ULTI vs. KHPI

Last updated Jun 21, 2026

ULTI (REX IncomeMax Option Strategy ETF) and KHPI (Kensington Hedged Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.49 correlation, their price movements are largely independent. ULTI charges 1.25%/yr vs 0.96%/yr for KHPI.

Performance

ULTI vs. KHPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX IncomeMax Option Strategy ETF (ULTI) and Kensington Hedged Premium Income ETF (KHPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULTI achieves a 28.16% return, which is significantly higher than KHPI's 5.45% return.

ULTI

• 1D: 1.55%
• 1M: -5.70%
• YTD: 28.16%
• 6M: 16.34%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KHPI

• 1D: 0.52%
• 1M: 1.14%
• YTD: 5.45%
• 6M: 5.55%
• 1Y: 14.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULTI vs. KHPI - Yearly Performance Comparison

	2026 (YTD)	2025
ULTI REX IncomeMax Option Strategy ETF	28.16%	-38.67%
KHPI Kensington Hedged Premium Income ETF	5.45%	0.21%

Correlation

The correlation between ULTI and KHPI is 0.49, 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 Oct 31, 2025	0.49

Return for Risk

ULTI vs. KHPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ULTI

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

KHPI

KHPI Risk / Return Rank: 58
KHPI Sharpe Ratio Rank: 61
KHPI Sortino Ratio Rank: 62
KHPI Omega Ratio Rank: 62
KHPI Calmar Ratio Rank: 47
KHPI Martin Ratio Rank: 60

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.

ULTI vs. KHPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX IncomeMax Option Strategy ETF (ULTI) and Kensington Hedged Premium Income ETF (KHPI). 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.

	ULTI	KHPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.93	—
Sortino ratio: Return per unit of downside risk	—	2.75	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	2.24	—
Martin ratio: Return relative to average drawdown	—	10.30	—

Drawdowns

ULTI vs. KHPI - Drawdown Comparison

The maximum ULTI drawdown since its inception was -42.09%, which is greater than KHPI's maximum drawdown of -10.58%. Use the drawdown chart below to compare losses from any high point for ULTI and KHPI.

Drawdown Indicators

	ULTI	KHPI	Difference
Max Drawdown Largest peak-to-trough decline	-42.09%	-10.58%	-31.51%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.55%	—
Current Drawdown Current decline from peak	-21.41%	-0.50%	-20.91%
Average Drawdown Average peak-to-trough decline	-27.84%	-1.23%	-26.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.42%	—

Volatility

Volatility by Period

	ULTI	KHPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.80%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.89%	—
Volatility (1Y) Calculated over the trailing 1-year period	62.30%	7.57%	+54.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.30%	9.67%	+52.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.30%	9.67%	+52.63%

ULTI vs. KHPI - Expense Ratio Comparison

ULTI has a 1.25% expense ratio, which is higher than KHPI's 0.96% expense ratio.

Dividends

ULTI vs. KHPI - Dividend Comparison

ULTI's dividend yield for the trailing twelve months is around 53.93%, more than KHPI's 8.86% yield.

Position	TTM	2025	2024
KHPI Kensington Hedged Premium Income ETF	8.86%	8.90%	3.01%
ULTI REX IncomeMax Option Strategy ETF	53.93%	14.96%	0.00%

Frequently Asked Questions

Can I hold both ULTI and KHPI in my portfolio?

ULTI and KHPI have a correlation of 0.49, 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 KHPI?

On fees, KHPI is cheaper at 0.96% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ULTI or KHPI?

KHPI is cheaper with a 0.96% expense ratio, compared with 1.25% for ULTI.

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

ULTI has the higher dividend yield at 53.93%, compared with 8.86% for KHPI.

What is the main difference between ULTI and KHPI?

They also come from different issuers: REX Shares and Kensington Asset Management. Their fees differ too: 1.25% for ULTI and 0.96% for KHPI.