EVNT vs. USOY

Last updated Jun 6, 2026

EVNT (AltShares Event-Driven ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - EVNT is a Event Driven fund actively managed by AltShares, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, EVNT returned 11.44% vs 51.90% for USOY. At a correlation of -0.08, they often move in opposite directions. EVNT charges 1.30%/yr vs 1.22%/yr for USOY.

Performance

EVNT vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AltShares Event-Driven ETF (EVNT) 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, EVNT achieves a 3.29% return, which is significantly lower than USOY's 56.61% return.

EVNT

• 1D: 0.04%
• 1M: -0.22%
• YTD: 3.29%
• 6M: 3.36%
• 1Y: 11.44%
• 3Y*: 9.96%
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.67%
• 1M: 1.06%
• YTD: 56.61%
• 6M: 52.27%
• 1Y: 51.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EVNT vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EVNT AltShares Event-Driven ETF	3.29%	13.72%	9.54%
USOY Defiance Oil Enhanced Options Income ETF	56.61%	-7.93%	7.27%

Correlation

The correlation between EVNT 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	-0.08

Over the past year, the inverse relationship between EVNT and USOY has strengthened: their correlation has moved from -0.08 to -0.28, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

EVNT vs. USOY — Risk / Return Rank

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

EVNT

EVNT Risk / Return Rank: 56
EVNT Sharpe Ratio Rank: 45
EVNT Sortino Ratio Rank: 48
EVNT Omega Ratio Rank: 54
EVNT Calmar Ratio Rank: 72
EVNT Martin Ratio Rank: 64

USOY

USOY Risk / Return Rank: 53
USOY Sharpe Ratio Rank: 51
USOY Sortino Ratio Rank: 44
USOY Omega Ratio Rank: 53
USOY Calmar Ratio Rank: 75
USOY Martin Ratio Rank: 44

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.

EVNT vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AltShares Event-Driven ETF (EVNT) 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.

	EVNT	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.71	-0.20
Sortino ratio: Return per unit of downside risk	2.25	2.13	+0.13
Omega ratio: Gain probability vs. loss probability	1.32	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	3.43	3.65	-0.22
Martin ratio: Return relative to average drawdown	10.96	6.98	+3.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVNT vs. USOY - Sharpe Ratio Comparison

The current EVNT Sharpe Ratio is 1.50, which is comparable to the USOY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of EVNT 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

	EVNT	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.71	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.91	-0.40

Drawdowns

EVNT vs. USOY - Drawdown Comparison

The maximum EVNT drawdown since its inception was -13.85%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for EVNT and USOY.

Drawdown Indicators

	EVNT	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-13.85%	-17.46%	+3.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.35%	-14.29%	+10.94%
Max Drawdown (3Y) Largest decline over 3 years	-5.15%	—	—
Current Drawdown Current decline from peak	-0.63%	-8.37%	+7.74%
Average Drawdown Average peak-to-trough decline	-3.79%	-6.47%	+2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	7.45%	-6.40%

Volatility

EVNT vs. USOY - Volatility Comparison

The current volatility for AltShares Event-Driven ETF (EVNT) is 1.15%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 9.70%. This indicates that EVNT 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

	EVNT	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	9.70%	-8.55%
Volatility (6M) Calculated over the trailing 6-month period	3.66%	27.33%	-23.67%
Volatility (1Y) Calculated over the trailing 1-year period	7.64%	30.56%	-22.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.25%	26.14%	-16.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.25%	26.14%	-16.89%

EVNT vs. USOY - Expense Ratio Comparison

EVNT has a 1.30% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

EVNT vs. USOY - Dividend Comparison

EVNT's dividend yield for the trailing twelve months is around 4.63%, less than USOY's 57.61% yield.

Position	TTM	2025	2024	2023	2022
EVNT AltShares Event-Driven ETF	4.63%	4.78%	0.66%	0.59%	2.61%
USOY Defiance Oil Enhanced Options Income ETF	57.61%	104.32%	48.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EVNT and USOY in my portfolio?

EVNT 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, EVNT or USOY?

USOY has higher volatility (9.70%) compared to EVNT (1.15%). In terms of maximum drawdown, EVNT dropped -13.85% vs USOY's -17.46%.

Which ETF is better, EVNT or USOY?

On 1-year performance, USOY leads with 51.90% vs 11.44% for EVNT. On fees, USOY is cheaper at 1.22% per year. On volatility, EVNT has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVNT or USOY?

Over the 1-year period, USOY has performed better with a 51.90% return vs 11.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVNT or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.30% for EVNT.

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

USOY has the higher dividend yield at 57.61%, compared with 4.63% for EVNT.

What is the main difference between EVNT and USOY?

EVNT is categorized as Event Driven, while USOY is Derivative Income. They also come from different issuers: AltShares and Defiance. Their fees differ too: 1.30% for EVNT and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.71 vs 1.50), 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.