HOOY vs. HOOX

Last updated Jul 14, 2026

HOOY (YieldMax HOOD Option Income Strategy ETF) and HOOX (Defiance Daily Target 2X Long HOOD ETF) are both exchange-traded funds - HOOY is a Derivative Income fund actively managed by YieldMax, while HOOX is a Leveraged Equities fund actively managed by Defiance. Both are actively managed. Over the past year, HOOY returned 3.14% vs -36.63% for HOOX. With a 0.98 correlation, they move nearly in lockstep. HOOY charges 0.99%/yr vs 1.31%/yr for HOOX.

Performance

HOOY vs. HOOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax HOOD Option Income Strategy ETF (HOOY) and Defiance Daily Target 2X Long HOOD ETF (HOOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HOOY achieves a -0.97% return, which is significantly higher than HOOX's -35.42% return.

HOOY

• 1D: -1.58%
• 1M: 14.02%
• 6M: -4.94%
• YTD: -0.97%
• 1Y: 3.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HOOX

• 1D: -3.78%
• 1M: 32.61%
• 6M: -39.46%
• YTD: -35.42%
• 1Y: -36.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HOOY vs. HOOX - Yearly Performance Comparison

	2026 (YTD)	2025
HOOY YieldMax HOOD Option Income Strategy ETF	-0.97%	67.41%
HOOX Defiance Daily Target 2X Long HOOD ETF	-35.42%	248.13%

Correlation

The correlation between HOOY and HOOX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since May 8, 2025	0.98

The correlation between HOOY and HOOX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

HOOY vs. HOOX — Risk / Return Rank

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

HOOY

HOOY Risk / Return Rank: 11
HOOY Sharpe Ratio Rank: 10
HOOY Sortino Ratio Rank: 13
HOOY Omega Ratio Rank: 13
HOOY Calmar Ratio Rank: 10
HOOY Martin Ratio Rank: 10

HOOX

HOOX Risk / Return Rank: 9
HOOX Sharpe Ratio Rank: 7
HOOX Sortino Ratio Rank: 14
HOOX Omega Ratio Rank: 13
HOOX Calmar Ratio Rank: 6
HOOX Martin Ratio Rank: 6

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.

HOOY vs. HOOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax HOOD Option Income Strategy ETF (HOOY) and Defiance Daily Target 2X Long HOOD ETF (HOOX). 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.

	HOOY	HOOX	Difference
Sharpe ratio: Return per unit of total volatility	0.06	-0.27	+0.32
Sortino ratio: Return per unit of downside risk	0.48	0.53	-0.05
Omega ratio: Gain probability vs. loss probability	1.06	1.06	0.00
Calmar ratio: Return relative to maximum drawdown	0.06	-0.42	+0.48
Martin ratio: Return relative to average drawdown	0.10	-0.63	+0.73

HOOY vs. HOOX - Sharpe Ratio Comparison

The current HOOY Sharpe Ratio is 0.06, which is higher than the HOOX Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of HOOY and HOOX, 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

HOOY vs. HOOX - Drawdown Comparison

The maximum HOOY drawdown since its inception was -51.54%, smaller than the maximum HOOX drawdown of -87.11%. Use the drawdown chart below to compare losses from any high point for HOOY and HOOX.

Drawdown Indicators

	HOOY	HOOX	Difference
Max Drawdown Largest peak-to-trough decline	-51.54%	-87.11%	+35.57%
Max Drawdown (1Y) Largest decline over 1 year	-51.54%	-87.11%	+35.57%
Current Drawdown Current decline from peak	-26.20%	-70.10%	+43.90%
Average Drawdown Average peak-to-trough decline	-21.07%	-40.22%	+19.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.99%	58.47%	-28.48%

Volatility

HOOY vs. HOOX - Volatility Comparison

The current volatility for YieldMax HOOD Option Income Strategy ETF (HOOY) is 15.03%, while Defiance Daily Target 2X Long HOOD ETF (HOOX) has a volatility of 38.19%. This indicates that HOOY experiences smaller price fluctuations and is considered to be less risky than HOOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HOOY	HOOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.03%	38.19%	-23.16%
Volatility (6M) Calculated over the trailing 6-month period	42.90%	104.74%	-61.84%
Volatility (1Y) Calculated over the trailing 1-year period	56.06%	138.67%	-82.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.32%	143.48%	-89.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.32%	143.48%	-89.16%

HOOY vs. HOOX - Expense Ratio Comparison

HOOY has a 0.99% expense ratio, which is lower than HOOX's 1.31% expense ratio.

Dividends

HOOY vs. HOOX - Dividend Comparison

HOOY's dividend yield for the trailing twelve months is around 133.42%, more than HOOX's 21.87% yield.

Position	TTM	2025
HOOX Defiance Daily Target 2X Long HOOD ETF	21.87%	14.12%
HOOY YieldMax HOOD Option Income Strategy ETF	133.42%	82.87%

Frequently Asked Questions

Can I hold both HOOY and HOOX in my portfolio?

With a correlation of 0.99, HOOY and HOOX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HOOY or HOOX?

HOOX has higher volatility (38.19%) compared to HOOY (15.03%). In terms of maximum drawdown, HOOY dropped -51.54% vs HOOX's -87.11%.

Which ETF is better, HOOY or HOOX?

On 1-year performance, HOOY leads with 3.14% vs -36.63% for HOOX. On fees, HOOY is cheaper at 0.99% per year. On volatility, HOOY has been the lower-risk option at 15.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HOOY or HOOX?

Over the 1-year period, HOOY has performed better with a 3.14% return vs -36.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOOY or HOOX?

HOOY is cheaper with a 0.99% expense ratio, compared with 1.31% for HOOX.

Which ETF pays a higher dividend yield, HOOY or HOOX?

HOOY has the higher dividend yield at 133.42%, compared with 21.87% for HOOX.

What is the main difference between HOOY and HOOX?

HOOY is categorized as Derivative Income, while HOOX is Leveraged Equities. They also come from different issuers: YieldMax and Defiance. Their fees differ too: 0.99% for HOOY and 1.31% for HOOX.

Which has better risk-adjusted returns?

HOOY currently has the higher Sharpe Ratio (0.06 vs -0.27), 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.