IETH vs. USOY

Last updated Jun 4, 2026

IETH (Bitwise Ethereum Option Income Strategy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.03 correlation, their price movements are largely independent. IETH charges 0.97%/yr vs 1.22%/yr for USOY.

Performance

IETH vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Option Income Strategy ETF (IETH) 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, IETH achieves a -33.82% return, which is significantly lower than USOY's 62.18% return.

IETH

• 1D: -5.08%
• 1M: -18.82%
• YTD: -33.82%
• 6M: -35.44%
• 1Y: —
• 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)

IETH vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
IETH Bitwise Ethereum Option Income Strategy ETF	-33.82%	-28.43%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-0.53%

Correlation

The correlation between IETH and USOY is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 3, 2025	0.03

Return for Risk

IETH vs. USOY — Risk / Return Rank

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

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.

IETH vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Option Income Strategy ETF (IETH) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IETH	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.13	0.99	-2.13

Drawdowns

IETH vs. USOY - Drawdown Comparison

The maximum IETH drawdown since its inception was -55.94%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for IETH and USOY.

Drawdown Indicators

	IETH	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-55.94%	-17.46%	-38.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.29%	—
Current Drawdown Current decline from peak	-54.25%	-5.11%	-49.14%
Average Drawdown Average peak-to-trough decline	-37.10%	-6.47%	-30.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.42%	—

Volatility

Volatility by Period

	IETH	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.62%	—
Volatility (6M) Calculated over the trailing 6-month period	—	27.18%	—
Volatility (1Y) Calculated over the trailing 1-year period	59.79%	30.44%	+29.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.79%	26.13%	+33.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.79%	26.13%	+33.66%

IETH vs. USOY - Expense Ratio Comparison

IETH has a 0.97% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

IETH vs. USOY - Dividend Comparison

IETH's dividend yield for the trailing twelve months is around 46.99%, less than USOY's 54.16% yield.

Position	TTM	2025	2024
IETH Bitwise Ethereum Option Income Strategy ETF	46.99%	18.26%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both IETH and USOY in my portfolio?

IETH and USOY have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IETH or USOY?

On fees, IETH is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IETH or USOY?

IETH is cheaper with a 0.97% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 46.99% for IETH.

What is the main difference between IETH and USOY?

They also come from different issuers: Bitwise and Defiance. Their fees differ too: 0.97% for IETH and 1.22% for USOY.