DNOV vs. USOY

Last updated Jun 3, 2026

DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - DNOV is a Defined Outcome fund tracking the S&P 500, while USOY is a Derivative Income fund actively managed by Defiance. DNOV is passively managed, while USOY is actively managed. Over the past year, DNOV returned 18.05% vs 55.52% for USOY. At a correlation of -0.07, they often move in opposite directions. DNOV charges 0.85%/yr vs 1.22%/yr for USOY.

Performance

DNOV vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) 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, DNOV achieves a 4.96% return, which is significantly lower than USOY's 59.86% return.

DNOV

• 1D: 0.04%
• 1M: 1.74%
• YTD: 4.96%
• 6M: 5.56%
• 1Y: 18.05%
• 3Y*: 13.20%
• 5Y*: 8.18%
• 10Y*: —

USOY

• 1D: 1.63%
• 1M: -1.93%
• YTD: 59.86%
• 6M: 58.33%
• 1Y: 55.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DNOV vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	4.96%	13.93%	5.43%
USOY Defiance Oil Enhanced Options Income ETF	59.86%	-7.93%	7.27%

Correlation

The correlation between DNOV and USOY is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.07

Over the past year, the inverse relationship between DNOV and USOY has strengthened: their correlation has moved from -0.07 to -0.28, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

DNOV vs. USOY — Risk / Return Rank

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

DNOV

DNOV Risk / Return Rank: 90
DNOV Sharpe Ratio Rank: 90
DNOV Sortino Ratio Rank: 93
DNOV Omega Ratio Rank: 93
DNOV Calmar Ratio Rank: 82
DNOV Martin Ratio Rank: 92

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 53
USOY Sortino Ratio Rank: 45
USOY Omega Ratio Rank: 54
USOY Calmar Ratio Rank: 79
USOY Martin Ratio Rank: 47

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.

DNOV vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) 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.

	DNOV	USOY	Difference
Sharpe ratio Return per unit of total volatility	3.17	1.83	+1.33
Sortino ratio Return per unit of downside risk	4.78	2.25	+2.54
Omega ratio Gain probability vs. loss probability	1.67	1.34	+0.33
Calmar ratio Return relative to maximum drawdown	4.37	4.10	+0.26
Martin ratio Return relative to average drawdown	23.48	7.91	+15.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DNOV vs. USOY - Sharpe Ratio Comparison

The current DNOV Sharpe Ratio is 3.17, which is higher than the USOY Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of DNOV 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

	DNOV	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	1.83	+1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.96	-0.04

Drawdowns

DNOV vs. USOY - Drawdown Comparison

The maximum DNOV drawdown since its inception was -15.03%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for DNOV and USOY.

Drawdown Indicators

	DNOV	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-15.03%	-17.46%	+2.43%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-14.29%	+10.11%
Max Drawdown (3Y) Largest decline over 3 years	-9.98%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.98%	—	—
Current Drawdown Current decline from peak	0.00%	-6.47%	+6.47%
Average Drawdown Average peak-to-trough decline	-2.01%	-6.47%	+4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	7.42%	-6.64%

Volatility

DNOV vs. USOY - Volatility Comparison

The current volatility for FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) is 0.85%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.94%. This indicates that DNOV 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

	DNOV	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	11.94%	-11.09%
Volatility (6M) Calculated over the trailing 6-month period	4.21%	27.16%	-22.95%
Volatility (1Y) Calculated over the trailing 1-year period	5.73%	30.46%	-24.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.62%	26.14%	-18.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.04%	26.14%	-17.10%

DNOV vs. USOY - Expense Ratio Comparison

DNOV has a 0.85% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

DNOV vs. USOY - Dividend Comparison

DNOV has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 54.95%.

Position	TTM	2025	2024
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.95%	104.32%	48.60%

Frequently Asked Questions

Can I hold both DNOV and USOY in my portfolio?

DNOV and USOY have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DNOV or USOY?

USOY has higher volatility (11.94%) compared to DNOV (0.85%). In terms of maximum drawdown, DNOV dropped -15.03% vs USOY's -17.46%.

Which ETF is better, DNOV or USOY?

On 1-year performance, USOY leads with 55.52% vs 18.05% for DNOV. On fees, DNOV is cheaper at 0.85% per year. On volatility, DNOV has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DNOV or USOY?

Over the 1-year period, USOY has performed better with a 55.52% return vs 18.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DNOV or USOY?

DNOV is cheaper with a 0.85% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.95%, compared with 0.00% for DNOV.

What is the main difference between DNOV and USOY?

DNOV is categorized as Defined Outcome, while USOY is Derivative Income. They also come from different issuers: FT Vest and Defiance. Their fees differ too: 0.85% for DNOV and 1.22% for USOY.

Which has better risk-adjusted returns?

DNOV currently has the higher Sharpe Ratio (3.17 vs 1.83), 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.