EPRF vs. USOY

Last updated Jul 17, 2026

EPRF (Innovator S&P High Quality Preferred ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - EPRF is a Preferred Stock/Convertible Bonds fund tracking the S&P U.S. High Quality Preferred Stock Index, while USOY is a Derivative Income fund actively managed by Defiance. EPRF is passively managed, while USOY is actively managed. Over the past year, EPRF returned -1.05% vs 34.40% for USOY. At a correlation of -0.06, they often move in opposite directions. EPRF charges 0.47%/yr vs 1.22%/yr for USOY.

Performance

EPRF vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator S&P High Quality Preferred ETF (EPRF) 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, EPRF achieves a -2.15% return, which is significantly lower than USOY's 42.63% return.

EPRF

• 1D: -0.06%
• 1M: -0.76%
• 6M: -4.59%
• YTD: -2.15%
• 1Y: -1.05%
• 3Y*: 3.16%
• 5Y*: -2.02%
• 10Y*: —

USOY

• 1D: -1.33%
• 1M: 2.97%
• 6M: 41.81%
• YTD: 42.63%
• 1Y: 34.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EPRF vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EPRF Innovator S&P High Quality Preferred ETF	-2.15%	2.69%	1.74%
USOY Defiance Oil Enhanced Options Income ETF	42.63%	-7.93%	6.13%

Correlation

The correlation between EPRF and USOY is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since May 10, 2024	-0.06

The correlation between EPRF and USOY shifts across timeframes, from -0.18 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EPRF vs. USOY — Risk / Return Rank

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

EPRF

EPRF Risk / Return Rank: 8
EPRF Sharpe Ratio Rank: 8
EPRF Sortino Ratio Rank: 7
EPRF Omega Ratio Rank: 7
EPRF Calmar Ratio Rank: 8
EPRF Martin Ratio Rank: 8

USOY

USOY Risk / Return Rank: 34
USOY Sharpe Ratio Rank: 36
USOY Sortino Ratio Rank: 34
USOY Omega Ratio Rank: 37
USOY Calmar Ratio Rank: 32
USOY Martin Ratio Rank: 34

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.

EPRF vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator S&P High Quality Preferred ETF (EPRF) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EPRF	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	1.07	-1.21
Sortino ratio: Return per unit of downside risk	-0.15	1.51	-1.66
Omega ratio: Gain probability vs. loss probability	0.98	1.21	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.12	1.35	-1.48
Martin ratio: Return relative to average drawdown	-0.23	4.08	-4.31

EPRF vs. USOY - Sharpe Ratio Comparison

The current EPRF Sharpe Ratio is -0.14, which is lower than the USOY Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of EPRF 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.

Drawdowns

EPRF vs. USOY - Drawdown Comparison

The maximum EPRF drawdown since its inception was -26.82%, which is greater than USOY's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for EPRF and USOY.

Drawdown Indicators

	EPRF	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-26.82%	-25.51%	-1.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-25.51%	+16.92%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.23%	—	—
Current Drawdown Current decline from peak	-10.84%	-16.55%	+5.71%
Average Drawdown Average peak-to-trough decline	-7.42%	-7.07%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.61%	8.45%	-3.84%

Volatility

EPRF vs. USOY - Volatility Comparison

The current volatility for Innovator S&P High Quality Preferred ETF (EPRF) is 2.31%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.84%. This indicates that EPRF 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

	EPRF	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	11.84%	-9.53%
Volatility (6M) Calculated over the trailing 6-month period	5.57%	29.92%	-24.35%
Volatility (1Y) Calculated over the trailing 1-year period	7.45%	32.42%	-24.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.85%	27.06%	-15.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	27.06%	-13.64%

EPRF vs. USOY - Expense Ratio Comparison

EPRF has a 0.47% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

EPRF vs. USOY - Dividend Comparison

EPRF's dividend yield for the trailing twelve months is around 6.17%, less than USOY's 62.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPRF Innovator S&P High Quality Preferred ETF	6.17%	6.03%	6.13%	5.71%	5.67%	4.70%	4.92%	5.01%	5.27%	2.59%
USOY Defiance Oil Enhanced Options Income ETF	62.58%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPRF and USOY in my portfolio?

EPRF and USOY have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPRF or USOY?

USOY has higher volatility (11.84%) compared to EPRF (2.31%). In terms of maximum drawdown, EPRF dropped -26.82% vs USOY's -25.51%.

Which ETF is better, EPRF or USOY?

On 1-year performance, USOY leads with 34.40% vs -1.05% for EPRF. On fees, EPRF is cheaper at 0.47% per year. On volatility, EPRF has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPRF or USOY?

Over the 1-year period, USOY has performed better with a 34.40% return vs -1.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPRF or USOY?

EPRF is cheaper with a 0.47% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 62.58%, compared with 6.17% for EPRF.

What is the main difference between EPRF and USOY?

EPRF is categorized as Preferred Stock/Convertible Bonds, while USOY is Derivative Income. They also come from different issuers: Innovator and Defiance. Their fees differ too: 0.47% for EPRF and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.07 vs -0.14), 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.