IGME vs. USOY

Last updated Jun 27, 2026

IGME (Bitwise GME 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, IGME returned 2.39% vs 26.02% for USOY. At a correlation of -0.08, they often move in opposite directions. IGME charges 0.96%/yr vs 1.22%/yr for USOY.

Performance

IGME vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise GME Option Income Strategy ETF (IGME) 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, IGME achieves a 14.61% return, which is significantly lower than USOY's 29.48% return.

IGME

• 1D: 3.49%
• 1M: 2.69%
• YTD: 14.61%
• 6M: 9.47%
• 1Y: 2.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -2.45%
• 1M: -15.42%
• YTD: 29.48%
• 6M: 31.13%
• 1Y: 26.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IGME vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
IGME Bitwise GME Option Income Strategy ETF	14.61%	-24.20%
USOY Defiance Oil Enhanced Options Income ETF	29.48%	-4.20%

Correlation

The correlation between IGME and USOY is -0.08, 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 (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	-0.08

Return for Risk

IGME vs. USOY — Risk / Return Rank

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

IGME

IGME Risk / Return Rank: 10
IGME Sharpe Ratio Rank: 10
IGME Sortino Ratio Rank: 10
IGME Omega Ratio Rank: 10
IGME Calmar Ratio Rank: 10
IGME Martin Ratio Rank: 10

USOY

USOY Risk / Return Rank: 25
USOY Sharpe Ratio Rank: 24
USOY Sortino Ratio Rank: 23
USOY Omega Ratio Rank: 25
USOY Calmar Ratio Rank: 24
USOY Martin Ratio Rank: 28

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.

IGME vs. USOY - Risk-Adjusted Trends Comparison

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

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.

	IGME	USOY	Difference
Sharpe ratio: Return per unit of total volatility	0.09	0.84	-0.75
Sortino ratio: Return per unit of downside risk	0.32	1.23	-0.91
Omega ratio: Gain probability vs. loss probability	1.04	1.17	-0.14
Calmar ratio: Return relative to maximum drawdown	0.09	1.07	-0.98
Martin ratio: Return relative to average drawdown	0.19	3.77	-3.58

IGME vs. USOY - Sharpe Ratio Comparison

The current IGME Sharpe Ratio is 0.09, which is lower than the USOY Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of IGME 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.

Drawdowns

IGME vs. USOY - Drawdown Comparison

The maximum IGME drawdown since its inception was -26.33%, which is greater than USOY's maximum drawdown of -24.40%. Use the drawdown chart below to compare losses from any high point for IGME and USOY.

Drawdown Indicators

	IGME	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-26.33%	-24.40%	-1.93%
Max Drawdown (1Y) Largest decline over 1 year	-25.70%	-24.40%	-1.30%
Current Drawdown Current decline from peak	-13.69%	-24.24%	+10.55%
Average Drawdown Average peak-to-trough decline	-14.44%	-6.73%	-7.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.54%	6.92%	+5.62%

Volatility

IGME vs. USOY - Volatility Comparison

The current volatility for Bitwise GME Option Income Strategy ETF (IGME) is 8.24%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.08%. This indicates that IGME 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

	IGME	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.24%	11.08%	-2.84%
Volatility (6M) Calculated over the trailing 6-month period	19.49%	28.97%	-9.48%
Volatility (1Y) Calculated over the trailing 1-year period	27.27%	31.28%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.87%	26.71%	+8.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.87%	26.71%	+8.16%

IGME vs. USOY - Expense Ratio Comparison

IGME has a 0.96% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

IGME vs. USOY - Dividend Comparison

IGME's dividend yield for the trailing twelve months is around 89.88%, more than USOY's 69.64% yield.

Position	TTM	2025	2024
IGME Bitwise GME Option Income Strategy ETF	89.88%	69.25%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	69.64%	104.32%	48.60%

Frequently Asked Questions

Can I hold both IGME and USOY in my portfolio?

IGME and USOY have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGME or USOY?

USOY has higher volatility (11.08%) compared to IGME (8.24%). In terms of maximum drawdown, IGME dropped -26.33% vs USOY's -24.40%.

Which ETF is better, IGME or USOY?

On 1-year performance, USOY leads with 26.02% vs 2.39% for IGME. On fees, IGME is cheaper at 0.96% per year. On volatility, IGME has been the lower-risk option at 8.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGME or USOY?

Over the 1-year period, USOY has performed better with a 26.02% return vs 2.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGME or USOY?

IGME is cheaper with a 0.96% expense ratio, compared with 1.22% for USOY.

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

IGME has the higher dividend yield at 89.88%, compared with 69.64% for USOY.

What is the main difference between IGME and USOY?

They also come from different issuers: Bitwise and Defiance. Their fees differ too: 0.96% for IGME and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (0.84 vs 0.09), 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.