FPA vs. USOY

Last updated Jun 4, 2026

FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while USOY is a Derivative Income fund actively managed by Defiance. FPA is passively managed, while USOY is actively managed. Over the past year, FPA returned 82.43% vs 57.29% for USOY. At a correlation of -0.05, they often move in opposite directions. FPA charges 0.80%/yr vs 1.22%/yr for USOY.

Performance

FPA vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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, FPA achieves a 51.47% return, which is significantly lower than USOY's 62.18% return.

FPA

• 1D: -0.59%
• 1M: 9.98%
• YTD: 51.47%
• 6M: 51.19%
• 1Y: 82.43%
• 3Y*: 33.32%
• 5Y*: 13.09%
• 10Y*: 11.25%

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)

FPA vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	51.47%	43.16%	2.64%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between FPA and USOY is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.05

Over the past year, the inverse relationship between FPA and USOY has strengthened: their correlation has moved from -0.05 to -0.26, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

FPA vs. USOY — Risk / Return Rank

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

FPA

FPA Risk / Return Rank: 88
FPA Sharpe Ratio Rank: 91
FPA Sortino Ratio Rank: 87
FPA Omega Ratio Rank: 86
FPA Calmar Ratio Rank: 89
FPA Martin Ratio Rank: 89

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.

FPA vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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.

	FPA	USOY	Difference
Sharpe ratio Return per unit of total volatility	3.24	1.89	+1.35
Sortino ratio Return per unit of downside risk	3.94	2.30	+1.64
Omega ratio Gain probability vs. loss probability	1.54	1.35	+0.19
Calmar ratio Return relative to maximum drawdown	5.39	4.03	+1.36
Martin ratio Return relative to average drawdown	19.96	7.74	+12.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPA vs. USOY - Sharpe Ratio Comparison

The current FPA Sharpe Ratio is 3.24, which is higher than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FPA 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

	FPA	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.24	1.89	+1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.99	-0.66

Drawdowns

FPA vs. USOY - Drawdown Comparison

The maximum FPA drawdown since its inception was -52.91%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for FPA and USOY.

Drawdown Indicators

	FPA	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-52.91%	-17.46%	-35.45%
Max Drawdown (1Y) Largest decline over 1 year	-15.37%	-14.29%	-1.08%
Max Drawdown (3Y) Largest decline over 3 years	-20.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-52.91%	—	—
Current Drawdown Current decline from peak	-4.12%	-5.11%	+0.99%
Average Drawdown Average peak-to-trough decline	-13.49%	-6.47%	-7.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	7.42%	-3.28%

Volatility

FPA vs. USOY - Volatility Comparison

First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 12.96% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.62%. This indicates that FPA'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

	FPA	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.96%	11.62%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	21.92%	27.18%	-5.26%
Volatility (1Y) Calculated over the trailing 1-year period	25.55%	30.44%	-4.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.98%	26.13%	-2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.39%	26.13%	-3.74%

FPA vs. USOY - Expense Ratio Comparison

FPA has a 0.80% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

FPA vs. USOY - Dividend Comparison

FPA's dividend yield for the trailing twelve months is around 3.52%, less than USOY's 54.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.52%	4.71%	3.40%	3.02%	4.22%	5.12%	1.59%	3.90%	2.81%	3.15%	2.42%	1.74%
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 FPA and USOY in my portfolio?

FPA and USOY have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPA or USOY?

FPA has higher volatility (12.96%) compared to USOY (11.62%). In terms of maximum drawdown, FPA dropped -52.91% vs USOY's -17.46%.

Which ETF is better, FPA or USOY?

On 1-year performance, FPA leads with 82.43% vs 57.29% for USOY. On fees, FPA is cheaper at 0.80% per year. On volatility, USOY has been the lower-risk option at 11.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPA or USOY?

Over the 1-year period, FPA has performed better with a 82.43% return vs 57.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPA or USOY?

FPA is cheaper with a 0.80% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 3.52% for FPA.

What is the main difference between FPA and USOY?

FPA is categorized as Asia Pacific Equities, while USOY is Derivative Income. They also come from different issuers: First Trust and Defiance. Their fees differ too: 0.80% for FPA and 1.22% for USOY.

Which has better risk-adjusted returns?

FPA currently has the higher Sharpe Ratio (3.24 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.