UPSD vs. AFOS

Last updated Jul 10, 2026

UPSD (Aptus Large Cap Upside ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both exchange-traded funds - UPSD is a Actively Managed fund actively managed by Aptus, while AFOS is a Large Cap Blend Equities fund managed by ARS Investment Partners. Over the past year, UPSD returned 17.13% vs 74.25% for AFOS. A 0.63 correlation means they provide meaningful diversification when combined. UPSD charges 0.79%/yr vs 0.45%/yr for AFOS.

Performance

UPSD vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus Large Cap Upside ETF (UPSD) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPSD achieves a 8.09% return, which is significantly lower than AFOS's 31.59% return.

UPSD

• 1D: 0.30%
• 1M: 4.68%
• 6M: 6.70%
• YTD: 8.09%
• 1Y: 17.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: 1.12%
• 1M: 4.27%
• 6M: 26.78%
• YTD: 31.59%
• 1Y: 74.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPSD vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
UPSD Aptus Large Cap Upside ETF	8.09%	11.66%
AFOS ARS Focused Opportunities Strategy ETF	31.59%	37.10%

Correlation

The correlation between UPSD and AFOS is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.63

The correlation between UPSD and AFOS has been stable across timeframes, ranging from 0.63 to 0.63 - a consistent structural relationship.

Return for Risk

UPSD vs. AFOS — Risk / Return Rank

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

UPSD

UPSD Risk / Return Rank: 40
UPSD Sharpe Ratio Rank: 42
UPSD Sortino Ratio Rank: 39
UPSD Omega Ratio Rank: 40
UPSD Calmar Ratio Rank: 35
UPSD Martin Ratio Rank: 43

AFOS

AFOS Risk / Return Rank: 95
AFOS Sharpe Ratio Rank: 96
AFOS Sortino Ratio Rank: 94
AFOS Omega Ratio Rank: 94
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 96

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.

UPSD vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Large Cap Upside ETF (UPSD) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	UPSD	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	1.20	3.39	-2.19
Sortino ratio: Return per unit of downside risk	1.67	4.08	-2.41
Omega ratio: Gain probability vs. loss probability	1.22	1.55	-0.33
Calmar ratio: Return relative to maximum drawdown	1.44	6.48	-5.04
Martin ratio: Return relative to average drawdown	5.66	28.69	-23.04

UPSD vs. AFOS - Sharpe Ratio Comparison

The current UPSD Sharpe Ratio is 1.20, which is lower than the AFOS Sharpe Ratio of 3.39. The chart below compares the historical Sharpe Ratios of UPSD and AFOS, 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

UPSD vs. AFOS - Drawdown Comparison

The maximum UPSD drawdown since its inception was -23.85%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for UPSD and AFOS.

Drawdown Indicators

	UPSD	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-23.85%	-11.52%	-12.33%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-11.52%	-0.39%
Current Drawdown Current decline from peak	0.00%	-3.80%	+3.80%
Average Drawdown Average peak-to-trough decline	-3.80%	-1.51%	-2.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.60%	+0.43%

Volatility

UPSD vs. AFOS - Volatility Comparison

The current volatility for Aptus Large Cap Upside ETF (UPSD) is 4.36%, while ARS Focused Opportunities Strategy ETF (AFOS) has a volatility of 9.29%. This indicates that UPSD experiences smaller price fluctuations and is considered to be less risky than AFOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPSD	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	9.29%	-4.93%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	18.42%	-7.37%
Volatility (1Y) Calculated over the trailing 1-year period	14.30%	22.00%	-7.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.84%	21.74%	-0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.84%	21.74%	-0.90%

UPSD vs. AFOS - Expense Ratio Comparison

UPSD has a 0.79% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

UPSD vs. AFOS - Dividend Comparison

UPSD's dividend yield for the trailing twelve months is around 0.66%, more than AFOS's 0.23% yield.

Position	TTM	2025	2024
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%	0.00%
UPSD Aptus Large Cap Upside ETF	0.66%	0.67%	0.06%

Frequently Asked Questions

Can I hold both UPSD and AFOS in my portfolio?

UPSD and AFOS have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPSD or AFOS?

AFOS has higher volatility (9.29%) compared to UPSD (4.36%). In terms of maximum drawdown, UPSD dropped -23.85% vs AFOS's -11.52%.

Which ETF is better, UPSD or AFOS?

On 1-year performance, AFOS leads with 74.25% vs 17.13% for UPSD. On fees, AFOS is cheaper at 0.45% per year. On volatility, UPSD has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPSD or AFOS?

Over the 1-year period, AFOS has performed better with a 74.25% return vs 17.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPSD or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.79% for UPSD.

Which ETF pays a higher dividend yield, UPSD or AFOS?

UPSD has the higher dividend yield at 0.66%, compared with 0.23% for AFOS.

What is the main difference between UPSD and AFOS?

UPSD is categorized as Actively Managed, while AFOS is Large Cap Blend Equities. They also come from different issuers: Aptus and ARS Investment Partners. Their fees differ too: 0.79% for UPSD and 0.45% for AFOS.

Which has better risk-adjusted returns?

AFOS currently has the higher Sharpe Ratio (3.39 vs 1.20), 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.