UPSD vs. DEFR

Last updated Jul 10, 2026

UPSD (Aptus Large Cap Upside ETF) and DEFR (Aptus Deferred Income ETF) are both exchange-traded funds - UPSD is a Actively Managed fund actively managed by Aptus, while DEFR is a Intermediate Core-Plus Bond fund actively managed by Aptus. Both are actively managed. Over the past year, UPSD returned 17.13% vs 4.53% for DEFR. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

UPSD vs. DEFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus Large Cap Upside ETF (UPSD) and Aptus Deferred Income ETF (DEFR). 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 higher than DEFR's -0.13% return.

UPSD

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

DEFR

• 1D: 0.33%
• 1M: 0.84%
• 6M: -0.32%
• YTD: -0.13%
• 1Y: 4.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPSD vs. DEFR - Yearly Performance Comparison

	2026 (YTD)	2025
UPSD Aptus Large Cap Upside ETF	8.09%	16.35%
DEFR Aptus Deferred Income ETF	-0.13%	6.80%

Correlation

The correlation between UPSD and DEFR is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since May 14, 2025	0.46

Return for Risk

UPSD vs. DEFR — 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

DEFR

DEFR Risk / Return Rank: 28
DEFR Sharpe Ratio Rank: 29
DEFR Sortino Ratio Rank: 28
DEFR Omega Ratio Rank: 28
DEFR Calmar Ratio Rank: 29
DEFR Martin Ratio Rank: 26

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. DEFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Large Cap Upside ETF (UPSD) and Aptus Deferred Income ETF (DEFR). 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	DEFR	Difference
Sharpe ratio: Return per unit of total volatility	1.20	0.89	+0.32
Sortino ratio: Return per unit of downside risk	1.67	1.27	+0.40
Omega ratio: Gain probability vs. loss probability	1.22	1.16	+0.06
Calmar ratio: Return relative to maximum drawdown	1.44	1.17	+0.28
Martin ratio: Return relative to average drawdown	5.66	2.84	+2.82

UPSD vs. DEFR - Sharpe Ratio Comparison

The current UPSD Sharpe Ratio is 1.20, which is higher than the DEFR Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of UPSD and DEFR, 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. DEFR - Drawdown Comparison

The maximum UPSD drawdown since its inception was -23.85%, which is greater than DEFR's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for UPSD and DEFR.

Drawdown Indicators

	UPSD	DEFR	Difference
Max Drawdown Largest peak-to-trough decline	-23.85%	-3.90%	-19.95%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-3.90%	-8.01%
Current Drawdown Current decline from peak	0.00%	-2.43%	+2.43%
Average Drawdown Average peak-to-trough decline	-3.80%	-1.06%	-2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	1.60%	+1.43%

Volatility

UPSD vs. DEFR - Volatility Comparison

Aptus Large Cap Upside ETF (UPSD) has a higher volatility of 4.36% compared to Aptus Deferred Income ETF (DEFR) at 1.42%. This indicates that UPSD's price experiences larger fluctuations and is considered to be riskier than DEFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPSD	DEFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	1.42%	+2.94%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	3.45%	+7.60%
Volatility (1Y) Calculated over the trailing 1-year period	14.30%	5.15%	+9.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.84%	5.28%	+15.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.84%	5.28%	+15.56%

UPSD vs. DEFR - Expense Ratio Comparison

Both UPSD and DEFR have an expense ratio of 0.79%.

Dividends

UPSD vs. DEFR - Dividend Comparison

UPSD's dividend yield for the trailing twelve months is around 0.66%, while DEFR has not paid dividends to shareholders.

Position	TTM	2025	2024
DEFR Aptus Deferred Income ETF	0.00%	0.00%	0.00%
UPSD Aptus Large Cap Upside ETF	0.66%	0.67%	0.06%

Frequently Asked Questions

Can I hold both UPSD and DEFR in my portfolio?

UPSD and DEFR have a correlation of 0.46, 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 DEFR?

UPSD has higher volatility (4.36%) compared to DEFR (1.42%). In terms of maximum drawdown, UPSD dropped -23.85% vs DEFR's -3.90%.

Which ETF is better, UPSD or DEFR?

On 1-year performance, UPSD leads with 17.13% vs 4.53% for DEFR. Both ETFs have the same 0.79% expense ratio. On volatility, DEFR has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPSD or DEFR?

Over the 1-year period, UPSD has performed better with a 17.13% return vs 4.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPSD or DEFR?

UPSD and DEFR have the same expense ratio: 0.79% per year.

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

UPSD has the higher dividend yield at 0.66%, compared with 0.00% for DEFR.

What is the main difference between UPSD and DEFR?

UPSD is categorized as Actively Managed, while DEFR is Intermediate Core-Plus Bond.

Which has better risk-adjusted returns?

UPSD currently has the higher Sharpe Ratio (1.20 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.