FEMR vs. USOY

Last updated Jun 24, 2026

FEMR (Fidelity Enhanced Emerging Markets ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - FEMR is a Emerging Markets Diversified fund actively managed by Fidelity, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, FEMR returned 55.15% vs 26.28% for USOY. At a correlation of -0.11, they often move in opposite directions. FEMR charges 0.38%/yr vs 1.22%/yr for USOY.

Performance

FEMR vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Emerging Markets ETF (FEMR) 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, FEMR achieves a 29.38% return, which is significantly lower than USOY's 34.69% return.

FEMR

• 1D: -5.78%
• 1M: 3.04%
• YTD: 29.38%
• 6M: 31.28%
• 1Y: 55.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.29%
• 1M: -17.01%
• YTD: 34.69%
• 6M: 34.18%
• 1Y: 26.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEMR vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEMR Fidelity Enhanced Emerging Markets ETF	29.38%	35.27%	-1.48%
USOY Defiance Oil Enhanced Options Income ETF	34.69%	-7.93%	6.24%

Correlation

The correlation between FEMR and USOY is -0.21, 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	-0.21
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	-0.11

Return for Risk

FEMR vs. USOY — Risk / Return Rank

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

FEMR

FEMR Risk / Return Rank: 77
FEMR Sharpe Ratio Rank: 78
FEMR Sortino Ratio Rank: 68
FEMR Omega Ratio Rank: 80
FEMR Calmar Ratio Rank: 79
FEMR Martin Ratio Rank: 79

USOY

USOY Risk / Return Rank: 26
USOY Sharpe Ratio Rank: 25
USOY Sortino Ratio Rank: 23
USOY Omega Ratio Rank: 26
USOY Calmar Ratio Rank: 27
USOY Martin Ratio Rank: 30

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.

FEMR vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Emerging Markets ETF (FEMR) 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.

	FEMR	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.33	0.85	+1.48
Sortino ratio: Return per unit of downside risk	2.90	1.24	+1.65
Omega ratio: Gain probability vs. loss probability	1.44	1.18	+0.27
Calmar ratio: Return relative to maximum drawdown	3.83	1.25	+2.58
Martin ratio: Return relative to average drawdown	14.57	4.10	+10.46

FEMR vs. USOY - Sharpe Ratio Comparison

The current FEMR Sharpe Ratio is 2.33, which is higher than the USOY Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of FEMR 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

FEMR vs. USOY - Drawdown Comparison

The maximum FEMR drawdown since its inception was -15.58%, smaller than the maximum USOY drawdown of -21.19%. Use the drawdown chart below to compare losses from any high point for FEMR and USOY.

Drawdown Indicators

	FEMR	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-21.19%	+5.61%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-21.19%	+6.72%
Current Drawdown Current decline from peak	-5.78%	-21.19%	+15.41%
Average Drawdown Average peak-to-trough decline	-2.38%	-6.63%	+4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	6.44%	-2.64%

Volatility

FEMR vs. USOY - Volatility Comparison

Fidelity Enhanced Emerging Markets ETF (FEMR) has a higher volatility of 12.62% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 10.34%. This indicates that FEMR's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMR	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.62%	10.34%	+2.28%
Volatility (6M) Calculated over the trailing 6-month period	21.66%	28.44%	-6.78%
Volatility (1Y) Calculated over the trailing 1-year period	23.80%	31.56%	-7.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.78%	26.51%	-3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.78%	26.51%	-3.73%

FEMR vs. USOY - Expense Ratio Comparison

FEMR has a 0.38% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

FEMR vs. USOY - Dividend Comparison

FEMR's dividend yield for the trailing twelve months is around 1.48%, less than USOY's 68.29% yield.

Position	TTM	2025	2024
FEMR Fidelity Enhanced Emerging Markets ETF	1.48%	1.92%	0.37%
USOY Defiance Oil Enhanced Options Income ETF	68.29%	104.32%	48.60%

Frequently Asked Questions

Can I hold both FEMR and USOY in my portfolio?

FEMR and USOY have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEMR or USOY?

FEMR has higher volatility (12.62%) compared to USOY (10.34%). In terms of maximum drawdown, FEMR dropped -15.58% vs USOY's -21.19%.

Which ETF is better, FEMR or USOY?

On 1-year performance, FEMR leads with 55.15% vs 26.28% for USOY. On fees, FEMR is cheaper at 0.38% per year. On volatility, USOY has been the lower-risk option at 10.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEMR or USOY?

Over the 1-year period, FEMR has performed better with a 55.15% return vs 26.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEMR or USOY?

FEMR is cheaper with a 0.38% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 68.29%, compared with 1.48% for FEMR.

What is the main difference between FEMR and USOY?

FEMR is categorized as Emerging Markets Diversified, while USOY is Derivative Income. They also come from different issuers: Fidelity and Defiance. Their fees differ too: 0.38% for FEMR and 1.22% for USOY.

Which has better risk-adjusted returns?

FEMR currently has the higher Sharpe Ratio (2.33 vs 0.85), 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.