UPAR vs. WEEL

Last updated Aug 2, 2026

UPAR (UPAR Ultra Risk Parity ETF) and WEEL (Peerless Option Income Wheel ETF) are both exchange-traded funds - UPAR is a Diversified Portfolio fund tracking the NONE, while WEEL is a Derivative Income fund actively managed by Tidal. UPAR is passively managed, while WEEL is actively managed. Over the past year, UPAR returned 15.74% vs 16.25% for WEEL. Their 0.54 correlation means they have sometimes moved together and sometimes differently. UPAR charges 0.65%/yr vs 0.99%/yr for WEEL.

Performance

UPAR vs. WEEL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UPAR Ultra Risk Parity ETF (UPAR) and Peerless Option Income Wheel ETF (WEEL). 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 WEEL's 6.19% 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%

WEEL

• 1D: -0.20%
• 1M: 1.29%
• 6M: 5.52%
• YTD: 6.19%
• 1Y: 16.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.19%

*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)
UPAR UPAR Ultra Risk Parity ETF	$78.06K	$57.40K	$209.69K
WEEL Peerless Option Income Wheel ETF	$406.88K	$319.91K	$357.06K

UPAR vs. WEEL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UPAR UPAR Ultra Risk Parity ETF	3.37%	23.87%	-5.03%
WEEL Peerless Option Income Wheel ETF	6.19%	17.73%	3.10%

Correlation

The correlation between UPAR and WEEL is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (All Time) Calculated using the full available price history since May 16, 2024	0.54

The correlation between UPAR and WEEL has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.

Return for Risk

UPAR vs. WEEL — 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

WEEL

WEEL Risk / Return Rank: 84
WEEL Sharpe Ratio Rank: 78
WEEL Sortino Ratio Rank: 83
WEEL Omega Ratio Rank: 82
WEEL Calmar Ratio Rank: 86
WEEL Martin Ratio Rank: 91

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. WEEL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UPAR Ultra Risk Parity ETF (UPAR) and Peerless Option Income Wheel ETF (WEEL). 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	WEEL	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.78	-0.64
Sortino ratio: Return per unit of downside risk	1.57	2.74	-1.16
Omega ratio: Gain probability vs. loss probability	1.21	1.35	-0.14
Calmar ratio: Return relative to maximum drawdown	1.46	3.32	-1.86
Martin ratio: Return relative to average drawdown	3.61	15.04	-11.43

UPAR vs. WEEL - Sharpe Ratio Comparison

The current UPAR Sharpe Ratio is 1.14, which is lower than the WEEL Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of UPAR and WEEL, 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. WEEL - Drawdown Comparison

The maximum UPAR drawdown since its inception was -39.54%, which is greater than WEEL's maximum drawdown of -17.45%. Use the drawdown chart below to compare losses from any high point for UPAR and WEEL.

Drawdown Indicators

	UPAR	WEEL	Difference
Max Drawdown Largest peak-to-trough decline	-39.54%	-17.45%	-22.09%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-4.60%	-6.53%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	—	—
Current Drawdown Current decline from peak	-9.76%	-0.40%	-9.36%
Average Drawdown Average peak-to-trough decline	-21.91%	-1.41%	-20.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	1.02%	+3.49%

Volatility

UPAR vs. WEEL - Volatility Comparison

UPAR Ultra Risk Parity ETF (UPAR) has a higher volatility of 3.57% compared to Peerless Option Income Wheel ETF (WEEL) at 2.91%. This indicates that UPAR's price experiences larger fluctuations and is considered to be riskier than WEEL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPAR	WEEL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	2.91%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	6.93%	+5.37%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	8.59%	+5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	12.65%	+5.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.97%	12.65%	+5.32%

UPAR vs. WEEL - Expense Ratio Comparison

UPAR has a 0.65% expense ratio, which is lower than WEEL's 0.99% expense ratio.

Dividends

UPAR vs. WEEL - Dividend Comparison

UPAR's dividend yield for the trailing twelve months is around 3.41%, less than WEEL's 12.72% yield.

Position	TTM	2025	2024	2023	2022
UPAR UPAR Ultra Risk Parity ETF	3.41%	3.28%	3.32%	3.04%	4.73%
WEEL Peerless Option Income Wheel ETF	12.72%	12.72%	6.88%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPAR and WEEL in my portfolio?

UPAR and WEEL have a correlation of 0.60, 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 WEEL?

UPAR has higher volatility (3.57%) compared to WEEL (2.91%). In terms of maximum drawdown, UPAR dropped -39.54% vs WEEL's -17.45%.

Which ETF is better, UPAR or WEEL?

On 1-year performance, WEEL leads with 16.25% vs 15.74% for UPAR. On fees, UPAR is cheaper at 0.65% per year. On volatility, WEEL has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPAR or WEEL?

Over the 1-year period, WEEL has performed better with a 16.25% 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 WEEL?

UPAR is cheaper with a 0.65% expense ratio, compared with 0.99% for WEEL.

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

WEEL has the higher dividend yield at 12.72%, compared with 3.41% for UPAR.

What is the main difference between UPAR and WEEL?

UPAR is categorized as Diversified Portfolio, while WEEL is Derivative Income. Their fees differ too: 0.65% for UPAR and 0.99% for WEEL.

Which has better risk-adjusted returns?

WEEL currently has the higher Sharpe Ratio (1.78 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.