GNMA vs. USOY
GNMA (iShares GNMA Bond ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - GNMA is a Mortgage Backed Securities fund tracking the Barclays Capital GNMA Index, while USOY is a Derivative Income fund actively managed by Defiance. GNMA is passively managed, while USOY is actively managed. Over the past year, GNMA returned 6.56% vs 57.29% for USOY. At a correlation of -0.29, they often move in opposite directions. GNMA charges 0.15%/yr vs 1.22%/yr for USOY.
Performance
GNMA vs. USOY - Performance Comparison
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Returns By Period
In the year-to-date period, GNMA achieves a 0.56% return, which is significantly lower than USOY's 62.18% return.
GNMA
- 1D
- -0.19%
- 1M
- -0.07%
- YTD
- 0.56%
- 6M
- 0.81%
- 1Y
- 6.56%
- 3Y*
- 4.20%
- 5Y*
- 0.53%
- 10Y*
- 1.23%
USOY
- 1D
- 1.45%
- 1M
- -3.43%
- YTD
- 62.18%
- 6M
- 59.35%
- 1Y
- 57.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GNMA vs. USOY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GNMA iShares GNMA Bond ETF | 0.56% | 8.25% | 3.20% |
USOY Defiance Oil Enhanced Options Income ETF | 62.18% | -7.93% | 7.27% |
Correlation
The correlation between GNMA and USOY is -0.40, 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 | -0.40 |
Correlation (All Time) Calculated using the full available price history since May 13, 2024 | -0.29 |
The correlation between GNMA and USOY shifts across timeframes, from -0.40 (1 year) to -0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GNMA vs. USOY — Risk / Return Rank
GNMA
USOY
GNMA vs. USOY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GNMA Bond ETF (GNMA) 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.
| GNMA | USOY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.35 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 4.03 | -1.51 |
| Martin ratioReturn relative to average drawdown | 8.05 | 7.74 | +0.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GNMA | USOY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.53 | 1.89 | -0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.99 | -0.74 |
Drawdowns
GNMA vs. USOY - Drawdown Comparison
The maximum GNMA drawdown since its inception was -17.09%, roughly equal to the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for GNMA and USOY.
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Drawdown Indicators
| GNMA | USOY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -17.46% | +0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -14.29% | +11.68% |
Max Drawdown (3Y)Largest decline over 3 years | -7.13% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.09% | — | — |
Current DrawdownCurrent decline from peak | -1.41% | -5.11% | +3.70% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -6.47% | +2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 7.42% | -6.60% |
Volatility
GNMA vs. USOY - Volatility Comparison
The current volatility for iShares GNMA Bond ETF (GNMA) is 1.54%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that GNMA 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.
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Volatility by Period
| GNMA | USOY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 11.62% | -10.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.14% | 27.18% | -24.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 30.44% | -26.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.61% | 26.13% | -19.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.13% | 26.13% | -21.00% |
GNMA vs. USOY - Expense Ratio Comparison
GNMA has a 0.15% expense ratio, which is lower than USOY's 1.22% expense ratio.
Dividends
GNMA vs. USOY - Dividend Comparison
GNMA's dividend yield for the trailing twelve months is around 4.24%, less than USOY's 54.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 4.24% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
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
GNMA and USOY have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USOY has higher volatility (11.62%) compared to GNMA (1.54%). In terms of maximum drawdown, GNMA dropped -17.09% vs USOY's -17.46%.
On 1-year performance, USOY leads with 57.29% vs 6.56% for GNMA. On fees, GNMA is cheaper at 0.15% per year. On volatility, GNMA has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USOY has performed better with a 57.29% return vs 6.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GNMA is cheaper with a 0.15% expense ratio, compared with 1.22% for USOY.
USOY has the higher dividend yield at 54.16%, compared with 4.24% for GNMA.
GNMA is categorized as Mortgage Backed Securities, while USOY is Derivative Income. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.15% for GNMA and 1.22% for USOY.
USOY currently has the higher Sharpe Ratio (1.89 vs 1.53), 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.
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