HYIN vs. USOY

Last updated Jun 5, 2026

HYIN (WisdomTree Alternative Income Fund) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - HYIN is a Diversified Portfolio fund tracking the Gapstow Liquid Alternative Credit Index, while USOY is a Derivative Income fund actively managed by Defiance. HYIN is passively managed, while USOY is actively managed. Over the past year, HYIN returned -3.94% vs 54.64% for USOY. At a correlation of -0.06, they often move in opposite directions. HYIN charges 3.20%/yr vs 1.22%/yr for USOY.

Performance

HYIN vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Alternative Income Fund (HYIN) 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, HYIN achieves a -5.23% return, which is significantly lower than USOY's 59.27% return.

HYIN

• 1D: 1.27%
• 1M: -3.56%
• YTD: -5.23%
• 6M: -5.97%
• 1Y: -3.94%
• 3Y*: 5.20%
• 5Y*: -0.48%
• 10Y*: —

USOY

• 1D: -1.79%
• 1M: -3.80%
• YTD: 59.27%
• 6M: 55.41%
• 1Y: 54.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYIN vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HYIN WisdomTree Alternative Income Fund	-5.23%	-0.46%	4.54%
USOY Defiance Oil Enhanced Options Income ETF	59.27%	-7.93%	7.27%

Correlation

The correlation between HYIN and USOY is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.06

The correlation between HYIN and USOY shifts across timeframes, from -0.20 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HYIN vs. USOY — Risk / Return Rank

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

HYIN

HYIN Risk / Return Rank: 6
HYIN Sharpe Ratio Rank: 6
HYIN Sortino Ratio Rank: 6
HYIN Omega Ratio Rank: 6
HYIN Calmar Ratio Rank: 7
HYIN Martin Ratio Rank: 7

USOY

USOY Risk / Return Rank: 55
USOY Sharpe Ratio Rank: 54
USOY Sortino Ratio Rank: 45
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 77
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.

HYIN vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Alternative Income Fund (HYIN) 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.

	HYIN	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	1.80	-2.11
Sortino ratio: Return per unit of downside risk	-0.35	2.21	-2.56
Omega ratio: Gain probability vs. loss probability	0.96	1.33	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.25	3.84	-4.10
Martin ratio: Return relative to average drawdown	-0.54	7.37	-7.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYIN vs. USOY - Sharpe Ratio Comparison

The current HYIN Sharpe Ratio is -0.31, which is lower than the USOY Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of HYIN 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

	HYIN	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	1.80	-2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.95	-0.94

Drawdowns

HYIN vs. USOY - Drawdown Comparison

The maximum HYIN drawdown since its inception was -31.10%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for HYIN and USOY.

Drawdown Indicators

	HYIN	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-31.10%	-17.46%	-13.64%
Max Drawdown (1Y) Largest decline over 1 year	-15.52%	-14.29%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.10%	—	—
Current Drawdown Current decline from peak	-11.06%	-6.81%	-4.25%
Average Drawdown Average peak-to-trough decline	-9.02%	-6.47%	-2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.28%	7.43%	-0.15%

Volatility

HYIN vs. USOY - Volatility Comparison

The current volatility for WisdomTree Alternative Income Fund (HYIN) is 3.44%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.67%. This indicates that HYIN 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

	HYIN	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	11.67%	-8.23%
Volatility (6M) Calculated over the trailing 6-month period	10.23%	27.26%	-17.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.82%	30.50%	-17.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.81%	26.14%	-9.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	26.14%	-9.33%

HYIN vs. USOY - Expense Ratio Comparison

HYIN has a 3.20% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

HYIN vs. USOY - Dividend Comparison

HYIN's dividend yield for the trailing twelve months is around 13.27%, less than USOY's 56.65% yield.

Position	TTM	2025	2024	2023	2022	2021
HYIN WisdomTree Alternative Income Fund	13.27%	12.58%	12.59%	11.71%	11.34%	4.13%
USOY Defiance Oil Enhanced Options Income ETF	56.65%	104.32%	48.60%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYIN and USOY in my portfolio?

HYIN and USOY have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYIN or USOY?

USOY has higher volatility (11.67%) compared to HYIN (3.44%). In terms of maximum drawdown, HYIN dropped -31.10% vs USOY's -17.46%.

Which ETF is better, HYIN or USOY?

On 1-year performance, USOY leads with 54.64% vs -3.94% for HYIN. On fees, USOY is cheaper at 1.22% per year. On volatility, HYIN has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYIN or USOY?

Over the 1-year period, USOY has performed better with a 54.64% return vs -3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYIN or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 3.20% for HYIN.

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

USOY has the higher dividend yield at 56.65%, compared with 13.27% for HYIN.

What is the main difference between HYIN and USOY?

HYIN is categorized as Diversified Portfolio, while USOY is Derivative Income. They also come from different issuers: WisdomTree and Defiance. Their fees differ too: 3.20% for HYIN and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.80 vs -0.31), 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.