GMOI vs. USOY

Last updated Jun 3, 2026

GMOI (GMO International Value ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - GMOI is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Value, while USOY is a Derivative Income fund actively managed by Defiance. GMOI is passively managed, while USOY is actively managed. Over the past year, GMOI returned 36.58% vs 55.52% for USOY. At a correlation of -0.10, they often move in opposite directions. GMOI charges 0.60%/yr vs 1.22%/yr for USOY.

Performance

GMOI vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO International Value ETF (GMOI) 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, GMOI achieves a 13.88% return, which is significantly lower than USOY's 59.86% return.

GMOI

• 1D: 1.06%
• 1M: 1.97%
• YTD: 13.88%
• 6M: 18.41%
• 1Y: 36.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: 1.63%
• 1M: -1.93%
• YTD: 59.86%
• 6M: 58.33%
• 1Y: 55.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GMOI vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMOI GMO International Value ETF	13.88%	45.64%	-4.57%
USOY Defiance Oil Enhanced Options Income ETF	59.86%	-7.93%	13.10%

Correlation

The correlation between GMOI and USOY is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Oct 30, 2024	-0.10

The correlation between GMOI and USOY shifts across timeframes, from -0.22 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GMOI vs. USOY — Risk / Return Rank

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

GMOI

GMOI Risk / Return Rank: 84
GMOI Sharpe Ratio Rank: 84
GMOI Sortino Ratio Rank: 84
GMOI Omega Ratio Rank: 81
GMOI Calmar Ratio Rank: 84
GMOI Martin Ratio Rank: 85

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 53
USOY Sortino Ratio Rank: 45
USOY Omega Ratio Rank: 54
USOY Calmar Ratio Rank: 79
USOY Martin Ratio Rank: 47

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.

GMOI vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO International Value ETF (GMOI) 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.

	GMOI	USOY	Difference
Sharpe ratio Return per unit of total volatility	2.80	1.83	+0.96
Sortino ratio Return per unit of downside risk	3.84	2.25	+1.60
Omega ratio Gain probability vs. loss probability	1.49	1.34	+0.16
Calmar ratio Return relative to maximum drawdown	4.50	4.10	+0.40
Martin ratio Return relative to average drawdown	17.86	7.91	+9.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMOI vs. USOY - Sharpe Ratio Comparison

The current GMOI Sharpe Ratio is 2.80, which is higher than the USOY Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of GMOI 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

	GMOI	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	1.83	+0.96
Sharpe Ratio (All Time) Calculated using the full available price history	2.17	0.96	+1.21

Drawdowns

GMOI vs. USOY - Drawdown Comparison

The maximum GMOI drawdown since its inception was -14.67%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for GMOI and USOY.

Drawdown Indicators

	GMOI	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-14.67%	-17.46%	+2.79%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-14.29%	+5.93%
Current Drawdown Current decline from peak	-0.26%	-6.47%	+6.21%
Average Drawdown Average peak-to-trough decline	-1.71%	-6.47%	+4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	7.42%	-5.31%

Volatility

GMOI vs. USOY - Volatility Comparison

The current volatility for GMO International Value ETF (GMOI) is 4.20%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.94%. This indicates that GMOI 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

	GMOI	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	11.94%	-7.74%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	27.16%	-16.91%
Volatility (1Y) Calculated over the trailing 1-year period	13.15%	30.46%	-17.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.59%	26.14%	-10.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.59%	26.14%	-10.55%

GMOI vs. USOY - Expense Ratio Comparison

GMOI has a 0.60% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

GMOI vs. USOY - Dividend Comparison

GMOI's dividend yield for the trailing twelve months is around 2.40%, less than USOY's 54.95% yield.

Position	TTM	2025	2024
GMOI GMO International Value ETF	2.40%	2.74%	0.54%
USOY Defiance Oil Enhanced Options Income ETF	54.95%	104.32%	48.60%

Frequently Asked Questions

Can I hold both GMOI and USOY in my portfolio?

GMOI and USOY have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMOI or USOY?

USOY has higher volatility (11.94%) compared to GMOI (4.20%). In terms of maximum drawdown, GMOI dropped -14.67% vs USOY's -17.46%.

Which ETF is better, GMOI or USOY?

On 1-year performance, USOY leads with 55.52% vs 36.58% for GMOI. On fees, GMOI is cheaper at 0.60% per year. On volatility, GMOI has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMOI or USOY?

Over the 1-year period, USOY has performed better with a 55.52% return vs 36.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMOI or USOY?

GMOI is cheaper with a 0.60% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.95%, compared with 2.40% for GMOI.

What is the main difference between GMOI and USOY?

GMOI is categorized as Foreign Large Cap Equities, while USOY is Derivative Income. They also come from different issuers: GMO and Defiance. Their fees differ too: 0.60% for GMOI and 1.22% for USOY.

Which has better risk-adjusted returns?

GMOI currently has the higher Sharpe Ratio (2.80 vs 1.83), 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.