MSTK vs. ULTI

Last updated Jun 4, 2026

MSTK (Tuttle Capital MSTR 0DTE Covered Call ETF) and ULTI (REX IncomeMax Option Strategy ETF) are both Derivative Income funds. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. MSTK charges 0.99%/yr vs 1.25%/yr for ULTI.

Performance

MSTK vs. ULTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tuttle Capital MSTR 0DTE Covered Call ETF (MSTK) and REX IncomeMax Option Strategy ETF (ULTI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MSTK

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULTI

• 1D: 0.03%
• 1M: 13.95%
• YTD: 43.51%
• 6M: 18.45%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTK vs. ULTI - Yearly Performance Comparison

	2026 (YTD)	2025
MSTK Tuttle Capital MSTR 0DTE Covered Call ETF	-20.94%	-44.97%
ULTI REX IncomeMax Option Strategy ETF	43.51%	-38.31%

Correlation

The correlation between MSTK and ULTI is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 3, 2025	0.51

Return for Risk

MSTK vs. ULTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tuttle Capital MSTR 0DTE Covered Call ETF (MSTK) and REX IncomeMax Option Strategy ETF (ULTI). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MSTK	ULTI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.30	—

Drawdowns

Drawdown Indicators

	MSTK	ULTI	Difference
Max Drawdown Largest peak-to-trough decline	—	-41.74%	—
Current Drawdown Current decline from peak	—	-11.47%	—
Average Drawdown Average peak-to-trough decline	—	-28.02%	—

Volatility

Volatility by Period

	MSTK	ULTI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	—	62.21%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	62.21%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	62.21%	—

MSTK vs. ULTI - Expense Ratio Comparison

MSTK has a 0.99% expense ratio, which is lower than ULTI's 1.25% expense ratio.

Dividends

MSTK vs. ULTI - Dividend Comparison

MSTK's dividend yield for the trailing twelve months is around 49.03%, more than ULTI's 44.50% yield.

Position	TTM	2025
MSTK Tuttle Capital MSTR 0DTE Covered Call ETF	49.03%	26.75%
ULTI REX IncomeMax Option Strategy ETF	44.50%	14.96%

Frequently Asked Questions

Can I hold both MSTK and ULTI in my portfolio?

MSTK and ULTI have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSTK or ULTI?

On fees, MSTK is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSTK or ULTI?

MSTK is cheaper with a 0.99% expense ratio, compared with 1.25% for ULTI.

Which ETF pays a higher dividend yield, MSTK or ULTI?

MSTK has the higher dividend yield at 49.03%, compared with 44.50% for ULTI.

What is the main difference between MSTK and ULTI?

They also come from different issuers: Tuttle Capital Management and REX Shares. Their fees differ too: 0.99% for MSTK and 1.25% for ULTI.