UPAR vs. JPO

Last updated Aug 2, 2026

UPAR (UPAR Ultra Risk Parity ETF) and JPO (YieldMax JPM Option Income Strategy ETF) are both exchange-traded funds - UPAR is a Diversified Portfolio fund tracking the NONE, while JPO is a Options Trading fund actively managed by Tidal. UPAR is passively managed, while JPO is actively managed. Over the past year, UPAR returned 15.74% vs 19.08% for JPO. Their 0.26 correlation means their historical movements had little consistent relationship. UPAR charges 0.65%/yr vs 1.19%/yr for JPO.

Performance

UPAR vs. JPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UPAR Ultra Risk Parity ETF (UPAR) and YieldMax JPM Option Income Strategy ETF (JPO). 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 JPO's 8.98% 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%

JPO

• 1D: 0.34%
• 1M: 5.47%
• 6M: 14.60%
• YTD: 8.98%
• 1Y: 19.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.53%

*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)
JPO YieldMax JPM Option Income Strategy ETF	$418.56K	$404.33K	$336.84K
UPAR UPAR Ultra Risk Parity ETF	$78.06K	$57.40K	$209.69K

UPAR vs. JPO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UPAR UPAR Ultra Risk Parity ETF	3.37%	23.87%	-2.26%	6.60%
JPO YieldMax JPM Option Income Strategy ETF	8.98%	22.26%	13.97%	4.90%

Correlation

The correlation between UPAR and JPO is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (All Time) Calculated using the full available price history since Sep 12, 2023	0.26

Return for Risk

UPAR vs. JPO — 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

JPO

JPO Risk / Return Rank: 34
JPO Sharpe Ratio Rank: 35
JPO Sortino Ratio Rank: 33
JPO Omega Ratio Rank: 33
JPO Calmar Ratio Rank: 35
JPO Martin Ratio Rank: 32

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. JPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UPAR Ultra Risk Parity ETF (UPAR) and YieldMax JPM Option Income Strategy ETF (JPO). 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	JPO	Difference
Sharpe ratio: Return per unit of total volatility	1.14	0.89	+0.25
Sortino ratio: Return per unit of downside risk	1.57	1.25	+0.32
Omega ratio: Gain probability vs. loss probability	1.21	1.16	+0.05
Calmar ratio: Return relative to maximum drawdown	1.46	1.21	+0.26
Martin ratio: Return relative to average drawdown	3.61	3.00	+0.61

UPAR vs. JPO - Sharpe Ratio Comparison

The current UPAR Sharpe Ratio is 1.14, which is comparable to the JPO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of UPAR and JPO, 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. JPO - Drawdown Comparison

The maximum UPAR drawdown since its inception was -39.54%, which is greater than JPO's maximum drawdown of -24.80%. Use the drawdown chart below to compare losses from any high point for UPAR and JPO.

Drawdown Indicators

	UPAR	JPO	Difference
Max Drawdown Largest peak-to-trough decline	-39.54%	-24.80%	-14.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-14.24%	+3.11%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	—	—
Current Drawdown Current decline from peak	-9.76%	-1.04%	-8.72%
Average Drawdown Average peak-to-trough decline	-21.91%	-4.42%	-17.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	5.72%	-1.21%

Volatility

UPAR vs. JPO - Volatility Comparison

The current volatility for UPAR Ultra Risk Parity ETF (UPAR) is 3.57%, while YieldMax JPM Option Income Strategy ETF (JPO) has a volatility of 5.21%. This indicates that UPAR experiences smaller price fluctuations and is considered to be less risky than JPO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPAR	JPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	5.21%	-1.64%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	14.08%	-1.78%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	19.41%	-5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	19.06%	-1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.97%	19.06%	-1.09%

UPAR vs. JPO - Expense Ratio Comparison

UPAR has a 0.65% expense ratio, which is lower than JPO's 1.19% expense ratio.

Dividends

UPAR vs. JPO - Dividend Comparison

UPAR's dividend yield for the trailing twelve months is around 3.41%, less than JPO's 31.81% yield.

Position	TTM	2025	2024	2023	2022
JPO YieldMax JPM Option Income Strategy ETF	31.81%	34.13%	25.15%	4.84%	0.00%
UPAR UPAR Ultra Risk Parity ETF	3.41%	3.28%	3.32%	3.04%	4.73%

Frequently Asked Questions

Can I hold both UPAR and JPO in my portfolio?

UPAR and JPO have a correlation of 0.30, 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 JPO?

JPO has higher volatility (5.21%) compared to UPAR (3.57%). In terms of maximum drawdown, UPAR dropped -39.54% vs JPO's -24.80%.

Which ETF is better, UPAR or JPO?

On 1-year performance, JPO leads with 19.08% vs 15.74% 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 JPO?

Over the 1-year period, JPO has performed better with a 19.08% return vs 15.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPAR or JPO?

UPAR is cheaper with a 0.65% expense ratio, compared with 1.19% for JPO.

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

JPO has the higher dividend yield at 31.81%, compared with 3.41% for UPAR.

What is the main difference between UPAR and JPO?

UPAR is categorized as Diversified Portfolio, while JPO is Options Trading. Their fees differ too: 0.65% for UPAR and 1.19% for JPO.

Which has better risk-adjusted returns?

UPAR currently has the higher Sharpe Ratio (1.14 vs 0.89), 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.