APMU vs. USOY

Last updated Jun 5, 2026

APMU (ActivePassive Intermediate Municipal Bond ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - APMU is a Municipal Bonds fund actively managed by ActivePassive, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, APMU returned 4.22% vs 54.64% for USOY. At a correlation of -0.18, they often move in opposite directions. APMU charges 0.36%/yr vs 1.22%/yr for USOY.

Performance

APMU vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive Intermediate Municipal Bond ETF (APMU) 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, APMU achieves a 0.48% return, which is significantly lower than USOY's 59.27% return.

APMU

• 1D: 0.04%
• 1M: 0.27%
• YTD: 0.48%
• 6M: 0.72%
• 1Y: 4.22%
• 3Y*: 3.01%
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.79%
• 1M: -3.80%
• YTD: 59.27%
• 6M: 55.41%
• 1Y: 54.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APMU vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APMU ActivePassive Intermediate Municipal Bond ETF	0.48%	4.50%	1.50%
USOY Defiance Oil Enhanced Options Income ETF	59.27%	-7.93%	7.27%

Correlation

The correlation between APMU and USOY is -0.23, 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	-0.23
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.18

Return for Risk

APMU vs. USOY — Risk / Return Rank

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

APMU

APMU Risk / Return Rank: 48
APMU Sharpe Ratio Rank: 53
APMU Sortino Ratio Rank: 55
APMU Omega Ratio Rank: 62
APMU Calmar Ratio Rank: 37
APMU Martin Ratio Rank: 35

USOY

USOY Risk / Return Rank: 55
USOY Sharpe Ratio Rank: 54
USOY Sortino Ratio Rank: 45
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 77
USOY Martin Ratio Rank: 46

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.

APMU vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive Intermediate Municipal Bond ETF (APMU) 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.

	APMU	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.80	-0.01
Sortino ratio: Return per unit of downside risk	2.58	2.21	+0.37
Omega ratio: Gain probability vs. loss probability	1.37	1.33	+0.04
Calmar ratio: Return relative to maximum drawdown	1.77	3.84	-2.08
Martin ratio: Return relative to average drawdown	5.20	7.37	-2.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APMU vs. USOY - Sharpe Ratio Comparison

The current APMU Sharpe Ratio is 1.79, which is comparable to the USOY Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of APMU 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

	APMU	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.80	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.95	-0.13

Drawdowns

APMU vs. USOY - Drawdown Comparison

The maximum APMU drawdown since its inception was -4.39%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for APMU and USOY.

Drawdown Indicators

	APMU	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-4.39%	-17.46%	+13.07%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-14.29%	+11.89%
Max Drawdown (3Y) Largest decline over 3 years	-3.41%	—	—
Current Drawdown Current decline from peak	-1.13%	-6.81%	+5.68%
Average Drawdown Average peak-to-trough decline	-0.93%	-6.47%	+5.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	7.43%	-6.62%

Volatility

APMU vs. USOY - Volatility Comparison

The current volatility for ActivePassive Intermediate Municipal Bond ETF (APMU) is 0.75%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.67%. This indicates that APMU 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

	APMU	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	11.67%	-10.92%
Volatility (6M) Calculated over the trailing 6-month period	1.67%	27.26%	-25.59%
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	30.50%	-28.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.80%	26.14%	-23.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.80%	26.14%	-23.34%

APMU vs. USOY - Expense Ratio Comparison

APMU has a 0.36% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

APMU vs. USOY - Dividend Comparison

APMU's dividend yield for the trailing twelve months is around 2.66%, less than USOY's 56.65% yield.

Position	TTM	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	2.66%	2.63%	2.42%	1.31%
USOY Defiance Oil Enhanced Options Income ETF	56.65%	104.32%	48.60%	0.00%

Frequently Asked Questions

Can I hold both APMU and USOY in my portfolio?

APMU and USOY have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APMU or USOY?

USOY has higher volatility (11.67%) compared to APMU (0.75%). In terms of maximum drawdown, APMU dropped -4.39% vs USOY's -17.46%.

Which ETF is better, APMU or USOY?

On 1-year performance, USOY leads with 54.64% vs 4.22% for APMU. On fees, APMU is cheaper at 0.36% per year. On volatility, APMU has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APMU or USOY?

Over the 1-year period, USOY has performed better with a 54.64% return vs 4.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APMU or USOY?

APMU is cheaper with a 0.36% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 56.65%, compared with 2.66% for APMU.

What is the main difference between APMU and USOY?

APMU is categorized as Municipal Bonds, while USOY is Derivative Income. They also come from different issuers: ActivePassive and Defiance. Their fees differ too: 0.36% for APMU and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.80 vs 1.79), 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.