BUYW vs. USOY

Last updated Jun 4, 2026

BUYW (Main Buywrite ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, BUYW returned 9.76% vs 57.29% for USOY. At a 0.07 correlation, their price movements are largely independent. BUYW charges 1.29%/yr vs 1.22%/yr for USOY.

Performance

BUYW vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Buywrite ETF (BUYW) 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, BUYW achieves a 3.39% return, which is significantly lower than USOY's 62.18% return.

BUYW

• 1D: 0.35%
• 1M: 0.99%
• YTD: 3.39%
• 6M: 4.27%
• 1Y: 9.76%
• 3Y*: 8.73%
• 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)

BUYW vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BUYW Main Buywrite ETF	3.39%	9.08%	5.61%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between BUYW and USOY is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since May 13, 2024	0.07

The correlation between BUYW and USOY shifts across timeframes, from -0.04 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BUYW vs. USOY — Risk / Return Rank

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

BUYW

BUYW Risk / Return Rank: 71
BUYW Sharpe Ratio Rank: 59
BUYW Sortino Ratio Rank: 66
BUYW Omega Ratio Rank: 66
BUYW Calmar Ratio Rank: 75
BUYW Martin Ratio Rank: 89

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.

BUYW vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Buywrite ETF (BUYW) 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.

	BUYW	USOY	Difference
Sharpe ratio Return per unit of total volatility	2.03	1.89	+0.13
Sortino ratio Return per unit of downside risk	3.08	2.30	+0.78
Omega ratio Gain probability vs. loss probability	1.40	1.35	+0.06
Calmar ratio Return relative to maximum drawdown	3.79	4.03	-0.24
Martin ratio Return relative to average drawdown	20.24	7.74	+12.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUYW vs. USOY - Sharpe Ratio Comparison

The current BUYW Sharpe Ratio is 2.03, which is comparable to the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of BUYW 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

	BUYW	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	1.89	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.99	+0.17

Drawdowns

BUYW vs. USOY - Drawdown Comparison

The maximum BUYW drawdown since its inception was -9.36%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for BUYW and USOY.

Drawdown Indicators

	BUYW	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-9.36%	-17.46%	+8.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-14.29%	+11.70%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	—	—
Current Drawdown Current decline from peak	-0.21%	-5.11%	+4.90%
Average Drawdown Average peak-to-trough decline	-0.61%	-6.47%	+5.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	7.42%	-6.94%

Volatility

BUYW vs. USOY - Volatility Comparison

The current volatility for Main Buywrite ETF (BUYW) is 1.02%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that BUYW 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

	BUYW	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	11.62%	-10.60%
Volatility (6M) Calculated over the trailing 6-month period	4.03%	27.18%	-23.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.85%	30.44%	-25.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.47%	26.13%	-17.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.47%	26.13%	-17.66%

BUYW vs. USOY - Expense Ratio Comparison

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

Dividends

BUYW vs. USOY - Dividend Comparison

BUYW's dividend yield for the trailing twelve months is around 5.91%, less than USOY's 54.16% yield.

Position	TTM	2025	2024	2023	2022
BUYW Main Buywrite ETF	5.91%	5.89%	5.93%	5.95%	0.50%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BUYW and USOY in my portfolio?

BUYW and USOY have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUYW or USOY?

USOY has higher volatility (11.62%) compared to BUYW (1.02%). In terms of maximum drawdown, BUYW dropped -9.36% vs USOY's -17.46%.

Which ETF is better, BUYW or USOY?

On 1-year performance, USOY leads with 57.29% vs 9.76% for BUYW. On fees, USOY is cheaper at 1.22% per year. On volatility, BUYW has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUYW or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 9.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUYW or USOY?

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

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

USOY has the higher dividend yield at 54.16%, compared with 5.91% for BUYW.

What is the main difference between BUYW and USOY?

They also come from different issuers: Main Funds and Defiance. Their fees differ too: 1.29% for BUYW and 1.22% for USOY.

Which has better risk-adjusted returns?

BUYW currently has the higher Sharpe Ratio (2.03 vs 1.89), 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.