSD's -23.85%.

Which ETF is better, DEFR or UPSD?

On 1-year performance, UPSD leads with 18.01% vs 3.91% for DEFR. Both ETFs have the same 0.79% expense ratio. On volatility, DEFR has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFR or UPSD?

Over the 1-year period, UPSD has performed better with a 18.01% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFR or UPSD?

DEFR and UPSD have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, DEFR or UPSD?

UPSD has the higher dividend yield at 0.66%, compared with 0.00% for DEFR.

What is the main difference between DEFR and UPSD?

DEFR is categorized as Intermediate Core-Plus Bond, while UPSD is Actively Managed.

Which has better risk-adjusted returns?

UPSD currently has the higher Sharpe Ratio (1.27 vs 0.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.