GXDW vs. USOY

Last updated Jul 15, 2026

GXDW (Global X Dorsey Wright Thematic ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - GXDW is a Systematic Trend fund tracking the Nasdaq Dorsey Wright Thematic Rotation Total Return Index, while USOY is a Derivative Income fund actively managed by Defiance. GXDW is passively managed, while USOY is actively managed. Over the past year, GXDW returned -4.05% vs 35.94% for USOY. At a correlation of -0.03, they often move in opposite directions. GXDW charges 0.50%/yr vs 1.22%/yr for USOY.

Performance

GXDW vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Dorsey Wright Thematic ETF (GXDW) 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, GXDW achieves a 1.70% return, which is significantly lower than USOY's 43.95% return.

GXDW

• 1D: 1.18%
• 1M: -11.94%
• 6M: -5.62%
• YTD: 1.70%
• 1Y: -4.05%
• 3Y*: -4.23%
• 5Y*: -12.06%
• 10Y*: —

USOY

• 1D: 1.56%
• 1M: -3.68%
• 6M: 39.99%
• YTD: 43.95%
• 1Y: 35.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GXDW vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GXDW Global X Dorsey Wright Thematic ETF	1.70%	3.52%	-1.10%
USOY Defiance Oil Enhanced Options Income ETF	43.95%	-7.93%	6.13%

Correlation

The correlation between GXDW and USOY is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since May 10, 2024	-0.03

The correlation between GXDW and USOY shifts across timeframes, from -0.16 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GXDW vs. USOY — Risk / Return Rank

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

GXDW

GXDW Risk / Return Rank: 8
GXDW Sharpe Ratio Rank: 8
GXDW Sortino Ratio Rank: 8
GXDW Omega Ratio Rank: 8
GXDW Calmar Ratio Rank: 8
GXDW Martin Ratio Rank: 8

USOY

USOY Risk / Return Rank: 37
USOY Sharpe Ratio Rank: 38
USOY Sortino Ratio Rank: 36
USOY Omega Ratio Rank: 40
USOY Calmar Ratio Rank: 34
USOY Martin Ratio Rank: 36

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.

GXDW vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Dorsey Wright Thematic ETF (GXDW) 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.

	GXDW	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	1.12	-1.25
Sortino ratio: Return per unit of downside risk	0.01	1.56	-1.55
Omega ratio: Gain probability vs. loss probability	1.00	1.22	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.17	1.42	-1.58
Martin ratio: Return relative to average drawdown	-0.36	4.33	-4.68

GXDW vs. USOY - Sharpe Ratio Comparison

The current GXDW Sharpe Ratio is -0.14, which is lower than the USOY Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of GXDW 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.

Drawdowns

GXDW vs. USOY - Drawdown Comparison

The maximum GXDW drawdown since its inception was -67.81%, which is greater than USOY's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for GXDW and USOY.

Drawdown Indicators

	GXDW	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-67.81%	-25.51%	-42.30%
Max Drawdown (1Y) Largest decline over 1 year	-24.65%	-25.51%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-29.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.17%	—	—
Current Drawdown Current decline from peak	-59.80%	-15.77%	-44.03%
Average Drawdown Average peak-to-trough decline	-43.27%	-7.04%	-36.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.33%	8.33%	+3.00%

Volatility

GXDW vs. USOY - Volatility Comparison

The current volatility for Global X Dorsey Wright Thematic ETF (GXDW) is 10.60%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 12.15%. This indicates that GXDW 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

	GXDW	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.60%	12.15%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	23.42%	29.89%	-6.47%
Volatility (1Y) Calculated over the trailing 1-year period	29.44%	32.39%	-2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.39%	27.10%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.92%	27.10%	+2.82%

GXDW vs. USOY - Expense Ratio Comparison

GXDW has a 0.50% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

GXDW vs. USOY - Dividend Comparison

GXDW's dividend yield for the trailing twelve months is around 1.47%, less than USOY's 60.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GXDW Global X Dorsey Wright Thematic ETF	1.47%	1.40%	1.08%	1.99%	1.48%	1.56%	0.48%	0.31%
USOY Defiance Oil Enhanced Options Income ETF	60.76%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GXDW and USOY in my portfolio?

GXDW and USOY have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GXDW or USOY?

USOY has higher volatility (12.15%) compared to GXDW (10.60%). In terms of maximum drawdown, GXDW dropped -67.81% vs USOY's -25.51%.

Which ETF is better, GXDW or USOY?

On 1-year performance, USOY leads with 35.94% vs -4.05% for GXDW. On fees, GXDW is cheaper at 0.50% per year. On volatility, GXDW has been the lower-risk option at 10.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXDW or USOY?

Over the 1-year period, USOY has performed better with a 35.94% return vs -4.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXDW or USOY?

GXDW is cheaper with a 0.50% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 60.76%, compared with 1.47% for GXDW.

What is the main difference between GXDW and USOY?

GXDW is categorized as Systematic Trend, while USOY is Derivative Income. They also come from different issuers: Global X and Defiance. Their fees differ too: 0.50% for GXDW and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.11 vs -0.14), 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.