ULTI vs. JELM

Last updated Aug 5, 2026

ULTI (REX IncomeMax Option Strategy ETF) and JELM (Janus Henderson Equity Linked Moderate Income ETF) are both Derivative Income funds. Both are actively managed. Their -0.14 correlation means they have often moved in opposite directions in the past. ULTI charges 1.25%/yr vs 0.59%/yr for JELM.

Performance

ULTI vs. JELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX IncomeMax Option Strategy ETF (ULTI) and Janus Henderson Equity Linked Moderate Income ETF (JELM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ULTI

• 1D: 3.80%
• 1M: -18.69%
• 6M: -23.16%
• YTD: -12.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

JELM

• 1D: 0.20%
• 1M: 1.29%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JELM Janus Henderson Equity Linked Moderate Income ETF	$199.95K	$786.17K	$963.17K
ULTI REX IncomeMax Option Strategy ETF	$651.44K	$766.06K	$1.11M

ULTI vs. JELM - Yearly Performance Comparison

	2026 (YTD)
ULTI REX IncomeMax Option Strategy ETF	-26.29%
JELM Janus Henderson Equity Linked Moderate Income ETF	2.35%

Correlation

The correlation between ULTI and JELM is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 22, 2026	-0.14

Return for Risk

ULTI vs. JELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX IncomeMax Option Strategy ETF (ULTI) and Janus Henderson Equity Linked Moderate Income ETF (JELM). 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.

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

Drawdowns

ULTI vs. JELM - Drawdown Comparison

The maximum ULTI drawdown since its inception was -54.23%, which is greater than JELM's maximum drawdown of -0.69%. Use the drawdown chart below to compare losses from any high point for ULTI and JELM.

Drawdown Indicators

	ULTI	JELM	Difference
Max Drawdown Largest peak-to-trough decline	-54.23%	-0.69%	-53.54%
Current Drawdown Current decline from peak	-46.25%	-0.25%	-46.00%
Average Drawdown Average peak-to-trough decline	-29.84%	-0.21%	-29.63%

Volatility

Volatility by Period

	ULTI	JELM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	61.64%	3.69%	+57.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.64%	3.69%	+57.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.64%	3.69%	+57.95%

ULTI vs. JELM - Expense Ratio Comparison

ULTI has a 1.25% expense ratio, which is higher than JELM's 0.59% expense ratio.

Dividends

ULTI vs. JELM - Dividend Comparison

ULTI's dividend yield for the trailing twelve months is around 94.80%, more than JELM's 1.21% yield.

Position	TTM	2025
JELM Janus Henderson Equity Linked Moderate Income ETF	1.21%	0.00%
ULTI REX IncomeMax Option Strategy ETF	94.80%	14.96%

Frequently Asked Questions

Can I hold both ULTI and JELM in my portfolio?

ULTI and JELM have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ULTI or JELM?

On fees, JELM is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ULTI or JELM?

JELM is cheaper with a 0.59% expense ratio, compared with 1.25% for ULTI.

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

ULTI has the higher dividend yield at 94.80%, compared with 1.21% for JELM.

What is the main difference between ULTI and JELM?

They also come from different issuers: REX Shares and Janus Henderson. Their fees differ too: 1.25% for ULTI and 0.59% for JELM.