GOP vs. BOAT

Last updated Jun 30, 2026

GOP (Unusual Whales Subversive Republican Trading ETF) and BOAT (SonicShares Global Shipping ETF) are both exchange-traded funds - GOP is a Large Cap Blend Equities fund actively managed by Tidal Investments, while BOAT is a Transportation Equities fund tracking the Solactive Global Shipping Index. GOP is actively managed, while BOAT is passively managed. Over the past 3 years, GOP returned 20.59%/yr vs 25.20%/yr for BOAT. At a 0.36 correlation, their price movements are largely independent. GOP charges 0.73%/yr vs 0.69%/yr for BOAT.

Performance

GOP vs. BOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unusual Whales Subversive Republican Trading ETF (GOP) and SonicShares Global Shipping ETF (BOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOP achieves a 19.65% return, which is significantly lower than BOAT's 26.05% return.

GOP

• 1D: -1.80%
• 1M: -0.27%
• YTD: 19.65%
• 6M: 18.65%
• 1Y: 31.34%
• 3Y*: 20.59%
• 5Y*: —
• 10Y*: —

BOAT

• 1D: -0.63%
• 1M: -1.90%
• YTD: 26.05%
• 6M: 25.23%
• 1Y: 44.80%
• 3Y*: 25.20%
• 5Y*: —
• 10Y*: —

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

GOP vs. BOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GOP Unusual Whales Subversive Republican Trading ETF	19.65%	17.12%	14.43%	11.40%
BOAT SonicShares Global Shipping ETF	26.05%	22.77%	5.97%	19.42%

Correlation

The correlation between GOP and BOAT is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Feb 7, 2023	0.36

Return for Risk

GOP vs. BOAT — Risk / Return Rank

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

GOP

GOP Risk / Return Rank: 79
GOP Sharpe Ratio Rank: 75
GOP Sortino Ratio Rank: 73
GOP Omega Ratio Rank: 70
GOP Calmar Ratio Rank: 89
GOP Martin Ratio Rank: 88

BOAT

BOAT Risk / Return Rank: 79
BOAT Sharpe Ratio Rank: 83
BOAT Sortino Ratio Rank: 80
BOAT Omega Ratio Rank: 75
BOAT Calmar Ratio Rank: 83
BOAT Martin Ratio Rank: 73

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.

GOP vs. BOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unusual Whales Subversive Republican Trading ETF (GOP) and SonicShares Global Shipping ETF (BOAT). 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.

	GOP	BOAT	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.27	-0.25
Sortino ratio: Return per unit of downside risk	2.77	3.05	-0.28
Omega ratio: Gain probability vs. loss probability	1.35	1.38	-0.03
Calmar ratio: Return relative to maximum drawdown	4.49	3.88	+0.61
Martin ratio: Return relative to average drawdown	16.13	11.55	+4.58

GOP vs. BOAT - Sharpe Ratio Comparison

The current GOP Sharpe Ratio is 2.03, which is comparable to the BOAT Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of GOP and BOAT, 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

GOP vs. BOAT - Drawdown Comparison

The maximum GOP drawdown since its inception was -15.42%, smaller than the maximum BOAT drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for GOP and BOAT.

Drawdown Indicators

	GOP	BOAT	Difference
Max Drawdown Largest peak-to-trough decline	-15.42%	-33.94%	+18.52%
Max Drawdown (1Y) Largest decline over 1 year	-6.88%	-11.60%	+4.72%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-33.94%	+18.52%
Current Drawdown Current decline from peak	-3.00%	-9.35%	+6.35%
Average Drawdown Average peak-to-trough decline	-2.51%	-9.63%	+7.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	3.89%	-1.98%

Volatility

GOP vs. BOAT - Volatility Comparison

Unusual Whales Subversive Republican Trading ETF (GOP) and SonicShares Global Shipping ETF (BOAT) have volatilities of 6.06% and 5.81%, 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

	GOP	BOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	5.81%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	15.95%	-3.42%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	19.83%	-4.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	25.06%	-10.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.29%	25.06%	-10.77%

GOP vs. BOAT - Expense Ratio Comparison

GOP has a 0.73% expense ratio, which is higher than BOAT's 0.69% expense ratio.

Dividends

GOP vs. BOAT - Dividend Comparison

GOP's dividend yield for the trailing twelve months is around 0.57%, less than BOAT's 7.30% yield.

Position	TTM	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	7.30%	8.08%	13.89%	13.65%	13.57%	1.36%
GOP Unusual Whales Subversive Republican Trading ETF	0.57%	0.69%	0.57%	1.01%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GOP and BOAT in my portfolio?

GOP and BOAT have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOP or BOAT?

GOP has higher volatility (6.06%) compared to BOAT (5.81%). In terms of maximum drawdown, GOP dropped -15.42% vs BOAT's -33.94%.

Which ETF is better, GOP or BOAT?

On 3-year performance, BOAT leads with 25.20% vs 20.59% for GOP. On fees, BOAT is cheaper at 0.69% per year. On volatility, BOAT has been the lower-risk option at 5.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOP or BOAT?

Over the 3-year period, BOAT has performed better with a 25.20% return vs 20.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOP or BOAT?

BOAT is cheaper with a 0.69% expense ratio, compared with 0.73% for GOP.

Which ETF pays a higher dividend yield, GOP or BOAT?

BOAT has the higher dividend yield at 7.30%, compared with 0.57% for GOP.

What is the main difference between GOP and BOAT?

GOP is categorized as Large Cap Blend Equities, while BOAT is Transportation Equities. Their fees differ too: 0.73% for GOP and 0.69% for BOAT.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.27 vs 2.03), 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.