FTQI vs. USOY

Last updated Jun 5, 2026

FTQI (First Trust Nasdaq BuyWrite Income ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - FTQI is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while USOY is a Derivative Income fund actively managed by Defiance. FTQI is passively managed, while USOY is actively managed. Over the past year, FTQI returned 28.07% vs 54.64% for USOY. At a correlation of -0.08, they often move in opposite directions. FTQI charges 0.75%/yr vs 1.22%/yr for USOY.

Performance

FTQI vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Nasdaq BuyWrite Income ETF (FTQI) 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, FTQI achieves a 11.03% return, which is significantly lower than USOY's 59.27% return.

FTQI

• 1D: 0.23%
• 1M: 4.05%
• YTD: 11.03%
• 6M: 11.53%
• 1Y: 28.07%
• 3Y*: 17.30%
• 5Y*: 10.97%
• 10Y*: 8.00%

USOY

• 1D: -1.79%
• 1M: -3.80%
• YTD: 59.27%
• 6M: 55.41%
• 1Y: 54.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTQI vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FTQI First Trust Nasdaq BuyWrite Income ETF	11.03%	12.68%	10.84%
USOY Defiance Oil Enhanced Options Income ETF	59.27%	-7.93%	7.27%

Correlation

The correlation between FTQI and USOY is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.08

The correlation between FTQI and USOY shifts across timeframes, from -0.27 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FTQI vs. USOY — Risk / Return Rank

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

FTQI

FTQI Risk / Return Rank: 86
FTQI Sharpe Ratio Rank: 85
FTQI Sortino Ratio Rank: 85
FTQI Omega Ratio Rank: 86
FTQI Calmar Ratio Rank: 84
FTQI Martin Ratio Rank: 91

USOY

USOY Risk / Return Rank: 55
USOY Sharpe Ratio Rank: 54
USOY Sortino Ratio Rank: 45
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 77
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.

FTQI vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Nasdaq BuyWrite Income ETF (FTQI) 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.

	FTQI	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.73	1.80	+0.93
Sortino ratio: Return per unit of downside risk	3.76	2.21	+1.54
Omega ratio: Gain probability vs. loss probability	1.52	1.33	+0.19
Calmar ratio: Return relative to maximum drawdown	4.52	3.84	+0.68
Martin ratio: Return relative to average drawdown	21.94	7.37	+14.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTQI vs. USOY - Sharpe Ratio Comparison

The current FTQI Sharpe Ratio is 2.73, which is higher than the USOY Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of FTQI 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

	FTQI	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	1.80	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.95	-0.42

Drawdowns

FTQI vs. USOY - Drawdown Comparison

The maximum FTQI drawdown since its inception was -19.42%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for FTQI and USOY.

Drawdown Indicators

	FTQI	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-19.42%	-17.46%	-1.96%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-14.29%	+8.05%
Max Drawdown (3Y) Largest decline over 3 years	-19.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.42%	—	—
Current Drawdown Current decline from peak	0.00%	-6.81%	+6.81%
Average Drawdown Average peak-to-trough decline	-3.75%	-6.47%	+2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	7.43%	-6.15%

Volatility

FTQI vs. USOY - Volatility Comparison

The current volatility for First Trust Nasdaq BuyWrite Income ETF (FTQI) is 1.66%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.67%. This indicates that FTQI 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

	FTQI	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	11.67%	-10.01%
Volatility (6M) Calculated over the trailing 6-month period	8.24%	27.26%	-19.02%
Volatility (1Y) Calculated over the trailing 1-year period	10.33%	30.50%	-20.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.81%	26.14%	-11.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.35%	26.14%	-12.79%

FTQI vs. USOY - Expense Ratio Comparison

FTQI has a 0.75% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

FTQI vs. USOY - Dividend Comparison

FTQI's dividend yield for the trailing twelve months is around 10.94%, less than USOY's 56.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTQI First Trust Nasdaq BuyWrite Income ETF	10.94%	11.46%	11.66%	11.49%	9.85%	3.05%	3.27%	2.95%	3.27%	2.74%	3.02%	3.54%
USOY Defiance Oil Enhanced Options Income ETF	56.65%	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 FTQI and USOY in my portfolio?

FTQI and USOY have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTQI or USOY?

USOY has higher volatility (11.67%) compared to FTQI (1.66%). In terms of maximum drawdown, FTQI dropped -19.42% vs USOY's -17.46%.

Which ETF is better, FTQI or USOY?

On 1-year performance, USOY leads with 54.64% vs 28.07% for FTQI. On fees, FTQI is cheaper at 0.75% per year. On volatility, FTQI has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTQI or USOY?

Over the 1-year period, USOY has performed better with a 54.64% return vs 28.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTQI or USOY?

FTQI is cheaper with a 0.75% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 56.65%, compared with 10.94% for FTQI.

What is the main difference between FTQI and USOY?

FTQI is categorized as Nasdaq-100, while USOY is Derivative Income. They also come from different issuers: First Trust and Defiance. Their fees differ too: 0.75% for FTQI and 1.22% for USOY.

Which has better risk-adjusted returns?

FTQI currently has the higher Sharpe Ratio (2.73 vs 1.80), 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.