Elder Kaioshin said he draws a user's power far beyond their natural limits, whereas SS4 is stated to draw a Saiyan's power to their limits.
Ultimate >> SS4. I'd say the difference between them as it pertains to the user's current limits would be about 1.5-2x.
From what GT implied, Ultimate is just a power boost and the new base form of a user in it's continuity, plus the limits of GT characters are already far beyond their manga canon selves. That said, I believe you could potentially stack SS4 on top of ultimate if the form was gained after the ritual, given the ritual opens a user's limits to a new plateau (eg. Vegeta believing Gohan, Goten and Trunks could beat Super Yi Xing Long with enough training when Beyond Limits SS4 Goku could only touch him with Ryu-ken).