CAS vs. USOY

Last updated Jun 4, 2026

CAS (Simplify China A Shares PLUS Income ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - CAS is a China Equities fund actively managed by Simplify, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. CAS charges 0.88%/yr vs 1.22%/yr for USOY.

Performance

CAS vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify China A Shares PLUS Income ETF (CAS) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CAS

• 1D: -0.49%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 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)

CAS vs. USOY - Yearly Performance Comparison

	2026 (YTD)
CAS Simplify China A Shares PLUS Income ETF	-1.66%
USOY Defiance Oil Enhanced Options Income ETF	6.05%

Correlation

The correlation between CAS and USOY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.40

Return for Risk

CAS vs. USOY — Risk / Return Rank

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

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.

CAS vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify China A Shares PLUS Income ETF (CAS) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CAS	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	-3.61	0.99	-4.60

Drawdowns

CAS vs. USOY - Drawdown Comparison

The maximum CAS drawdown since its inception was -2.59%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for CAS and USOY.

Drawdown Indicators

	CAS	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-2.59%	-17.46%	+14.87%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.29%	—
Current Drawdown Current decline from peak	-1.66%	-5.11%	+3.45%
Average Drawdown Average peak-to-trough decline	-1.72%	-6.47%	+4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.42%	—

Volatility

Volatility by Period

	CAS	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.62%	—
Volatility (6M) Calculated over the trailing 6-month period	—	27.18%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.83%	30.44%	-9.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	26.13%	-5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	26.13%	-5.30%

CAS vs. USOY - Expense Ratio Comparison

CAS has a 0.88% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

CAS vs. USOY - Dividend Comparison

CAS has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 54.16%.

Position	TTM	2025	2024
CAS Simplify China A Shares PLUS Income ETF	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both CAS and USOY in my portfolio?

CAS and USOY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAS or USOY?

On fees, CAS is cheaper at 0.88% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAS or USOY?

CAS is cheaper with a 0.88% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 0.00% for CAS.

What is the main difference between CAS and USOY?

CAS is categorized as China Equities, while USOY is Derivative Income. They also come from different issuers: Simplify and Defiance. Their fees differ too: 0.88% for CAS and 1.22% for USOY.