PAYR vs. ULTI

Last updated Jun 4, 2026

PAYR (Federated Hermes Enhanced Income ETF) and ULTI (REX IncomeMax Option Strategy ETF) are both Derivative Income funds. Both are actively managed. At a 0.08 correlation, their price movements are largely independent. PAYR charges 0.40%/yr vs 1.25%/yr for ULTI.

Performance

PAYR vs. ULTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Enhanced Income ETF (PAYR) 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, PAYR achieves a 7.22% return, which is significantly lower than ULTI's 43.46% return.

PAYR

• 1D: -0.02%
• 1M: -0.97%
• YTD: 7.22%
• 6M: 7.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULTI

• 1D: -3.05%
• 1M: 12.53%
• YTD: 43.46%
• 6M: 22.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAYR vs. ULTI - Yearly Performance Comparison

	2026 (YTD)	2025
PAYR Federated Hermes Enhanced Income ETF	7.22%	4.32%
ULTI REX IncomeMax Option Strategy ETF	43.46%	-38.31%

Correlation

The correlation between PAYR and ULTI is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 3, 2025	0.08

Return for Risk

PAYR vs. ULTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Enhanced Income ETF (PAYR) 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

	PAYR	ULTI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.84	-0.31	+2.15

Drawdowns

PAYR vs. ULTI - Drawdown Comparison

The maximum PAYR drawdown since its inception was -5.24%, smaller than the maximum ULTI drawdown of -41.74%. Use the drawdown chart below to compare losses from any high point for PAYR and ULTI.

Drawdown Indicators

	PAYR	ULTI	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-41.74%	+36.50%
Current Drawdown Current decline from peak	-4.76%	-11.50%	+6.74%
Average Drawdown Average peak-to-trough decline	-1.59%	-28.13%	+26.54%

Volatility

Volatility by Period

	PAYR	ULTI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	62.43%	-52.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.73%	62.43%	-52.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.73%	62.43%	-52.70%

PAYR vs. ULTI - Expense Ratio Comparison

PAYR has a 0.40% expense ratio, which is lower than ULTI's 1.25% expense ratio.

Dividends

PAYR vs. ULTI - Dividend Comparison

PAYR's dividend yield for the trailing twelve months is around 5.47%, less than ULTI's 42.53% yield.

Position	TTM	2025
PAYR Federated Hermes Enhanced Income ETF	5.47%	1.99%
ULTI REX IncomeMax Option Strategy ETF	42.53%	14.96%

Frequently Asked Questions

Can I hold both PAYR and ULTI in my portfolio?

PAYR and ULTI have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAYR or ULTI?

On fees, PAYR is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAYR or ULTI?

PAYR is cheaper with a 0.40% expense ratio, compared with 1.25% for ULTI.

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

ULTI has the higher dividend yield at 42.53%, compared with 5.47% for PAYR.

What is the main difference between PAYR and ULTI?

They also come from different issuers: Federated Hermes and REX Shares. Their fees differ too: 0.40% for PAYR and 1.25% for ULTI.