DEXC vs. USOY

Last updated Jun 4, 2026

DEXC (Dimensional Emerging Markets ex China Core Equity ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - DEXC is a Emerging Markets Diversified fund actively managed by Dimensional Fund Advisors, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, DEXC returned 63.36% vs 57.29% for USOY. At a correlation of -0.15, they often move in opposite directions. DEXC charges 0.43%/yr vs 1.22%/yr for USOY.

Performance

DEXC vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Markets ex China Core Equity ETF (DEXC) 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, DEXC achieves a 37.31% return, which is significantly lower than USOY's 62.18% return.

DEXC

• 1D: -0.88%
• 1M: 11.20%
• YTD: 37.31%
• 6M: 41.69%
• 1Y: 63.36%
• 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)

DEXC vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEXC Dimensional Emerging Markets ex China Core Equity ETF	37.31%	27.13%	-1.20%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	8.65%

Correlation

The correlation between DEXC 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 Nov 15, 2024	-0.15

The correlation between DEXC and USOY shifts across timeframes, from -0.30 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DEXC vs. USOY — Risk / Return Rank

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

DEXC

DEXC Risk / Return Rank: 89
DEXC Sharpe Ratio Rank: 90
DEXC Sortino Ratio Rank: 88
DEXC Omega Ratio Rank: 89
DEXC Calmar Ratio Rank: 87
DEXC 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.

DEXC vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets ex China Core Equity ETF (DEXC) 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.

	DEXC	USOY	Difference
Sharpe ratio: Return per unit of total volatility	3.12	1.89	+1.22
Sortino ratio: Return per unit of downside risk	3.99	2.30	+1.70
Omega ratio: Gain probability vs. loss probability	1.57	1.35	+0.22
Calmar ratio: Return relative to maximum drawdown	4.95	4.03	+0.92
Martin ratio: Return relative to average drawdown	19.75	7.74	+12.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEXC vs. USOY - Sharpe Ratio Comparison

The current DEXC Sharpe Ratio is 3.12, which is higher than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of DEXC 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

	DEXC	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	1.89	+1.22
Sharpe Ratio (All Time) Calculated using the full available price history	2.17	0.99	+1.18

Drawdowns

DEXC vs. USOY - Drawdown Comparison

The maximum DEXC drawdown since its inception was -15.07%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for DEXC and USOY.

Drawdown Indicators

	DEXC	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-15.07%	-17.46%	+2.39%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-14.29%	+1.43%
Current Drawdown Current decline from peak	-0.88%	-5.11%	+4.23%
Average Drawdown Average peak-to-trough decline	-2.41%	-6.47%	+4.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	7.42%	-4.20%

Volatility

DEXC vs. USOY - Volatility Comparison

The current volatility for Dimensional Emerging Markets ex China Core Equity ETF (DEXC) is 9.61%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that DEXC 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

	DEXC	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.61%	11.62%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	18.28%	27.18%	-8.90%
Volatility (1Y) Calculated over the trailing 1-year period	20.44%	30.44%	-10.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	26.13%	-6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.73%	26.13%	-6.40%

DEXC vs. USOY - Expense Ratio Comparison

DEXC has a 0.43% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

DEXC vs. USOY - Dividend Comparison

DEXC's dividend yield for the trailing twelve months is around 1.45%, less than USOY's 54.16% yield.

Position	TTM	2025	2024
DEXC Dimensional Emerging Markets ex China Core Equity ETF	1.45%	1.97%	0.19%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both DEXC and USOY in my portfolio?

DEXC 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, DEXC or USOY?

USOY has higher volatility (11.62%) compared to DEXC (9.61%). In terms of maximum drawdown, DEXC dropped -15.07% vs USOY's -17.46%.

Which ETF is better, DEXC or USOY?

On 1-year performance, DEXC leads with 63.36% vs 57.29% for USOY. On fees, DEXC is cheaper at 0.43% per year. On volatility, DEXC has been the lower-risk option at 9.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEXC or USOY?

Over the 1-year period, DEXC has performed better with a 63.36% return vs 57.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEXC or USOY?

DEXC is cheaper with a 0.43% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 1.45% for DEXC.

What is the main difference between DEXC and USOY?

DEXC is categorized as Emerging Markets Diversified, while USOY is Derivative Income. They also come from different issuers: Dimensional Fund Advisors and Defiance. Their fees differ too: 0.43% for DEXC and 1.22% for USOY.

Which has better risk-adjusted returns?

DEXC currently has the higher Sharpe Ratio (3.12 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.