UPAR vs. CTAP

Last updated Jun 4, 2026

UPAR (UPAR Ultra Risk Parity ETF) and CTAP (Simplify US Equity PLUS Managed Futures Strategy ETF) are both Diversified Portfolio funds. UPAR is passively managed, while CTAP is actively managed. At a 0.23 correlation, their price movements are largely independent. UPAR charges 0.65%/yr vs 0.10%/yr for CTAP.

Performance

UPAR vs. CTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UPAR Ultra Risk Parity ETF (UPAR) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPAR achieves a 9.98% return, which is significantly lower than CTAP's 21.95% return.

UPAR

• 1D: -1.04%
• 1M: 2.58%
• YTD: 9.98%
• 6M: 9.51%
• 1Y: 28.64%
• 3Y*: 10.72%
• 5Y*: —
• 10Y*: —

CTAP

• 1D: -0.32%
• 1M: -3.24%
• YTD: 21.95%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPAR vs. CTAP - Yearly Performance Comparison

	2026 (YTD)	2025
UPAR UPAR Ultra Risk Parity ETF	9.98%	0.87%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	21.95%	2.44%

Correlation

The correlation between UPAR and CTAP is 0.23, 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 Dec 10, 2025	0.23

UPAR vs. CTAP - Sectors Allocation Comparison

Sectors	UPAR	CTAP
Technology	18.3%	-
Energy	17.8%	-
Basic Materials	16.7%	-
Industrials	12.7%	-
Financial Services	10.8%	49.3%
Consumer Cyclical	6.3%	-
Communication Services	5.2%	-
Healthcare	5.0%	-
Consumer Defensive	3.5%	-
Utilities	2.2%	-
Real Estate	1.4%	-

Return for Risk

UPAR vs. CTAP — Risk / Return Rank

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

UPAR

UPAR Risk / Return Rank: 57
UPAR Sharpe Ratio Rank: 62
UPAR Sortino Ratio Rank: 58
UPAR Omega Ratio Rank: 60
UPAR Calmar Ratio Rank: 52
UPAR Martin Ratio Rank: 51

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.

UPAR vs. CTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UPAR Ultra Risk Parity ETF (UPAR) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). 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.

	UPAR	CTAP	Difference
Sharpe ratio: Return per unit of total volatility	2.12	—	—
Sortino ratio: Return per unit of downside risk	2.80	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	2.58	—	—
Martin ratio: Return relative to average drawdown	8.53	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UPAR	CTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	2.50	-2.52

Drawdowns

UPAR vs. CTAP - Drawdown Comparison

The maximum UPAR drawdown since its inception was -39.00%, which is greater than CTAP's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for UPAR and CTAP.

Drawdown Indicators

	UPAR	CTAP	Difference
Max Drawdown Largest peak-to-trough decline	-39.00%	-9.02%	-29.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	—	—
Current Drawdown Current decline from peak	-3.99%	-4.47%	+0.48%
Average Drawdown Average peak-to-trough decline	-21.80%	-2.18%	-19.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	—	—

Volatility

Volatility by Period

	UPAR	CTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.60%	23.94%	-10.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	23.94%	-5.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	23.94%	-5.90%

UPAR vs. CTAP - Expense Ratio Comparison

UPAR has a 0.65% expense ratio, which is higher than CTAP's 0.10% expense ratio.

Dividends

UPAR vs. CTAP - Dividend Comparison

UPAR's dividend yield for the trailing twelve months is around 2.63%, more than CTAP's 0.65% yield.

Position	TTM	2025	2024	2023	2022
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.65%	0.00%	0.00%	0.00%	0.00%
UPAR UPAR Ultra Risk Parity ETF	2.63%	3.28%	3.32%	3.04%	4.73%

Frequently Asked Questions

Can I hold both UPAR and CTAP in my portfolio?

UPAR and CTAP have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UPAR or CTAP?

On fees, CTAP is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UPAR or CTAP?

CTAP is cheaper with a 0.10% expense ratio, compared with 0.65% for UPAR.

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

UPAR has the higher dividend yield at 2.63%, compared with 0.65% for CTAP.

What is the main difference between UPAR and CTAP?

They also come from different issuers: RPAR and Simplify. Their fees differ too: 0.65% for UPAR and 0.10% for CTAP.