GMAR vs. USOY

Last updated Jun 4, 2026

GMAR (FT Cboe Vest U.S. Equity Moderate Buffer ETF - March) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - GMAR is a Options Trading fund actively managed by FT Vest, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, GMAR returned 15.30% vs 57.29% for USOY. At a correlation of -0.07, they often move in opposite directions. GMAR charges 0.85%/yr vs 1.22%/yr for USOY.

Performance

GMAR vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR) 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, GMAR achieves a 7.89% return, which is significantly lower than USOY's 62.18% return.

GMAR

• 1D: -0.09%
• 1M: 1.52%
• YTD: 7.89%
• 6M: 8.66%
• 1Y: 15.30%
• 3Y*: 12.24%
• 5Y*: —
• 10Y*: —

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)

GMAR vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMAR FT Cboe Vest U.S. Equity Moderate Buffer ETF - March	7.89%	9.29%	8.58%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between GMAR and USOY is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.07

Over the past year, the inverse relationship between GMAR and USOY has strengthened: their correlation has moved from -0.07 to -0.32, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

GMAR vs. USOY — Risk / Return Rank

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

GMAR

GMAR Risk / Return Rank: 97
GMAR Sharpe Ratio Rank: 95
GMAR Sortino Ratio Rank: 97
GMAR Omega Ratio Rank: 98
GMAR Calmar Ratio Rank: 95
GMAR Martin Ratio Rank: 98

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.

GMAR vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR) 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.

	GMAR	USOY	Difference
Sharpe ratio: Return per unit of total volatility	3.94	1.89	+2.05
Sortino ratio: Return per unit of downside risk	6.60	2.30	+4.30
Omega ratio: Gain probability vs. loss probability	2.02	1.35	+0.67
Calmar ratio: Return relative to maximum drawdown	8.56	4.03	+4.53
Martin ratio: Return relative to average drawdown	59.52	7.74	+51.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMAR vs. USOY - Sharpe Ratio Comparison

The current GMAR Sharpe Ratio is 3.94, which is higher than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of GMAR 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

	GMAR	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.94	1.89	+2.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.91	0.99	+0.92

Drawdowns

GMAR vs. USOY - Drawdown Comparison

The maximum GMAR drawdown since its inception was -9.11%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for GMAR and USOY.

Drawdown Indicators

	GMAR	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-9.11%	-17.46%	+8.35%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	-14.29%	+12.50%
Max Drawdown (3Y) Largest decline over 3 years	-9.11%	—	—
Current Drawdown Current decline from peak	-0.10%	-5.11%	+5.01%
Average Drawdown Average peak-to-trough decline	-0.54%	-6.47%	+5.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	7.42%	-7.16%

Volatility

GMAR vs. USOY - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR) is 0.69%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that GMAR 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

	GMAR	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	11.62%	-10.93%
Volatility (6M) Calculated over the trailing 6-month period	2.99%	27.18%	-24.19%
Volatility (1Y) Calculated over the trailing 1-year period	3.90%	30.44%	-26.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.84%	26.13%	-19.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.84%	26.13%	-19.29%

GMAR vs. USOY - Expense Ratio Comparison

GMAR has a 0.85% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

GMAR vs. USOY - Dividend Comparison

GMAR has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 54.16%.

Position	TTM	2025	2024
GMAR FT Cboe Vest U.S. Equity Moderate Buffer ETF - March	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both GMAR and USOY in my portfolio?

GMAR and USOY have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMAR or USOY?

USOY has higher volatility (11.62%) compared to GMAR (0.69%). In terms of maximum drawdown, GMAR dropped -9.11% vs USOY's -17.46%.

Which ETF is better, GMAR or USOY?

On 1-year performance, USOY leads with 57.29% vs 15.30% for GMAR. On fees, GMAR is cheaper at 0.85% per year. On volatility, GMAR has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMAR or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 15.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMAR or USOY?

GMAR is cheaper with a 0.85% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 0.00% for GMAR.

What is the main difference between GMAR and USOY?

GMAR is categorized as Options Trading, while USOY is Derivative Income. They also come from different issuers: FT Vest and Defiance. Their fees differ too: 0.85% for GMAR and 1.22% for USOY.

Which has better risk-adjusted returns?

GMAR currently has the higher Sharpe Ratio (3.94 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.