FTMA vs. USOY

Last updated Jun 13, 2026

FTMA (Franklin Massachusetts Municipal Income ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - FTMA is a Municipal Bonds fund tracking the Actively Managed, while USOY is a Derivative Income fund actively managed by Defiance. FTMA is passively managed, while USOY is actively managed. At a correlation of -0.36, they often move in opposite directions. FTMA charges 0.35%/yr vs 1.22%/yr for USOY.

Performance

FTMA vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Massachusetts Municipal Income ETF (FTMA) 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, FTMA achieves a 2.00% return, which is significantly lower than USOY's 49.45% return.

FTMA

• 1D: -0.11%
• 1M: 0.72%
• YTD: 2.00%
• 6M: 2.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.40%
• 1M: -8.78%
• YTD: 49.45%
• 6M: 49.95%
• 1Y: 38.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTMA vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
FTMA Franklin Massachusetts Municipal Income ETF	2.00%	0.54%
USOY Defiance Oil Enhanced Options Income ETF	49.45%	-0.53%

Correlation

The correlation between FTMA and USOY is -0.36, 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 (All Time) Calculated using the full available price history since Nov 10, 2025	-0.36

Return for Risk

FTMA vs. USOY — Risk / Return Rank

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

FTMA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USOY

USOY Risk / Return Rank: 46
USOY Sharpe Ratio Rank: 42
USOY Sortino Ratio Rank: 37
USOY Omega Ratio Rank: 44
USOY Calmar Ratio Rank: 66
USOY Martin Ratio Rank: 39

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.

FTMA vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Massachusetts Municipal Income ETF (FTMA) 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.

	FTMA	USOY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.33	—
Sortino ratio: Return per unit of downside risk	—	1.75	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	2.90	—
Martin ratio: Return relative to average drawdown	—	5.46	—

Drawdowns

FTMA vs. USOY - Drawdown Comparison

The maximum FTMA drawdown since its inception was -2.27%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for FTMA and USOY.

Drawdown Indicators

	FTMA	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-2.27%	-17.46%	+15.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.29%	—
Current Drawdown Current decline from peak	-0.11%	-12.56%	+12.45%
Average Drawdown Average peak-to-trough decline	-0.48%	-6.49%	+6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.58%	—

Volatility

Volatility by Period

	FTMA	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.45%	—
Volatility (6M) Calculated over the trailing 6-month period	—	27.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	31.15%	-27.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.44%	26.34%	-22.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.44%	26.34%	-22.90%

FTMA vs. USOY - Expense Ratio Comparison

FTMA has a 0.35% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

FTMA vs. USOY - Dividend Comparison

FTMA's dividend yield for the trailing twelve months is around 1.96%, less than USOY's 61.95% yield.

Position	TTM	2025	2024
FTMA Franklin Massachusetts Municipal Income ETF	1.96%	0.54%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	61.95%	104.32%	48.60%

Frequently Asked Questions

Can I hold both FTMA and USOY in my portfolio?

FTMA and USOY have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTMA or USOY?

On fees, FTMA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FTMA or USOY?

FTMA is cheaper with a 0.35% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 61.95%, compared with 1.96% for FTMA.

What is the main difference between FTMA and USOY?

FTMA is categorized as Municipal Bonds, while USOY is Derivative Income. They also come from different issuers: Franklin Templeton and Defiance. Their fees differ too: 0.35% for FTMA and 1.22% for USOY.