FLEH vs. USOY
FLEH (Franklin FTSE Europe Hedged ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - FLEH is a Europe Equities fund tracking the FTSE Developed Europe RIC Capped Index, while USOY is a Derivative Income fund actively managed by Defiance. FLEH is passively managed, while USOY is actively managed. Over the past year, FLEH returned 18.35% vs 57.29% for USOY. At a correlation of -0.14, they often move in opposite directions. FLEH charges 0.09%/yr vs 1.22%/yr for USOY.
Performance
FLEH vs. USOY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FLEH achieves a 6.27% return, which is significantly lower than USOY's 62.18% return.
FLEH
- 1D
- -0.88%
- 1M
- 4.88%
- YTD
- 6.27%
- 6M
- 9.17%
- 1Y
- 18.35%
- 3Y*
- 16.47%
- 5Y*
- 11.81%
- 10Y*
- —
USOY
- 1D
- 1.45%
- 1M
- -3.43%
- YTD
- 62.18%
- 6M
- 59.35%
- 1Y
- 57.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FLEH vs. USOY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FLEH Franklin FTSE Europe Hedged ETF | 6.27% | 41.56% | -6.24% |
USOY Defiance Oil Enhanced Options Income ETF | 62.18% | -7.93% | 7.27% |
Correlation
The correlation between FLEH and USOY is -0.39, 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 | -0.39 |
Correlation (All Time) Calculated using the full available price history since May 13, 2024 | -0.14 |
Over the past year, the inverse relationship between FLEH and USOY has strengthened: their correlation has moved from -0.14 to -0.39, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FLEH vs. USOY — Risk / Return Rank
FLEH
USOY
FLEH vs. USOY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) 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.
| FLEH | USOY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.35 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 4.03 | -2.65 |
| Martin ratioReturn relative to average drawdown | 4.99 | 7.74 | -2.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FLEH | USOY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 1.89 | -0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.99 | -0.42 |
Drawdowns
FLEH vs. USOY - Drawdown Comparison
The maximum FLEH drawdown since its inception was -33.94%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for FLEH and USOY.
Loading charts...
Drawdown Indicators
| FLEH | USOY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.94% | -17.46% | -16.48% |
Max Drawdown (1Y)Largest decline over 1 year | -13.41% | -14.29% | +0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -15.67% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.67% | — | — |
Current DrawdownCurrent decline from peak | -1.50% | -5.11% | +3.61% |
Average DrawdownAverage peak-to-trough decline | -4.71% | -6.47% | +1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.68% | 7.42% | -3.74% |
Volatility
FLEH vs. USOY - Volatility Comparison
The current volatility for Franklin FTSE Europe Hedged ETF (FLEH) is 6.75%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that FLEH 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.
Loading charts...
Volatility by Period
| FLEH | USOY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.75% | 11.62% | -4.87% |
Volatility (6M)Calculated over the trailing 6-month period | 14.38% | 27.18% | -12.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.02% | 30.44% | -13.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.34% | 26.13% | -9.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.25% | 26.13% | -7.88% |
FLEH vs. USOY - Expense Ratio Comparison
FLEH has a 0.09% expense ratio, which is lower than USOY's 1.22% expense ratio.
Dividends
FLEH vs. USOY - Dividend Comparison
FLEH's dividend yield for the trailing twelve months is around 2.09%, less than USOY's 54.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLEH Franklin FTSE Europe Hedged ETF | 2.09% | 2.22% | 3.18% | 3.25% | 21.45% | 3.03% | 1.94% | 6.06% | 12.17% | 0.07% |
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% |
Frequently Asked Questions
FLEH and USOY have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USOY has higher volatility (11.62%) compared to FLEH (6.75%). In terms of maximum drawdown, FLEH dropped -33.94% vs USOY's -17.46%.
On 1-year performance, USOY leads with 57.29% vs 18.35% for FLEH. On fees, FLEH is cheaper at 0.09% per year. On volatility, FLEH has been the lower-risk option at 6.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USOY has performed better with a 57.29% return vs 18.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLEH is cheaper with a 0.09% expense ratio, compared with 1.22% for USOY.
USOY has the higher dividend yield at 54.16%, compared with 2.09% for FLEH.
FLEH is categorized as Europe Equities, while USOY is Derivative Income. They also come from different issuers: Franklin Templeton and Defiance. Their fees differ too: 0.09% for FLEH and 1.22% for USOY.
USOY currently has the higher Sharpe Ratio (1.89 vs 1.08), 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.
Find the right allocation for FLEH and USOY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer