ACES vs. USOY

Last updated Jun 3, 2026

ACES (ALPS Clean Energy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - ACES is a Alternative Energy Equities fund tracking the CIBC Atlas Clean Energy Index, while USOY is a Derivative Income fund actively managed by Defiance. ACES is passively managed, while USOY is actively managed. Over the past year, ACES returned 80.47% vs 55.52% for USOY. At a 0.02 correlation, their price movements are largely independent. ACES charges 0.55%/yr vs 1.22%/yr for USOY.

Performance

ACES vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS Clean Energy ETF (ACES) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACES achieves a 32.49% return, which is significantly lower than USOY's 59.86% return.

ACES

• 1D: 2.95%
• 1M: 20.25%
• YTD: 32.49%
• 6M: 32.78%
• 1Y: 80.47%
• 3Y*: -0.25%
• 5Y*: -8.07%
• 10Y*: —

USOY

• 1D: 1.63%
• 1M: -1.93%
• YTD: 59.86%
• 6M: 58.33%
• 1Y: 55.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ACES vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ACES ALPS Clean Energy ETF	32.49%	25.44%	-8.74%
USOY Defiance Oil Enhanced Options Income ETF	59.86%	-7.93%	7.27%

Correlation

The correlation between ACES and USOY is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (All Time) Calculated using the full available price history since May 13, 2024	0.02

The correlation between ACES and USOY shifts across timeframes, from -0.15 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ACES vs. USOY — Risk / Return Rank

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

ACES

ACES Risk / Return Rank: 69
ACES Sharpe Ratio Rank: 76
ACES Sortino Ratio Rank: 66
ACES Omega Ratio Rank: 60
ACES Calmar Ratio Rank: 83
ACES Martin Ratio Rank: 62

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 53
USOY Sortino Ratio Rank: 45
USOY Omega Ratio Rank: 54
USOY Calmar Ratio Rank: 79
USOY Martin Ratio Rank: 47

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.

ACES vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Clean Energy ETF (ACES) and Defiance Oil Enhanced Options Income ETF (USOY). 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.

	ACES	USOY	Difference
Sharpe ratio Return per unit of total volatility	2.51	1.83	+0.67
Sortino ratio Return per unit of downside risk	3.09	2.25	+0.84
Omega ratio Gain probability vs. loss probability	1.37	1.34	+0.03
Calmar ratio Return relative to maximum drawdown	4.47	4.10	+0.37
Martin ratio Return relative to average drawdown	11.30	7.91	+3.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACES vs. USOY - Sharpe Ratio Comparison

The current ACES Sharpe Ratio is 2.51, which is higher than the USOY Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of ACES and USOY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ACES	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	1.83	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.96	-0.73

Drawdowns

ACES vs. USOY - Drawdown Comparison

The maximum ACES drawdown since its inception was -79.05%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for ACES and USOY.

Drawdown Indicators

	ACES	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-79.05%	-17.46%	-61.59%
Max Drawdown (1Y) Largest decline over 1 year	-17.44%	-14.29%	-3.15%
Max Drawdown (3Y) Largest decline over 3 years	-58.68%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-74.44%	—	—
Current Drawdown Current decline from peak	-55.14%	-6.47%	-48.67%
Average Drawdown Average peak-to-trough decline	-38.86%	-6.47%	-32.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.91%	7.42%	-0.51%

Volatility

ACES vs. USOY - Volatility Comparison

The current volatility for ALPS Clean Energy ETF (ACES) is 9.41%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.94%. This indicates that ACES experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACES	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.41%	11.94%	-2.53%
Volatility (6M) Calculated over the trailing 6-month period	22.55%	27.16%	-4.61%
Volatility (1Y) Calculated over the trailing 1-year period	32.32%	30.46%	+1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.15%	26.14%	+10.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.58%	26.14%	+9.44%

ACES vs. USOY - Expense Ratio Comparison

ACES has a 0.55% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

ACES vs. USOY - Dividend Comparison

ACES's dividend yield for the trailing twelve months is around 0.53%, less than USOY's 54.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ACES ALPS Clean Energy ETF	0.53%	0.70%	1.10%	1.44%	1.08%	0.71%	0.56%	1.79%	0.34%
USOY Defiance Oil Enhanced Options Income ETF	54.95%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ACES and USOY in my portfolio?

ACES and USOY have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACES or USOY?

USOY has higher volatility (11.94%) compared to ACES (9.41%). In terms of maximum drawdown, ACES dropped -79.05% vs USOY's -17.46%.

Which ETF is better, ACES or USOY?

On 1-year performance, ACES leads with 80.47% vs 55.52% for USOY. On fees, ACES is cheaper at 0.55% per year. On volatility, ACES has been the lower-risk option at 9.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACES or USOY?

Over the 1-year period, ACES has performed better with a 80.47% return vs 55.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACES or USOY?

ACES is cheaper with a 0.55% expense ratio, compared with 1.22% for USOY.

Which ETF pays a higher dividend yield, ACES or USOY?

USOY has the higher dividend yield at 54.95%, compared with 0.53% for ACES.

What is the main difference between ACES and USOY?

ACES is categorized as Alternative Energy Equities, while USOY is Derivative Income. They also come from different issuers: SS&C and Defiance. Their fees differ too: 0.55% for ACES and 1.22% for USOY.

Which has better risk-adjusted returns?

ACES currently has the higher Sharpe Ratio (2.51 vs 1.83), 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.