DMAX vs. USOY

Last updated Jun 4, 2026

DMAX (iShares Large Cap Max Buffer December ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - DMAX is a Defined Outcome fund tracking the S&P 500 Index, while USOY is a Derivative Income fund actively managed by Defiance. DMAX is passively managed, while USOY is actively managed. Over the past year, DMAX returned 8.46% vs 57.29% for USOY. At a correlation of -0.12, they often move in opposite directions. DMAX charges 0.50%/yr vs 1.22%/yr for USOY.

Performance

DMAX vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer December ETF (DMAX) 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, DMAX achieves a 2.34% return, which is significantly lower than USOY's 62.18% return.

DMAX

• 1D: -0.07%
• 1M: 0.86%
• YTD: 2.34%
• 6M: 3.01%
• 1Y: 8.46%
• 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)

DMAX vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
DMAX iShares Large Cap Max Buffer December ETF	2.34%	7.81%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-8.38%

Correlation

The correlation between DMAX and USOY is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	-0.12

The correlation between DMAX and USOY shifts across timeframes, from -0.27 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DMAX vs. USOY — Risk / Return Rank

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

DMAX

DMAX Risk / Return Rank: 94
DMAX Sharpe Ratio Rank: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 91
DMAX Martin Ratio Rank: 95

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.

DMAX vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer December ETF (DMAX) 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.

	DMAX	USOY	Difference
Sharpe ratio: Return per unit of total volatility	3.65	1.89	+1.75
Sortino ratio: Return per unit of downside risk	5.65	2.30	+3.35
Omega ratio: Gain probability vs. loss probability	1.79	1.35	+0.44
Calmar ratio: Return relative to maximum drawdown	6.01	4.03	+1.98
Martin ratio: Return relative to average drawdown	30.74	7.74	+23.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMAX vs. USOY - Sharpe Ratio Comparison

The current DMAX Sharpe Ratio is 3.65, which is higher than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of DMAX 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

	DMAX	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.65	1.89	+1.75
Sharpe Ratio (All Time) Calculated using the full available price history	2.14	0.99	+1.15

Drawdowns

DMAX vs. USOY - Drawdown Comparison

The maximum DMAX drawdown since its inception was -3.37%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for DMAX and USOY.

Drawdown Indicators

	DMAX	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-3.37%	-17.46%	+14.09%
Max Drawdown (1Y) Largest decline over 1 year	-1.41%	-14.29%	+12.88%
Current Drawdown Current decline from peak	-0.07%	-5.11%	+5.04%
Average Drawdown Average peak-to-trough decline	-0.38%	-6.47%	+6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	7.42%	-7.14%

Volatility

DMAX vs. USOY - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer December ETF (DMAX) is 0.32%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that DMAX 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

	DMAX	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	11.62%	-11.30%
Volatility (6M) Calculated over the trailing 6-month period	1.54%	27.18%	-25.64%
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	30.44%	-28.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.40%	26.13%	-22.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.40%	26.13%	-22.73%

DMAX vs. USOY - Expense Ratio Comparison

DMAX has a 0.50% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

DMAX vs. USOY - Dividend Comparison

DMAX's dividend yield for the trailing twelve months is around 1.15%, less than USOY's 54.16% yield.

Position	TTM	2025	2024
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both DMAX and USOY in my portfolio?

DMAX and USOY have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMAX or USOY?

USOY has higher volatility (11.62%) compared to DMAX (0.32%). In terms of maximum drawdown, DMAX dropped -3.37% vs USOY's -17.46%.

Which ETF is better, DMAX or USOY?

On 1-year performance, USOY leads with 57.29% vs 8.46% for DMAX. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DMAX or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMAX or USOY?

DMAX is cheaper with a 0.50% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 1.15% for DMAX.

What is the main difference between DMAX and USOY?

DMAX is categorized as Defined Outcome, while USOY is Derivative Income. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.50% for DMAX and 1.22% for USOY.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.65 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.