HFND vs. USOY

Last updated Jun 4, 2026

HFND (Unlimited HFND Multi-Strategy Return Tracker ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - HFND is a Multistrategy fund actively managed by Tidal ETFs, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, HFND returned 18.87% vs 57.29% for USOY. At a correlation of -0.07, they often move in opposite directions. Both charge a 1.22% expense ratio.

Performance

HFND vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) 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, HFND achieves a 8.65% return, which is significantly lower than USOY's 62.18% return.

HFND

• 1D: -0.45%
• 1M: 2.07%
• YTD: 8.65%
• 6M: 8.06%
• 1Y: 18.87%
• 3Y*: 10.00%
• 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)

HFND vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	8.65%	8.93%	4.55%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between HFND and USOY is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.07

The correlation between HFND and USOY shifts across timeframes, from -0.26 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HFND vs. USOY — Risk / Return Rank

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

HFND

HFND Risk / Return Rank: 66
HFND Sharpe Ratio Rank: 59
HFND Sortino Ratio Rank: 59
HFND Omega Ratio Rank: 61
HFND Calmar Ratio Rank: 76
HFND Martin Ratio Rank: 75

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.

HFND vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) 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.

	HFND	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.89	+0.12
Sortino ratio: Return per unit of downside risk	2.85	2.30	+0.55
Omega ratio: Gain probability vs. loss probability	1.38	1.35	+0.03
Calmar ratio: Return relative to maximum drawdown	3.84	4.03	-0.19
Martin ratio: Return relative to average drawdown	14.31	7.74	+6.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFND vs. USOY - Sharpe Ratio Comparison

The current HFND Sharpe Ratio is 2.01, which is comparable to the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of HFND 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

	HFND	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.89	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.99	-0.06

Drawdowns

HFND vs. USOY - Drawdown Comparison

The maximum HFND drawdown since its inception was -13.31%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for HFND and USOY.

Drawdown Indicators

	HFND	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-13.31%	-17.46%	+4.15%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-14.29%	+9.35%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	—	—
Current Drawdown Current decline from peak	-0.45%	-5.11%	+4.66%
Average Drawdown Average peak-to-trough decline	-2.10%	-6.47%	+4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	7.42%	-6.10%

Volatility

HFND vs. USOY - Volatility Comparison

The current volatility for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) is 3.02%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that HFND 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

	HFND	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	11.62%	-8.60%
Volatility (6M) Calculated over the trailing 6-month period	7.87%	27.18%	-19.31%
Volatility (1Y) Calculated over the trailing 1-year period	9.42%	30.44%	-21.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.47%	26.13%	-16.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.47%	26.13%	-16.66%

HFND vs. USOY - Expense Ratio Comparison

Both HFND and USOY have an expense ratio of 1.22%.

Dividends

HFND vs. USOY - Dividend Comparison

HFND's dividend yield for the trailing twelve months is around 4.68%, less than USOY's 54.16% yield.

Position	TTM	2025	2024	2023	2022
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	4.68%	5.08%	3.70%	1.41%	0.43%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFND and USOY in my portfolio?

HFND and USOY have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFND or USOY?

USOY has higher volatility (11.62%) compared to HFND (3.02%). In terms of maximum drawdown, HFND dropped -13.31% vs USOY's -17.46%.

Which ETF is better, HFND or USOY?

On 1-year performance, USOY leads with 57.29% vs 18.87% for HFND. Both ETFs have the same 1.22% expense ratio. On volatility, HFND has been the lower-risk option at 3.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HFND or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 18.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFND or USOY?

HFND and USOY have the same expense ratio: 1.22% per year.

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

USOY has the higher dividend yield at 54.16%, compared with 4.68% for HFND.

What is the main difference between HFND and USOY?

HFND is categorized as Multistrategy, while USOY is Derivative Income. They also come from different issuers: Tidal ETFs and Defiance.

Which has better risk-adjusted returns?

HFND currently has the higher Sharpe Ratio (2.01 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.