IONZ vs. USOY

Last updated Jun 26, 2026

IONZ (Defiance Daily Target 2X Short IONQ ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - IONZ is a Inverse Equities fund managed by Defiance, while USOY is a Derivative Income fund actively managed by Defiance. Over the past year, IONZ returned -97.85% vs 28.90% for USOY. At a 0.03 correlation, their price movements are largely independent. IONZ charges 1.29%/yr vs 1.22%/yr for USOY.

Performance

IONZ vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short IONQ ETF (IONZ) 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, IONZ achieves a -86.94% return, which is significantly lower than USOY's 32.73% return.

IONZ

• 1D: 11.28%
• 1M: 22.82%
• YTD: -86.94%
• 6M: -84.33%
• 1Y: -97.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: 2.72%
• 1M: -16.67%
• YTD: 32.73%
• 6M: 31.77%
• 1Y: 28.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IONZ vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
IONZ Defiance Daily Target 2X Short IONQ ETF	-86.94%	-80.36%
USOY Defiance Oil Enhanced Options Income ETF	32.73%	-6.24%

Correlation

The correlation between IONZ 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 (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	0.03

Return for Risk

IONZ vs. USOY — Risk / Return Rank

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

IONZ

IONZ Risk / Return Rank: 3
IONZ Sharpe Ratio Rank: 5
IONZ Sortino Ratio Rank: 3
IONZ Omega Ratio Rank: 2
IONZ Calmar Ratio Rank: 0
IONZ Martin Ratio Rank: 3

USOY

USOY Risk / Return Rank: 29
USOY Sharpe Ratio Rank: 28
USOY Sortino Ratio Rank: 26
USOY Omega Ratio Rank: 30
USOY Calmar Ratio Rank: 27
USOY Martin Ratio Rank: 32

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.

IONZ vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short IONQ ETF (IONZ) 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.

	IONZ	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	0.93	-1.46
Sortino ratio: Return per unit of downside risk	-1.30	1.34	-2.64
Omega ratio: Gain probability vs. loss probability	0.84	1.19	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.99	1.19	-2.18
Martin ratio: Return relative to average drawdown	-1.28	4.29	-5.57

IONZ vs. USOY - Sharpe Ratio Comparison

The current IONZ Sharpe Ratio is -0.52, which is lower than the USOY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of IONZ 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

IONZ vs. USOY - Drawdown Comparison

The maximum IONZ drawdown since its inception was -98.66%, which is greater than USOY's maximum drawdown of -24.40%. Use the drawdown chart below to compare losses from any high point for IONZ and USOY.

Drawdown Indicators

	IONZ	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-98.66%	-24.40%	-74.26%
Max Drawdown (1Y) Largest decline over 1 year	-98.48%	-24.40%	-74.08%
Current Drawdown Current decline from peak	-97.85%	-22.34%	-75.51%
Average Drawdown Average peak-to-trough decline	-74.23%	-6.70%	-67.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.39%	6.75%	+71.64%

Volatility

IONZ vs. USOY - Volatility Comparison

Defiance Daily Target 2X Short IONQ ETF (IONZ) has a higher volatility of 53.81% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.41%. This indicates that IONZ's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONZ	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.81%	11.41%	+42.40%
Volatility (6M) Calculated over the trailing 6-month period	152.53%	28.84%	+123.69%
Volatility (1Y) Calculated over the trailing 1-year period	187.36%	31.19%	+156.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	187.10%	26.68%	+160.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	187.10%	26.68%	+160.42%

IONZ vs. USOY - Expense Ratio Comparison

IONZ has a 1.29% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

IONZ vs. USOY - Dividend Comparison

IONZ has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 70.91%.

Position	TTM	2025	2024
IONZ Defiance Daily Target 2X Short IONQ ETF	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	70.91%	104.32%	48.60%

Frequently Asked Questions

Can I hold both IONZ and USOY in my portfolio?

IONZ 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 is riskier, IONZ or USOY?

IONZ has higher volatility (53.81%) compared to USOY (11.41%). In terms of maximum drawdown, IONZ dropped -98.66% vs USOY's -24.40%.

Which ETF is better, IONZ or USOY?

On 1-year performance, USOY leads with 28.90% vs -97.85% for IONZ. On fees, USOY is cheaper at 1.22% per year. On volatility, USOY has been the lower-risk option at 11.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONZ or USOY?

Over the 1-year period, USOY has performed better with a 28.90% return vs -97.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONZ or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.29% for IONZ.

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

USOY has the higher dividend yield at 70.91%, compared with 0.00% for IONZ.

What is the main difference between IONZ and USOY?

IONZ is categorized as Inverse Equities, while USOY is Derivative Income. Their fees differ too: 1.29% for IONZ and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (0.93 vs -0.52), 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.