UPAR vs. BOAT

Last updated Aug 2, 2026

UPAR (UPAR Ultra Risk Parity ETF) and BOAT (SonicShares Global Shipping ETF) are both exchange-traded funds - UPAR is a Diversified Portfolio fund tracking the NONE, while BOAT is a Industrials Equities fund tracking the Solactive Global Shipping Index. Both are passively managed. Over the past 3 years, UPAR returned 8.22%/yr vs 27.06%/yr for BOAT. Their 0.32 correlation means their historical movements had little consistent relationship. UPAR charges 0.65%/yr vs 0.69%/yr for BOAT.

Performance

UPAR vs. BOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UPAR Ultra Risk Parity ETF (UPAR) and SonicShares Global Shipping ETF (BOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPAR achieves a 3.37% return, which is significantly lower than BOAT's 44.78% return.

UPAR

• 1D: -0.88%
• 1M: -2.83%
• 6M: -2.26%
• YTD: 3.37%
• 1Y: 15.74%
• 3Y*: 8.22%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.97%

BOAT

• 1D: -0.74%
• 1M: 13.24%
• 6M: 27.61%
• YTD: 44.78%
• 1Y: 59.34%
• 3Y*: 27.06%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.82%

*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)
BOAT SonicShares Global Shipping ETF	$1.27M	$891.42K	$991.19K
UPAR UPAR Ultra Risk Parity ETF	$78.06K	$57.40K	$209.69K

UPAR vs. BOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UPAR UPAR Ultra Risk Parity ETF	3.37%	23.87%	-2.26%	5.73%	-30.99%
BOAT SonicShares Global Shipping ETF	44.78%	22.77%	5.97%	24.53%	3.53%

Correlation

The correlation between UPAR and BOAT is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (All Time) Calculated using the full available price history since Jan 4, 2022	0.32

The correlation between UPAR and BOAT shifts across timeframes, from 0.29 (3 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UPAR vs. BOAT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPAR

UPAR Risk / Return Rank: 42
UPAR Sharpe Ratio Rank: 46
UPAR Sortino Ratio Rank: 42
UPAR Omega Ratio Rank: 45
UPAR Calmar Ratio Rank: 42
UPAR Martin Ratio Rank: 36

BOAT

BOAT Risk / Return Rank: 93
BOAT Sharpe Ratio Rank: 96
BOAT Sortino Ratio Rank: 94
BOAT Omega Ratio Rank: 92
BOAT Calmar Ratio Rank: 95
BOAT Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UPAR vs. BOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UPAR Ultra Risk Parity ETF (UPAR) and SonicShares Global Shipping ETF (BOAT). 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.

	UPAR	BOAT	Difference
Sharpe ratio: Return per unit of total volatility	1.14	2.85	-1.71
Sortino ratio: Return per unit of downside risk	1.57	3.70	-2.13
Omega ratio: Gain probability vs. loss probability	1.21	1.46	-0.25
Calmar ratio: Return relative to maximum drawdown	1.46	5.08	-3.61
Martin ratio: Return relative to average drawdown	3.61	14.33	-10.73

UPAR vs. BOAT - Sharpe Ratio Comparison

The current UPAR Sharpe Ratio is 1.14, which is lower than the BOAT Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of UPAR and BOAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UPAR vs. BOAT - Drawdown Comparison

The maximum UPAR drawdown since its inception was -39.54%, which is greater than BOAT's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for UPAR and BOAT.

Drawdown Indicators

	UPAR	BOAT	Difference
Max Drawdown Largest peak-to-trough decline	-39.54%	-33.94%	-5.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-11.60%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	-33.94%	+17.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.94%	—
Current Drawdown Current decline from peak	-9.76%	-0.74%	-9.02%
Average Drawdown Average peak-to-trough decline	-21.91%	-9.51%	-12.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	4.10%	+0.41%

Volatility

UPAR vs. BOAT - Volatility Comparison

The current volatility for UPAR Ultra Risk Parity ETF (UPAR) is 3.57%, while SonicShares Global Shipping ETF (BOAT) has a volatility of 7.09%. This indicates that UPAR experiences smaller price fluctuations and is considered to be less risky than BOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPAR	BOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	7.09%	-3.52%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	16.87%	-4.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	20.73%	-6.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	25.07%	-7.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.97%	25.07%	-7.10%

UPAR vs. BOAT - Expense Ratio Comparison

UPAR has a 0.65% expense ratio, which is lower than BOAT's 0.69% expense ratio.

Dividends

UPAR vs. BOAT - Dividend Comparison

UPAR's dividend yield for the trailing twelve months is around 3.41%, less than BOAT's 6.35% yield.

Position	TTM	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	6.35%	8.08%	13.89%	13.65%	13.57%	1.36%
UPAR UPAR Ultra Risk Parity ETF	3.41%	3.28%	3.32%	3.04%	4.73%	0.00%

Frequently Asked Questions

Can I hold both UPAR and BOAT in my portfolio?

UPAR and BOAT have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPAR or BOAT?

BOAT has higher volatility (7.09%) compared to UPAR (3.57%). In terms of maximum drawdown, UPAR dropped -39.54% vs BOAT's -33.94%.

Which ETF is better, UPAR or BOAT?

On 3-year performance, BOAT leads with 27.06% vs 8.22% for UPAR. On fees, UPAR is cheaper at 0.65% per year. On volatility, UPAR has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPAR or BOAT?

Over the 3-year period, BOAT has performed better with a 27.06% return vs 8.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPAR or BOAT?

UPAR is cheaper with a 0.65% expense ratio, compared with 0.69% for BOAT.

Which ETF pays a higher dividend yield, UPAR or BOAT?

BOAT has the higher dividend yield at 6.35%, compared with 3.41% for UPAR.

What is the main difference between UPAR and BOAT?

UPAR is categorized as Diversified Portfolio, while BOAT is Industrials Equities. UPAR tracks NONE, while BOAT tracks Solactive Global Shipping Index. Their fees differ too: 0.65% for UPAR and 0.69% for BOAT.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.85 vs 1.14), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.