HDEF vs. USOY

Last updated Jun 3, 2026

HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index, while USOY is a Derivative Income fund actively managed by Defiance. HDEF is passively managed, while USOY is actively managed. Over the past year, HDEF returned 16.33% vs 55.52% for USOY. At a correlation of -0.07, they often move in opposite directions. HDEF charges 0.20%/yr vs 1.22%/yr for USOY.

Performance

HDEF vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) 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, HDEF achieves a 5.00% return, which is significantly lower than USOY's 59.86% return.

HDEF

• 1D: 0.28%
• 1M: -1.91%
• YTD: 5.00%
• 6M: 7.21%
• 1Y: 16.33%
• 3Y*: 16.77%
• 5Y*: 10.18%
• 10Y*: 8.69%

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)

HDEF vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	5.00%	33.01%	-1.14%
USOY Defiance Oil Enhanced Options Income ETF	59.86%	-7.93%	7.27%

Correlation

The correlation between HDEF and USOY is -0.23, 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	-0.23
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.07

The correlation between HDEF and USOY shifts across timeframes, from -0.23 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HDEF vs. USOY — Risk / Return Rank

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

HDEF

HDEF Risk / Return Rank: 41
HDEF Sharpe Ratio Rank: 39
HDEF Sortino Ratio Rank: 39
HDEF Omega Ratio Rank: 40
HDEF Calmar Ratio Rank: 43
HDEF Martin Ratio Rank: 41

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.

HDEF vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) 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.

	HDEF	USOY	Difference
Sharpe ratio Return per unit of total volatility	1.41	1.83	-0.42
Sortino ratio Return per unit of downside risk	1.99	2.25	-0.25
Omega ratio Gain probability vs. loss probability	1.26	1.34	-0.08
Calmar ratio Return relative to maximum drawdown	2.13	4.10	-1.97
Martin ratio Return relative to average drawdown	6.67	7.91	-1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDEF vs. USOY - Sharpe Ratio Comparison

The current HDEF Sharpe Ratio is 1.41, which is comparable to the USOY Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of HDEF 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

	HDEF	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.83	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.96	-0.51

Drawdowns

HDEF vs. USOY - Drawdown Comparison

The maximum HDEF drawdown since its inception was -36.43%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for HDEF and USOY.

Drawdown Indicators

	HDEF	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-36.43%	-17.46%	-18.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	-14.29%	+6.26%
Max Drawdown (3Y) Largest decline over 3 years	-11.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.63%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.43%	—	—
Current Drawdown Current decline from peak	-4.78%	-6.47%	+1.69%
Average Drawdown Average peak-to-trough decline	-5.04%	-6.47%	+1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	7.42%	-4.86%

Volatility

HDEF vs. USOY - Volatility Comparison

The current volatility for Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) is 3.93%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.94%. This indicates that HDEF 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

	HDEF	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	11.94%	-8.01%
Volatility (6M) Calculated over the trailing 6-month period	9.15%	27.16%	-18.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.64%	30.46%	-18.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.14%	26.14%	-12.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	26.14%	-9.90%

HDEF vs. USOY - Expense Ratio Comparison

HDEF has a 0.20% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

HDEF vs. USOY - Dividend Comparison

HDEF's dividend yield for the trailing twelve months is around 3.61%, less than USOY's 54.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.61%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%
USOY Defiance Oil Enhanced Options Income ETF	54.95%	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 HDEF and USOY in my portfolio?

HDEF and USOY have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDEF or USOY?

USOY has higher volatility (11.94%) compared to HDEF (3.93%). In terms of maximum drawdown, HDEF dropped -36.43% vs USOY's -17.46%.

Which ETF is better, HDEF or USOY?

On 1-year performance, USOY leads with 55.52% vs 16.33% for HDEF. On fees, HDEF is cheaper at 0.20% per year. On volatility, HDEF has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDEF or USOY?

Over the 1-year period, USOY has performed better with a 55.52% return vs 16.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDEF or USOY?

HDEF is cheaper with a 0.20% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.95%, compared with 3.61% for HDEF.

What is the main difference between HDEF and USOY?

HDEF is categorized as Foreign Large Cap Equities, while USOY is Derivative Income. They also come from different issuers: Deutsche Bank and Defiance. Their fees differ too: 0.20% for HDEF and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.83 vs 1.41), 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.