DIPS vs. USOY

Last updated Jun 4, 2026

DIPS (YieldMax Short NVDA Option Income Strategy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, DIPS returned -26.57% vs 57.29% for USOY. At a correlation of -0.01, they often move in opposite directions. DIPS charges 0.99%/yr vs 1.22%/yr for USOY.

Performance

DIPS vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short NVDA Option Income Strategy ETF (DIPS) 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, DIPS achieves a -8.73% return, which is significantly lower than USOY's 62.18% return.

DIPS

• 1D: 2.87%
• 1M: -6.32%
• YTD: -8.73%
• 6M: -11.40%
• 1Y: -26.57%
• 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)

DIPS vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	-8.73%	-31.46%	-23.19%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	5.85%

Correlation

The correlation between DIPS and USOY is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024	-0.01

The correlation between DIPS and USOY shifts across timeframes, from -0.01 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DIPS vs. USOY — Risk / Return Rank

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

DIPS

DIPS Risk / Return Rank: 2
DIPS Sharpe Ratio Rank: 2
DIPS Sortino Ratio Rank: 2
DIPS Omega Ratio Rank: 2
DIPS Calmar Ratio Rank: 2
DIPS Martin Ratio Rank: 2

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.

DIPS vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) 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.

	DIPS	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	1.89	-2.85
Sortino ratio: Return per unit of downside risk	-1.28	2.30	-3.58
Omega ratio: Gain probability vs. loss probability	0.85	1.35	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.78	4.03	-4.81
Martin ratio: Return relative to average drawdown	-1.36	7.74	-9.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIPS vs. USOY - Sharpe Ratio Comparison

The current DIPS Sharpe Ratio is -0.96, which is lower than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of DIPS 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

	DIPS	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	1.89	-2.85
Sharpe Ratio (All Time) Calculated using the full available price history	-0.86	0.99	-1.85

Drawdowns

DIPS vs. USOY - Drawdown Comparison

The maximum DIPS drawdown since its inception was -59.93%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for DIPS and USOY.

Drawdown Indicators

	DIPS	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-59.93%	-17.46%	-42.47%
Max Drawdown (1Y) Largest decline over 1 year	-33.97%	-14.29%	-19.68%
Current Drawdown Current decline from peak	-55.85%	-5.11%	-50.74%
Average Drawdown Average peak-to-trough decline	-38.22%	-6.47%	-31.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.49%	7.42%	+12.07%

Volatility

DIPS vs. USOY - Volatility Comparison

The current volatility for YieldMax Short NVDA Option Income Strategy ETF (DIPS) is 10.68%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that DIPS 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

	DIPS	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	11.62%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	20.77%	27.18%	-6.41%
Volatility (1Y) Calculated over the trailing 1-year period	27.88%	30.44%	-2.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.03%	26.13%	+11.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.03%	26.13%	+11.90%

DIPS vs. USOY - Expense Ratio Comparison

DIPS has a 0.99% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

DIPS vs. USOY - Dividend Comparison

DIPS's dividend yield for the trailing twelve months is around 66.49%, more than USOY's 54.16% yield.

Position	TTM	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	66.49%	96.20%	24.18%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both DIPS and USOY in my portfolio?

DIPS and USOY have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIPS or USOY?

USOY has higher volatility (11.62%) compared to DIPS (10.68%). In terms of maximum drawdown, DIPS dropped -59.93% vs USOY's -17.46%.

Which ETF is better, DIPS or USOY?

On 1-year performance, USOY leads with 57.29% vs -26.57% for DIPS. On fees, DIPS is cheaper at 0.99% per year. On volatility, DIPS has been the lower-risk option at 10.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIPS or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs -26.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIPS or USOY?

DIPS is cheaper with a 0.99% expense ratio, compared with 1.22% for USOY.

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

DIPS has the higher dividend yield at 66.49%, compared with 54.16% for USOY.

What is the main difference between DIPS and USOY?

They also come from different issuers: YieldMax and Defiance. Their fees differ too: 0.99% for DIPS and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 vs -0.96), 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.