EMBX vs. USOY

Last updated Jun 4, 2026

EMBX (VanEck Emerging Markets Bond ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - EMBX is a Emerging Markets Bonds fund actively managed by VanEck, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, EMBX returned 15.18% vs 57.29% for USOY. At a correlation of -0.17, they often move in opposite directions. EMBX charges 0.76%/yr vs 1.22%/yr for USOY.

Performance

EMBX vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Emerging Markets Bond ETF (EMBX) 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, EMBX achieves a 3.49% return, which is significantly lower than USOY's 62.18% return.

EMBX

• 1D: -0.40%
• 1M: 0.90%
• YTD: 3.49%
• 6M: 3.62%
• 1Y: 15.18%
• 3Y*: 10.16%
• 5Y*: 3.88%
• 10Y*: 5.10%

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)

EMBX vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMBX VanEck Emerging Markets Bond ETF	3.49%	18.80%	3.08%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between EMBX and USOY is -0.38, 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	-0.38
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.17

Over the past year, the inverse relationship between EMBX and USOY has strengthened: their correlation has moved from -0.17 to -0.38, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

EMBX vs. USOY — Risk / Return Rank

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

EMBX

EMBX Risk / Return Rank: 77
EMBX Sharpe Ratio Rank: 82
EMBX Sortino Ratio Rank: 87
EMBX Omega Ratio Rank: 85
EMBX Calmar Ratio Rank: 60
EMBX Martin Ratio Rank: 68

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.

EMBX vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets Bond ETF (EMBX) 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.

	EMBX	USOY	Difference
Sharpe ratio Return per unit of total volatility	2.66	1.89	+0.77
Sortino ratio Return per unit of downside risk	3.93	2.30	+1.63
Omega ratio Gain probability vs. loss probability	1.52	1.35	+0.17
Calmar ratio Return relative to maximum drawdown	2.96	4.03	-1.06
Martin ratio Return relative to average drawdown	12.58	7.74	+4.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMBX vs. USOY - Sharpe Ratio Comparison

The current EMBX Sharpe Ratio is 2.66, which is higher than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of EMBX 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

	EMBX	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	1.89	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.99	-0.47

Drawdowns

EMBX vs. USOY - Drawdown Comparison

The maximum EMBX drawdown since its inception was -25.11%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for EMBX and USOY.

Drawdown Indicators

	EMBX	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-25.11%	-17.46%	-7.65%
Max Drawdown (1Y) Largest decline over 1 year	-5.14%	-14.29%	+9.15%
Max Drawdown (3Y) Largest decline over 3 years	-7.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.07%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.11%	—	—
Current Drawdown Current decline from peak	-0.62%	-5.11%	+4.49%
Average Drawdown Average peak-to-trough decline	-7.08%	-6.47%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	7.42%	-6.21%

Volatility

EMBX vs. USOY - Volatility Comparison

The current volatility for VanEck Emerging Markets Bond ETF (EMBX) is 1.73%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that EMBX 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

	EMBX	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	11.62%	-9.89%
Volatility (6M) Calculated over the trailing 6-month period	4.77%	27.18%	-22.41%
Volatility (1Y) Calculated over the trailing 1-year period	5.72%	30.44%	-24.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.10%	26.13%	-20.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.65%	26.13%	-19.48%

EMBX vs. USOY - Expense Ratio Comparison

EMBX has a 0.76% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

EMBX vs. USOY - Dividend Comparison

EMBX's dividend yield for the trailing twelve months is around 5.91%, less than USOY's 54.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMBX VanEck Emerging Markets Bond ETF	5.91%	6.95%	8.20%	5.49%	8.21%	5.50%	6.56%	7.89%	7.25%	7.66%	3.94%	6.84%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMBX and USOY in my portfolio?

EMBX and USOY have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMBX or USOY?

USOY has higher volatility (11.62%) compared to EMBX (1.73%). In terms of maximum drawdown, EMBX dropped -25.11% vs USOY's -17.46%.

Which ETF is better, EMBX or USOY?

On 1-year performance, USOY leads with 57.29% vs 15.18% for EMBX. On fees, EMBX is cheaper at 0.76% per year. On volatility, EMBX has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMBX or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 15.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMBX or USOY?

EMBX is cheaper with a 0.76% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 5.91% for EMBX.

What is the main difference between EMBX and USOY?

EMBX is categorized as Emerging Markets Bonds, while USOY is Derivative Income. They also come from different issuers: VanEck and Defiance. Their fees differ too: 0.76% for EMBX and 1.22% for USOY.

Which has better risk-adjusted returns?

EMBX currently has the higher Sharpe Ratio (2.66 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.