GOP vs. ESN

Last updated Jun 30, 2026

GOP (Unusual Whales Subversive Republican Trading ETF) and ESN (Essential 40 Stock ETF) are both Large Cap Blend Equities funds. GOP is actively managed, while ESN is passively managed. Over the past year, GOP returned 31.34% vs 25.29% for ESN. A 0.73 correlation means they provide meaningful diversification when combined. GOP charges 0.73%/yr vs 0.70%/yr for ESN.

Performance

GOP vs. ESN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unusual Whales Subversive Republican Trading ETF (GOP) and Essential 40 Stock ETF (ESN). 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 higher than ESN's 15.40% return.

GOP

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

ESN

• 1D: 0.63%
• 1M: 0.09%
• YTD: 15.40%
• 6M: 14.70%
• 1Y: 25.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GOP vs. ESN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GOP Unusual Whales Subversive Republican Trading ETF	19.65%	17.12%	-1.91%
ESN Essential 40 Stock ETF	15.40%	16.52%	-3.53%

Correlation

The correlation between GOP and ESN is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 21, 2024	0.73

The correlation between GOP and ESN has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.

Return for Risk

GOP vs. ESN — 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

ESN

ESN Risk / Return Rank: 87
ESN Sharpe Ratio Rank: 90
ESN Sortino Ratio Rank: 90
ESN Omega Ratio Rank: 86
ESN Calmar Ratio Rank: 84
ESN Martin Ratio Rank: 87

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. ESN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unusual Whales Subversive Republican Trading ETF (GOP) and Essential 40 Stock ETF (ESN). 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	ESN	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.56	-0.53
Sortino ratio: Return per unit of downside risk	2.77	3.54	-0.78
Omega ratio: Gain probability vs. loss probability	1.35	1.44	-0.09
Calmar ratio: Return relative to maximum drawdown	4.49	3.96	+0.53
Martin ratio: Return relative to average drawdown	16.13	15.42	+0.72

GOP vs. ESN - Sharpe Ratio Comparison

The current GOP Sharpe Ratio is 2.03, which is comparable to the ESN Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of GOP and ESN, 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. ESN - Drawdown Comparison

The maximum GOP drawdown since its inception was -15.42%, which is greater than ESN's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for GOP and ESN.

Drawdown Indicators

	GOP	ESN	Difference
Max Drawdown Largest peak-to-trough decline	-15.42%	-13.60%	-1.82%
Max Drawdown (1Y) Largest decline over 1 year	-6.88%	-6.42%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	—	—
Current Drawdown Current decline from peak	-3.00%	-0.44%	-2.56%
Average Drawdown Average peak-to-trough decline	-2.51%	-1.86%	-0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.64%	+0.27%

Volatility

GOP vs. ESN - Volatility Comparison

Unusual Whales Subversive Republican Trading ETF (GOP) has a higher volatility of 6.06% compared to Essential 40 Stock ETF (ESN) at 3.28%. This indicates that GOP's price experiences larger fluctuations and is considered to be riskier than ESN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOP	ESN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	3.28%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	7.51%	+5.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	9.95%	+5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	13.24%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.29%	13.24%	+1.05%

GOP vs. ESN - Expense Ratio Comparison

GOP has a 0.73% expense ratio, which is higher than ESN's 0.70% expense ratio.

Dividends

GOP vs. ESN - Dividend Comparison

GOP's dividend yield for the trailing twelve months is around 0.57%, less than ESN's 0.79% yield.

Position	TTM	2025	2024	2023
ESN Essential 40 Stock ETF	0.79%	0.91%	0.76%	0.00%
GOP Unusual Whales Subversive Republican Trading ETF	0.57%	0.69%	0.57%	1.01%

Frequently Asked Questions

Can I hold both GOP and ESN in my portfolio?

GOP and ESN have a correlation of 0.70, 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 ESN?

GOP has higher volatility (6.06%) compared to ESN (3.28%). In terms of maximum drawdown, GOP dropped -15.42% vs ESN's -13.60%.

Which ETF is better, GOP or ESN?

On 1-year performance, GOP leads with 31.34% vs 25.29% for ESN. On fees, ESN is cheaper at 0.70% per year. On volatility, ESN has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOP or ESN?

Over the 1-year period, GOP has performed better with a 31.34% return vs 25.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOP or ESN?

ESN is cheaper with a 0.70% expense ratio, compared with 0.73% for GOP.

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

ESN has the higher dividend yield at 0.79%, compared with 0.57% for GOP.

What is the main difference between GOP and ESN?

They also come from different issuers: Tidal Investments and KKM Financial. Their fees differ too: 0.73% for GOP and 0.70% for ESN.

Which has better risk-adjusted returns?

ESN currently has the higher Sharpe Ratio (2.56 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.