INDA vs. USOY
INDA (iShares MSCI India ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - INDA is a Asia Pacific Equities fund tracking the MSCI India Index, while USOY is a Derivative Income fund actively managed by Defiance. INDA is passively managed, while USOY is actively managed. Over the past year, INDA returned -12.23% vs 57.29% for USOY. At a correlation of -0.14, they often move in opposite directions. INDA charges 0.69%/yr vs 1.22%/yr for USOY.
Performance
INDA vs. USOY - Performance Comparison
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Returns By Period
In the year-to-date period, INDA achieves a -12.38% return, which is significantly lower than USOY's 62.18% return.
INDA
- 1D
- -1.39%
- 1M
- -2.61%
- YTD
- -12.38%
- 6M
- -11.33%
- 1Y
- -12.23%
- 3Y*
- 4.17%
- 5Y*
- 2.32%
- 10Y*
- 6.56%
USOY
- 1D
- 1.45%
- 1M
- -3.43%
- YTD
- 62.18%
- 6M
- 59.35%
- 1Y
- 57.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
INDA vs. USOY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
INDA iShares MSCI India ETF | -12.38% | 2.68% | 3.21% |
USOY Defiance Oil Enhanced Options Income ETF | 62.18% | -7.93% | 7.27% |
Correlation
The correlation between INDA and USOY is -0.35, 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 | -0.35 |
Correlation (All Time) Calculated using the full available price history since May 13, 2024 | -0.14 |
Over the past year, the inverse relationship between INDA and USOY has strengthened: their correlation has moved from -0.14 to -0.35, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
INDA vs. USOY — Risk / Return Rank
INDA
USOY
INDA vs. USOY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) 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.
| INDA | USOY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.73 | ||
| Sortino ratioReturn per unit of downside risk | -3.45 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.35 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 4.03 | -4.69 |
| Martin ratioReturn relative to average drawdown | -1.59 | 7.74 | -9.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| INDA | USOY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.84 | 1.89 | -2.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.99 | -0.76 |
Drawdowns
INDA vs. USOY - Drawdown Comparison
The maximum INDA drawdown since its inception was -45.07%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for INDA and USOY.
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Drawdown Indicators
| INDA | USOY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.07% | -17.46% | -27.61% |
Max Drawdown (1Y)Largest decline over 1 year | -18.69% | -14.29% | -4.40% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -22.72% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.07% | — | — |
Current DrawdownCurrent decline from peak | -19.42% | -5.11% | -14.31% |
Average DrawdownAverage peak-to-trough decline | -9.57% | -6.47% | -3.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 7.42% | +0.29% |
Volatility
INDA vs. USOY - Volatility Comparison
The current volatility for iShares MSCI India ETF (INDA) is 5.26%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that INDA 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.
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Volatility by Period
| INDA | USOY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 11.62% | -6.36% |
Volatility (6M)Calculated over the trailing 6-month period | 12.66% | 27.18% | -14.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.67% | 30.44% | -15.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.37% | 26.13% | -10.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.12% | 26.13% | -5.01% |
INDA vs. USOY - Expense Ratio Comparison
INDA has a 0.69% expense ratio, which is lower than USOY's 1.22% expense ratio.
Dividends
INDA vs. USOY - Dividend Comparison
INDA has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 54.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | 0.00% | 0.00% | 0.76% | 0.16% | 0.00% | 6.44% | 0.27% | 0.99% | 0.94% | 1.09% | 0.90% | 1.19% |
USOY Defiance Oil Enhanced Options Income ETF | 54.16% | 104.32% | 48.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
INDA and USOY have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USOY has higher volatility (11.62%) compared to INDA (5.26%). In terms of maximum drawdown, INDA dropped -45.07% vs USOY's -17.46%.
On 1-year performance, USOY leads with 57.29% vs -12.23% for INDA. On fees, INDA is cheaper at 0.69% per year. On volatility, INDA has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USOY has performed better with a 57.29% return vs -12.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INDA is cheaper with a 0.69% expense ratio, compared with 1.22% for USOY.
USOY has the higher dividend yield at 54.16%, compared with 0.00% for INDA.
INDA is categorized as Asia Pacific Equities, while USOY is Derivative Income. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.69% for INDA and 1.22% for USOY.
USOY currently has the higher Sharpe Ratio (1.89 vs -0.84), 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.
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