PAYH vs. ULTI

Last updated Jun 5, 2026

PAYH (TrueShares S&P Autocallable High Income ETF) and ULTI (REX IncomeMax Option Strategy ETF) are both Derivative Income funds. Both are actively managed. At a 0.25 correlation, their price movements are largely independent. PAYH charges 0.74%/yr vs 1.25%/yr for ULTI.

Performance

PAYH vs. ULTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares S&P Autocallable High Income ETF (PAYH) and REX IncomeMax Option Strategy ETF (ULTI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAYH achieves a 8.63% return, which is significantly lower than ULTI's 43.51% return.

PAYH

• 1D: -0.66%
• 1M: 0.43%
• YTD: 8.63%
• 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)

PAYH vs. ULTI - Yearly Performance Comparison

	2026 (YTD)	2025
PAYH TrueShares S&P Autocallable High Income ETF	8.63%	-0.58%
ULTI REX IncomeMax Option Strategy ETF	43.51%	-2.12%

Correlation

The correlation between PAYH and ULTI is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 31, 2025	0.25

Return for Risk

PAYH vs. ULTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares S&P Autocallable High Income ETF (PAYH) 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

	PAYH	ULTI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	-0.30	+1.15

Drawdowns

PAYH vs. ULTI - Drawdown Comparison

The maximum PAYH drawdown since its inception was -16.33%, smaller than the maximum ULTI drawdown of -41.74%. Use the drawdown chart below to compare losses from any high point for PAYH and ULTI.

Drawdown Indicators

	PAYH	ULTI	Difference
Max Drawdown Largest peak-to-trough decline	-16.33%	-41.74%	+25.41%
Current Drawdown Current decline from peak	-1.04%	-11.47%	+10.43%
Average Drawdown Average peak-to-trough decline	-2.76%	-28.02%	+25.26%

Volatility

Volatility by Period

	PAYH	ULTI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	23.64%	62.21%	-38.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.64%	62.21%	-38.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.64%	62.21%	-38.57%

PAYH vs. ULTI - Expense Ratio Comparison

PAYH has a 0.74% expense ratio, which is lower than ULTI's 1.25% expense ratio.

Dividends

PAYH vs. ULTI - Dividend Comparison

PAYH's dividend yield for the trailing twelve months is around 6.46%, less than ULTI's 44.50% yield.

Position	TTM	2025
PAYH TrueShares S&P Autocallable High Income ETF	6.46%	0.00%
ULTI REX IncomeMax Option Strategy ETF	44.50%	14.96%

Frequently Asked Questions

Can I hold both PAYH and ULTI in my portfolio?

PAYH and ULTI have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAYH or ULTI?

On fees, PAYH is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAYH or ULTI?

PAYH is cheaper with a 0.74% expense ratio, compared with 1.25% for ULTI.

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

ULTI has the higher dividend yield at 44.50%, compared with 6.46% for PAYH.

What is the main difference between PAYH and ULTI?

They also come from different issuers: TrueShares and REX Shares. Their fees differ too: 0.74% for PAYH and 1.25% for ULTI.