BBLB vs. USOY

Last updated Jun 4, 2026

BBLB (JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - BBLB is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while USOY is a Derivative Income fund actively managed by Defiance. BBLB is passively managed, while USOY is actively managed. Over the past year, BBLB returned 5.09% vs 57.29% for USOY. At a correlation of -0.28, they often move in opposite directions. BBLB charges 0.04%/yr vs 1.22%/yr for USOY.

Performance

BBLB vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) 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, BBLB achieves a -0.36% return, which is significantly lower than USOY's 62.18% return.

BBLB

• 1D: -0.40%
• 1M: 0.77%
• YTD: -0.36%
• 6M: -1.96%
• 1Y: 5.09%
• 3Y*: -1.70%
• 5Y*: —
• 10Y*: —

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BBLB vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF	-0.36%	4.26%	-0.05%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between BBLB and USOY is -0.37, 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	-0.37
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.28

Return for Risk

BBLB vs. USOY — Risk / Return Rank

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

BBLB

BBLB Risk / Return Rank: 17
BBLB Sharpe Ratio Rank: 17
BBLB Sortino Ratio Rank: 16
BBLB Omega Ratio Rank: 16
BBLB Calmar Ratio Rank: 17
BBLB Martin Ratio Rank: 17

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
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.

BBLB vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) 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.

	BBLB	USOY	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.89	-1.37
Sortino ratio: Return per unit of downside risk	0.82	2.30	-1.48
Omega ratio: Gain probability vs. loss probability	1.09	1.35	-0.25
Calmar ratio: Return relative to maximum drawdown	0.68	4.03	-3.35
Martin ratio: Return relative to average drawdown	1.70	7.74	-6.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBLB vs. USOY - Sharpe Ratio Comparison

The current BBLB Sharpe Ratio is 0.52, which is lower than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of BBLB 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

	BBLB	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	1.89	-1.37
Sharpe Ratio (All Time) Calculated using the full available price history	-0.17	0.99	-1.16

Drawdowns

BBLB vs. USOY - Drawdown Comparison

The maximum BBLB drawdown since its inception was -21.06%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for BBLB and USOY.

Drawdown Indicators

	BBLB	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-21.06%	-17.46%	-3.60%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-14.29%	+6.76%
Max Drawdown (3Y) Largest decline over 3 years	-18.95%	—	—
Current Drawdown Current decline from peak	-8.93%	-5.11%	-3.82%
Average Drawdown Average peak-to-trough decline	-8.94%	-6.47%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	7.42%	-4.42%

Volatility

BBLB vs. USOY - Volatility Comparison

The current volatility for JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) is 2.90%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that BBLB 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

	BBLB	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	11.62%	-8.72%
Volatility (6M) Calculated over the trailing 6-month period	6.55%	27.18%	-20.63%
Volatility (1Y) Calculated over the trailing 1-year period	9.80%	30.44%	-20.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	26.13%	-12.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.83%	26.13%	-12.30%

BBLB vs. USOY - Expense Ratio Comparison

BBLB has a 0.04% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

BBLB vs. USOY - Dividend Comparison

BBLB's dividend yield for the trailing twelve months is around 5.00%, less than USOY's 54.16% yield.

Position	TTM	2025	2024	2023
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF	5.00%	5.03%	5.34%	2.82%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%

Frequently Asked Questions

Can I hold both BBLB and USOY in my portfolio?

BBLB and USOY have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBLB or USOY?

USOY has higher volatility (11.62%) compared to BBLB (2.90%). In terms of maximum drawdown, BBLB dropped -21.06% vs USOY's -17.46%.

Which ETF is better, BBLB or USOY?

On 1-year performance, USOY leads with 57.29% vs 5.09% for BBLB. On fees, BBLB is cheaper at 0.04% per year. On volatility, BBLB has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BBLB or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 5.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BBLB or USOY?

BBLB is cheaper with a 0.04% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 5.00% for BBLB.

What is the main difference between BBLB and USOY?

BBLB is categorized as Government Bonds, while USOY is Derivative Income. They also come from different issuers: JPMorgan and Defiance. Their fees differ too: 0.04% for BBLB and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 vs 0.52), 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.