HOOY vs. USOY

Last updated Jun 4, 2026

HOOY (YieldMax HOOD Option Income Strategy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, HOOY returned 9.03% vs 57.29% for USOY. At a correlation of -0.16, they often move in opposite directions. HOOY charges 0.99%/yr vs 1.22%/yr for USOY.

Performance

HOOY vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax HOOD Option Income Strategy ETF (HOOY) 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, HOOY achieves a -20.00% return, which is significantly lower than USOY's 62.18% return.

HOOY

• 1D: -4.94%
• 1M: 7.42%
• YTD: -20.00%
• 6M: -29.79%
• 1Y: 9.03%
• 3Y*: —
• 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)

HOOY vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
HOOY YieldMax HOOD Option Income Strategy ETF	-20.00%	64.95%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	3.03%

Correlation

The correlation between HOOY and USOY is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since May 9, 2025	-0.16

Return for Risk

HOOY vs. USOY — Risk / Return Rank

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

HOOY

HOOY Risk / Return Rank: 12
HOOY Sharpe Ratio Rank: 11
HOOY Sortino Ratio Rank: 13
HOOY Omega Ratio Rank: 14
HOOY Calmar Ratio Rank: 11
HOOY Martin Ratio Rank: 10

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.

HOOY vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax HOOD Option Income Strategy ETF (HOOY) 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.

	HOOY	USOY	Difference
Sharpe ratio: Return per unit of total volatility	0.16	1.89	-1.73
Sortino ratio: Return per unit of downside risk	0.62	2.30	-1.68
Omega ratio: Gain probability vs. loss probability	1.08	1.35	-0.27
Calmar ratio: Return relative to maximum drawdown	0.18	4.03	-3.85
Martin ratio: Return relative to average drawdown	0.32	7.74	-7.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HOOY vs. USOY - Sharpe Ratio Comparison

The current HOOY Sharpe Ratio is 0.16, which is lower than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of HOOY 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

	HOOY	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	1.89	-1.73
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.99	-0.44

Drawdowns

HOOY vs. USOY - Drawdown Comparison

The maximum HOOY drawdown since its inception was -51.54%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for HOOY and USOY.

Drawdown Indicators

	HOOY	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-51.54%	-17.46%	-34.08%
Max Drawdown (1Y) Largest decline over 1 year	-51.54%	-14.29%	-37.25%
Current Drawdown Current decline from peak	-40.38%	-5.11%	-35.27%
Average Drawdown Average peak-to-trough decline	-20.18%	-6.47%	-13.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.24%	7.42%	+20.82%

Volatility

HOOY vs. USOY - Volatility Comparison

YieldMax HOOD Option Income Strategy ETF (HOOY) has a higher volatility of 15.59% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.62%. This indicates that HOOY's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HOOY	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.59%	11.62%	+3.97%
Volatility (6M) Calculated over the trailing 6-month period	41.92%	27.18%	+14.74%
Volatility (1Y) Calculated over the trailing 1-year period	55.33%	30.44%	+24.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.48%	26.13%	+28.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.48%	26.13%	+28.35%

HOOY vs. USOY - Expense Ratio Comparison

HOOY has a 0.99% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

HOOY vs. USOY - Dividend Comparison

HOOY's dividend yield for the trailing twelve months is around 160.00%, more than USOY's 54.16% yield.

Position	TTM	2025	2024
HOOY YieldMax HOOD Option Income Strategy ETF	160.00%	82.87%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both HOOY and USOY in my portfolio?

HOOY and USOY have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HOOY or USOY?

HOOY has higher volatility (15.59%) compared to USOY (11.62%). In terms of maximum drawdown, HOOY dropped -51.54% vs USOY's -17.46%.

Which ETF is better, HOOY or USOY?

On 1-year performance, USOY leads with 57.29% vs 9.03% for HOOY. On fees, HOOY is cheaper at 0.99% per year. On volatility, USOY has been the lower-risk option at 11.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HOOY or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 9.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOOY or USOY?

HOOY is cheaper with a 0.99% expense ratio, compared with 1.22% for USOY.

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

HOOY has the higher dividend yield at 160.00%, compared with 54.16% for USOY.

What is the main difference between HOOY and USOY?

They also come from different issuers: YieldMax and Defiance. Their fees differ too: 0.99% for HOOY and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 vs 0.16), 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.