BRHY vs. USOY

Last updated Jun 25, 2026

BRHY (iShares High Yield Active ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - BRHY is a High Yield Bonds fund actively managed by iShares, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, BRHY returned 6.86% vs 26.82% for USOY. At a correlation of -0.10, they often move in opposite directions. BRHY charges 0.45%/yr vs 1.22%/yr for USOY.

Performance

BRHY vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares High Yield Active ETF (BRHY) 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, BRHY achieves a 1.72% return, which is significantly lower than USOY's 29.22% return.

BRHY

• 1D: -0.02%
• 1M: 0.38%
• YTD: 1.72%
• 6M: 1.84%
• 1Y: 6.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -4.06%
• 1M: -20.39%
• YTD: 29.22%
• 6M: 28.28%
• 1Y: 26.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BRHY vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BRHY iShares High Yield Active ETF	1.72%	9.74%	5.16%
USOY Defiance Oil Enhanced Options Income ETF	29.22%	-7.93%	6.19%

Correlation

The correlation between BRHY and USOY is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Jun 18, 2024	-0.10

The correlation between BRHY and USOY shifts across timeframes, from -0.30 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BRHY vs. USOY — Risk / Return Rank

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

BRHY

BRHY Risk / Return Rank: 74
BRHY Sharpe Ratio Rank: 77
BRHY Sortino Ratio Rank: 82
BRHY Omega Ratio Rank: 82
BRHY Calmar Ratio Rank: 58
BRHY Martin Ratio Rank: 71

USOY

USOY Risk / Return Rank: 27
USOY Sharpe Ratio Rank: 26
USOY Sortino Ratio Rank: 25
USOY Omega Ratio Rank: 27
USOY Calmar Ratio Rank: 25
USOY Martin Ratio Rank: 31

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.

BRHY vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Active ETF (BRHY) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BRHY	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.14	0.87	+1.27
Sortino ratio: Return per unit of downside risk	3.17	1.26	+1.91
Omega ratio: Gain probability vs. loss probability	1.42	1.18	+0.25
Calmar ratio: Return relative to maximum drawdown	2.49	1.10	+1.39
Martin ratio: Return relative to average drawdown	11.43	4.07	+7.35

BRHY vs. USOY - Sharpe Ratio Comparison

The current BRHY Sharpe Ratio is 2.14, which is higher than the USOY Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of BRHY 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.

Drawdowns

BRHY vs. USOY - Drawdown Comparison

The maximum BRHY drawdown since its inception was -4.42%, smaller than the maximum USOY drawdown of -24.40%. Use the drawdown chart below to compare losses from any high point for BRHY and USOY.

Drawdown Indicators

	BRHY	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-4.42%	-24.40%	+19.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-24.40%	+21.64%
Current Drawdown Current decline from peak	-0.37%	-24.40%	+24.03%
Average Drawdown Average peak-to-trough decline	-0.39%	-6.67%	+6.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	6.60%	-6.00%

Volatility

BRHY vs. USOY - Volatility Comparison

The current volatility for iShares High Yield Active ETF (BRHY) is 1.08%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 10.82%. This indicates that BRHY 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

	BRHY	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	10.82%	-9.74%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	28.77%	-26.24%
Volatility (1Y) Calculated over the trailing 1-year period	3.23%	31.42%	-28.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.01%	26.64%	-22.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.01%	26.64%	-22.63%

BRHY vs. USOY - Expense Ratio Comparison

BRHY has a 0.45% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

BRHY vs. USOY - Dividend Comparison

BRHY's dividend yield for the trailing twelve months is around 7.85%, less than USOY's 71.18% yield.

Position	TTM	2025	2024
BRHY iShares High Yield Active ETF	7.85%	7.97%	4.27%
USOY Defiance Oil Enhanced Options Income ETF	71.18%	104.32%	48.60%

Frequently Asked Questions

Can I hold both BRHY and USOY in my portfolio?

BRHY and USOY have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRHY or USOY?

USOY has higher volatility (10.82%) compared to BRHY (1.08%). In terms of maximum drawdown, BRHY dropped -4.42% vs USOY's -24.40%.

Which ETF is better, BRHY or USOY?

On 1-year performance, USOY leads with 26.82% vs 6.86% for BRHY. On fees, BRHY is cheaper at 0.45% per year. On volatility, BRHY has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRHY or USOY?

Over the 1-year period, USOY has performed better with a 26.82% return vs 6.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRHY or USOY?

BRHY is cheaper with a 0.45% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 71.18%, compared with 7.85% for BRHY.

What is the main difference between BRHY and USOY?

BRHY is categorized as High Yield Bonds, while USOY is Derivative Income. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.45% for BRHY and 1.22% for USOY.

Which has better risk-adjusted returns?

BRHY currently has the higher Sharpe Ratio (2.14 vs 0.87), 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.