AMAX vs. USOY

Last updated Jun 3, 2026

AMAX (RH Hedged Multi-Asset Income ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - AMAX is a Nontraditional Bonds fund actively managed by Adaptive, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, AMAX returned 12.42% vs 55.52% for USOY. At a 0.05 correlation, their price movements are largely independent. AMAX charges 1.29%/yr vs 1.22%/yr for USOY.

Performance

AMAX vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RH Hedged Multi-Asset Income ETF (AMAX) 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, AMAX achieves a 4.98% return, which is significantly lower than USOY's 59.86% return.

AMAX

• 1D: -0.13%
• 1M: 0.30%
• YTD: 4.98%
• 6M: 3.96%
• 1Y: 12.42%
• 3Y*: 9.23%
• 5Y*: —
• 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)

AMAX vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMAX RH Hedged Multi-Asset Income ETF	4.98%	11.38%	3.28%
USOY Defiance Oil Enhanced Options Income ETF	59.86%	-7.93%	7.27%

Correlation

The correlation between AMAX and USOY is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since May 13, 2024	0.05

The correlation between AMAX and USOY shifts across timeframes, from -0.16 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AMAX vs. USOY — Risk / Return Rank

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

AMAX

AMAX Risk / Return Rank: 34
AMAX Sharpe Ratio Rank: 35
AMAX Sortino Ratio Rank: 33
AMAX Omega Ratio Rank: 33
AMAX Calmar Ratio Rank: 36
AMAX Martin Ratio Rank: 34

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.

AMAX vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RH Hedged Multi-Asset Income ETF (AMAX) 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.

	AMAX	USOY	Difference
Sharpe ratio Return per unit of total volatility	1.26	1.83	-0.58
Sortino ratio Return per unit of downside risk	1.76	2.25	-0.49
Omega ratio Gain probability vs. loss probability	1.22	1.34	-0.12
Calmar ratio Return relative to maximum drawdown	1.79	4.10	-2.31
Martin ratio Return relative to average drawdown	5.33	7.91	-2.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMAX vs. USOY - Sharpe Ratio Comparison

The current AMAX Sharpe Ratio is 1.26, which is lower than the USOY Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of AMAX 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

	AMAX	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	1.83	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.96	-0.57

Drawdowns

AMAX vs. USOY - Drawdown Comparison

The maximum AMAX drawdown since its inception was -16.28%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for AMAX and USOY.

Drawdown Indicators

	AMAX	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-16.28%	-17.46%	+1.18%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-14.29%	+6.76%
Max Drawdown (3Y) Largest decline over 3 years	-9.27%	—	—
Current Drawdown Current decline from peak	-1.80%	-6.47%	+4.67%
Average Drawdown Average peak-to-trough decline	-5.32%	-6.47%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	7.42%	-4.89%

Volatility

AMAX vs. USOY - Volatility Comparison

The current volatility for RH Hedged Multi-Asset Income ETF (AMAX) is 2.32%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.94%. This indicates that AMAX 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

	AMAX	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	11.94%	-9.62%
Volatility (6M) Calculated over the trailing 6-month period	8.02%	27.16%	-19.14%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	30.46%	-20.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.36%	26.14%	-15.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.36%	26.14%	-15.78%

AMAX vs. USOY - Expense Ratio Comparison

AMAX has a 1.29% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

AMAX vs. USOY - Dividend Comparison

AMAX's dividend yield for the trailing twelve months is around 10.94%, less than USOY's 54.95% yield.

Position	TTM	2025	2024	2023	2022	2021
AMAX RH Hedged Multi-Asset Income ETF	10.94%	9.18%	7.36%	6.99%	11.22%	1.00%
USOY Defiance Oil Enhanced Options Income ETF	54.95%	104.32%	48.60%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMAX and USOY in my portfolio?

AMAX and USOY have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMAX or USOY?

USOY has higher volatility (11.94%) compared to AMAX (2.32%). In terms of maximum drawdown, AMAX dropped -16.28% vs USOY's -17.46%.

Which ETF is better, AMAX or USOY?

On 1-year performance, USOY leads with 55.52% vs 12.42% for AMAX. On fees, USOY is cheaper at 1.22% per year. On volatility, AMAX has been the lower-risk option at 2.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMAX or USOY?

Over the 1-year period, USOY has performed better with a 55.52% return vs 12.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMAX or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.29% for AMAX.

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

USOY has the higher dividend yield at 54.95%, compared with 10.94% for AMAX.

What is the main difference between AMAX and USOY?

AMAX is categorized as Nontraditional Bonds, while USOY is Derivative Income. They also come from different issuers: Adaptive and Defiance. Their fees differ too: 1.29% for AMAX and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.83 vs 1.26), 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.