ULTI vs. PEPS
ULTI (REX IncomeMax Option Strategy ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. Both are actively managed. A 0.58 correlation means they provide meaningful diversification when combined. ULTI charges 1.25%/yr vs 0.10%/yr for PEPS.
Performance
ULTI vs. PEPS - Performance Comparison
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Returns By Period
In the year-to-date period, ULTI achieves a 43.46% return, which is significantly higher than PEPS's 10.67% return.
ULTI
- 1D
- -3.05%
- 1M
- 12.53%
- YTD
- 43.46%
- 6M
- 22.97%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PEPS
- 1D
- -0.51%
- 1M
- 6.44%
- YTD
- 10.67%
- 6M
- 10.79%
- 1Y
- 31.83%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ULTI vs. PEPS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ULTI REX IncomeMax Option Strategy ETF | 43.46% | -38.31% |
PEPS Parametric Equity Plus ETF | 10.67% | 0.02% |
Correlation
The correlation between ULTI and PEPS is 0.58, 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 | 0.58 |
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Return for Risk
ULTI vs. PEPS — Risk / Return Rank
ULTI
PEPS
ULTI vs. PEPS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for REX IncomeMax Option Strategy ETF (ULTI) and Parametric Equity Plus ETF (PEPS). 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.
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Sharpe Ratios by Period
| ULTI | PEPS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.45 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.31 | 1.05 | -1.36 |
Drawdowns
ULTI vs. PEPS - Drawdown Comparison
The maximum ULTI drawdown since its inception was -41.74%, which is greater than PEPS's maximum drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for ULTI and PEPS.
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Drawdown Indicators
| ULTI | PEPS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.74% | -21.26% | -20.48% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.80% | — |
Current DrawdownCurrent decline from peak | -11.50% | -0.51% | -10.99% |
Average DrawdownAverage peak-to-trough decline | -28.13% | -2.77% | -25.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.09% | — |
Volatility
ULTI vs. PEPS - Volatility Comparison
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Volatility by Period
| ULTI | PEPS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.77% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 9.83% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 62.43% | 13.06% | +49.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.43% | 18.31% | +44.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.43% | 18.31% | +44.12% |
ULTI vs. PEPS - Expense Ratio Comparison
ULTI has a 1.25% expense ratio, which is higher than PEPS's 0.10% expense ratio.
Dividends
ULTI vs. PEPS - Dividend Comparison
ULTI's dividend yield for the trailing twelve months is around 42.53%, more than PEPS's 0.88% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
PEPS Parametric Equity Plus ETF | 0.88% | 1.00% | 0.17% |
ULTI REX IncomeMax Option Strategy ETF | 42.53% | 14.96% | 0.00% |
Frequently Asked Questions
ULTI and PEPS have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PEPS is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PEPS is cheaper with a 0.10% expense ratio, compared with 1.25% for ULTI.
ULTI has the higher dividend yield at 42.53%, compared with 0.88% for PEPS.
They also come from different issuers: REX Shares and Parametric. Their fees differ too: 1.25% for ULTI and 0.10% for PEPS.
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