DUBS vs. UPSD

Last updated Jul 14, 2026

DUBS (Aptus Large Cap Enhanced Yield ETF) and UPSD (Aptus Large Cap Upside ETF) are both exchange-traded funds - DUBS is a Derivative Income fund actively managed by Aptus, while UPSD is a Actively Managed fund actively managed by Aptus. Both are actively managed. Over the past year, DUBS returned 25.42% vs 17.98% for UPSD. Their correlation of 0.90 suggests significant overlap in exposure. DUBS charges 0.39%/yr vs 0.79%/yr for UPSD.

Performance

DUBS vs. UPSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus Large Cap Enhanced Yield ETF (DUBS) 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, DUBS achieves a 12.09% return, which is significantly higher than UPSD's 8.40% return.

DUBS

• 1D: -0.78%
• 1M: 1.64%
• 6M: 10.34%
• YTD: 12.09%
• 1Y: 25.42%
• 3Y*: 20.18%
• 5Y*: —
• 10Y*: —

UPSD

• 1D: -0.15%
• 1M: 3.67%
• 6M: 5.99%
• YTD: 8.40%
• 1Y: 17.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DUBS vs. UPSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DUBS Aptus Large Cap Enhanced Yield ETF	12.09%	19.28%	-0.52%
UPSD Aptus Large Cap Upside ETF	8.40%	12.83%	-4.67%

Correlation

The correlation between DUBS and UPSD is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	0.90

The correlation between DUBS and UPSD has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

DUBS vs. UPSD — Risk / Return Rank

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

DUBS

DUBS Risk / Return Rank: 76
DUBS Sharpe Ratio Rank: 75
DUBS Sortino Ratio Rank: 71
DUBS Omega Ratio Rank: 75
DUBS Calmar Ratio Rank: 75
DUBS Martin Ratio Rank: 85

UPSD

UPSD Risk / Return Rank: 42
UPSD Sharpe Ratio Rank: 45
UPSD Sortino Ratio Rank: 42
UPSD Omega Ratio Rank: 43
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.

DUBS vs. UPSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Large Cap Enhanced Yield ETF (DUBS) 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.

	DUBS	UPSD	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.26	+0.63
Sortino ratio: Return per unit of downside risk	2.56	1.74	+0.81
Omega ratio: Gain probability vs. loss probability	1.35	1.23	+0.12
Calmar ratio: Return relative to maximum drawdown	3.08	1.52	+1.56
Martin ratio: Return relative to average drawdown	13.50	5.94	+7.56

DUBS vs. UPSD - Sharpe Ratio Comparison

The current DUBS Sharpe Ratio is 1.89, which is higher than the UPSD Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of DUBS 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

DUBS vs. UPSD - Drawdown Comparison

The maximum DUBS drawdown since its inception was -18.48%, smaller than the maximum UPSD drawdown of -23.85%. Use the drawdown chart below to compare losses from any high point for DUBS and UPSD.

Drawdown Indicators

	DUBS	UPSD	Difference
Max Drawdown Largest peak-to-trough decline	-18.48%	-23.85%	+5.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-11.91%	+3.62%
Max Drawdown (3Y) Largest decline over 3 years	-18.48%	—	—
Current Drawdown Current decline from peak	-0.99%	-0.15%	-0.84%
Average Drawdown Average peak-to-trough decline	-1.95%	-3.79%	+1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	3.03%	-1.14%

Volatility

DUBS vs. UPSD - Volatility Comparison

Aptus Large Cap Enhanced Yield ETF (DUBS) and Aptus Large Cap Upside ETF (UPSD) have volatilities of 4.22% and 4.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUBS	UPSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	4.11%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	10.75%	11.04%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	13.54%	14.31%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.65%	20.79%	-6.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.65%	20.79%	-6.14%

DUBS vs. UPSD - Expense Ratio Comparison

DUBS has a 0.39% expense ratio, which is lower than UPSD's 0.79% expense ratio.

Dividends

DUBS vs. UPSD - Dividend Comparison

DUBS's dividend yield for the trailing twelve months is around 2.00%, more than UPSD's 0.66% yield.

Position	TTM	2025	2024	2023
DUBS Aptus Large Cap Enhanced Yield ETF	2.00%	2.06%	2.52%	1.14%
UPSD Aptus Large Cap Upside ETF	0.66%	0.67%	0.06%	0.00%

Frequently Asked Questions

Can I hold both DUBS and UPSD in my portfolio?

DUBS and UPSD have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUBS or UPSD?

DUBS has higher volatility (4.22%) compared to UPSD (4.11%). In terms of maximum drawdown, DUBS dropped -18.48% vs UPSD's -23.85%.

Which ETF is better, DUBS or UPSD?

On 1-year performance, DUBS leads with 25.42% vs 17.98% for UPSD. On fees, DUBS is cheaper at 0.39% per year. On volatility, UPSD has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUBS or UPSD?

Over the 1-year period, DUBS has performed better with a 25.42% return vs 17.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUBS or UPSD?

DUBS is cheaper with a 0.39% expense ratio, compared with 0.79% for UPSD.

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

DUBS has the higher dividend yield at 2.00%, compared with 0.66% for UPSD.

What is the main difference between DUBS and UPSD?

DUBS is categorized as Derivative Income, while UPSD is Actively Managed. Their fees differ too: 0.39% for DUBS and 0.79% for UPSD.

Which has better risk-adjusted returns?

DUBS currently has the higher Sharpe Ratio (1.89 vs 1.26), 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.