INVG vs. USOY

Last updated Aug 5, 2026

INVG (GMO Systematic Investment Grade Credit ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - INVG is a Corporate Bonds fund actively managed by GMO, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, INVG returned 2.61% vs 30.47% for USOY. Their -0.41 correlation means they have often moved in opposite directions in the past. INVG charges 0.25%/yr vs 1.22%/yr for USOY.

Performance

INVG vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Systematic Investment Grade Credit ETF (INVG) 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, INVG achieves a 0.30% return, which is significantly lower than USOY's 37.86% return.

INVG

• 1D: 0.53%
• 1M: -0.81%
• 6M: -0.07%
• YTD: 0.30%
• 1Y: 2.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.56%

USOY

• 1D: -4.43%
• 1M: 7.60%
• 6M: 26.60%
• YTD: 37.86%
• 1Y: 30.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.27%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
INVG GMO Systematic Investment Grade Credit ETF	$27.15K	$47.67K	$107.50K
USOY Defiance Oil Enhanced Options Income ETF	$3.17M	$3.29M	$3.40M

INVG vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
INVG GMO Systematic Investment Grade Credit ETF	0.30%	5.03%
USOY Defiance Oil Enhanced Options Income ETF	37.86%	-3.01%

Correlation

The correlation between INVG and USOY is -0.41, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.41
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	-0.41

Return for Risk

INVG vs. USOY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INVG

INVG Risk / Return Rank: 23
INVG Sharpe Ratio Rank: 23
INVG Sortino Ratio Rank: 22
INVG Omega Ratio Rank: 21
INVG Calmar Ratio Rank: 24
INVG Martin Ratio Rank: 26

USOY

USOY Risk / Return Rank: 32
USOY Sharpe Ratio Rank: 32
USOY Sortino Ratio Rank: 31
USOY Omega Ratio Rank: 33
USOY Calmar Ratio Rank: 33
USOY Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INVG vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Systematic Investment Grade Credit ETF (INVG) 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.

	INVG	USOY	Difference
Sharpe ratio: Return per unit of total volatility	0.59	0.86	-0.27
Sortino ratio: Return per unit of downside risk	0.87	1.30	-0.43
Omega ratio: Gain probability vs. loss probability	1.10	1.18	-0.07
Calmar ratio: Return relative to maximum drawdown	0.83	1.20	-0.37
Martin ratio: Return relative to average drawdown	2.45	3.50	-1.05

INVG vs. USOY - Sharpe Ratio Comparison

The current INVG Sharpe Ratio is 0.59, which is lower than the USOY Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of INVG 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

INVG vs. USOY - Drawdown Comparison

The maximum INVG drawdown since its inception was -3.15%, smaller than the maximum USOY drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for INVG and USOY.

Drawdown Indicators

	INVG	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-3.15%	-25.51%	+22.36%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-25.51%	+22.36%
Current Drawdown Current decline from peak	-1.26%	-19.34%	+18.08%
Average Drawdown Average peak-to-trough decline	-0.75%	-7.20%	+6.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	8.72%	-7.65%

Volatility

INVG vs. USOY - Volatility Comparison

The current volatility for GMO Systematic Investment Grade Credit ETF (INVG) is 1.37%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 17.04%. This indicates that INVG 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

	INVG	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	17.04%	-15.67%
Volatility (6M) Calculated over the trailing 6-month period	3.56%	32.89%	-29.33%
Volatility (1Y) Calculated over the trailing 1-year period	4.41%	35.44%	-31.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.45%	28.49%	-24.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.45%	28.49%	-24.04%

INVG vs. USOY - Expense Ratio Comparison

INVG has a 0.25% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

INVG vs. USOY - Dividend Comparison

INVG's dividend yield for the trailing twelve months is around 4.87%, less than USOY's 62.08% yield.

Position	TTM	2025	2024
INVG GMO Systematic Investment Grade Credit ETF	4.87%	2.81%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	62.08%	104.32%	48.60%

Frequently Asked Questions

Can I hold both INVG and USOY in my portfolio?

INVG and USOY have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INVG or USOY?

USOY has higher volatility (17.04%) compared to INVG (1.37%). In terms of maximum drawdown, INVG dropped -3.15% vs USOY's -25.51%.

Which ETF is better, INVG or USOY?

On 1-year performance, USOY leads with 30.47% vs 2.61% for INVG. On fees, INVG is cheaper at 0.25% per year. On volatility, INVG has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INVG or USOY?

Over the 1-year period, USOY has performed better with a 30.47% return vs 2.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INVG or USOY?

INVG is cheaper with a 0.25% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 62.08%, compared with 4.87% for INVG.

What is the main difference between INVG and USOY?

INVG is categorized as Corporate Bonds, while USOY is Derivative Income. They also come from different issuers: GMO and Defiance. Their fees differ too: 0.25% for INVG and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (0.86 vs 0.59), 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.