IPOS vs. USOY

Last updated Jun 4, 2026

IPOS (Renaissance International IPO ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - IPOS is a Foreign Large Cap Equities fund tracking the Renaissance International IPO Index, while USOY is a Derivative Income fund actively managed by Defiance. IPOS is passively managed, while USOY is actively managed. Over the past year, IPOS returned 65.50% vs 57.29% for USOY. At a correlation of -0.01, they often move in opposite directions. IPOS charges 0.80%/yr vs 1.22%/yr for USOY.

Performance

IPOS vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance International IPO ETF (IPOS) 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, IPOS achieves a 40.15% return, which is significantly lower than USOY's 62.18% return.

IPOS

• 1D: 0.43%
• 1M: 10.58%
• YTD: 40.15%
• 6M: 44.26%
• 1Y: 65.50%
• 3Y*: 15.28%
• 5Y*: -7.69%
• 10Y*: 3.00%

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)

IPOS vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPOS Renaissance International IPO ETF	40.15%	39.93%	-15.00%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between IPOS and USOY is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.01

The correlation between IPOS and USOY shifts across timeframes, from -0.18 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IPOS vs. USOY — Risk / Return Rank

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

IPOS

IPOS Risk / Return Rank: 66
IPOS Sharpe Ratio Rank: 67
IPOS Sortino Ratio Rank: 58
IPOS Omega Ratio Rank: 67
IPOS Calmar Ratio Rank: 76
IPOS Martin Ratio Rank: 63

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.

IPOS vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance International IPO ETF (IPOS) 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.

	IPOS	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.89	+0.35
Sortino ratio: Return per unit of downside risk	2.76	2.30	+0.47
Omega ratio: Gain probability vs. loss probability	1.41	1.35	+0.06
Calmar ratio: Return relative to maximum drawdown	3.83	4.03	-0.19
Martin ratio: Return relative to average drawdown	11.58	7.74	+3.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPOS vs. USOY - Sharpe Ratio Comparison

The current IPOS Sharpe Ratio is 2.24, which is comparable to the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of IPOS 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.

Sharpe Ratios by Period

	IPOS	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	1.89	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.99	-0.90

Drawdowns

IPOS vs. USOY - Drawdown Comparison

The maximum IPOS drawdown since its inception was -73.09%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for IPOS and USOY.

Drawdown Indicators

	IPOS	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-73.09%	-17.46%	-55.63%
Max Drawdown (1Y) Largest decline over 1 year	-17.17%	-14.29%	-2.88%
Max Drawdown (3Y) Largest decline over 3 years	-34.08%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-69.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.09%	—	—
Current Drawdown Current decline from peak	-40.44%	-5.11%	-35.33%
Average Drawdown Average peak-to-trough decline	-31.99%	-6.47%	-25.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.67%	7.42%	-1.75%

Volatility

IPOS vs. USOY - Volatility Comparison

Renaissance International IPO ETF (IPOS) and Defiance Oil Enhanced Options Income ETF (USOY) have volatilities of 12.05% and 11.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPOS	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.05%	11.62%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	26.45%	27.18%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	29.41%	30.44%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.19%	26.13%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.13%	26.13%	-2.00%

IPOS vs. USOY - Expense Ratio Comparison

IPOS has a 0.80% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

IPOS vs. USOY - Dividend Comparison

IPOS's dividend yield for the trailing twelve months is around 0.68%, less than USOY's 54.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPOS Renaissance International IPO ETF	0.68%	1.04%	0.93%	0.33%	0.00%	0.00%	0.25%	0.89%	1.12%	0.87%	1.73%	1.08%
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

Can I hold both IPOS and USOY in my portfolio?

IPOS and USOY have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPOS or USOY?

IPOS has higher volatility (12.05%) compared to USOY (11.62%). In terms of maximum drawdown, IPOS dropped -73.09% vs USOY's -17.46%.

Which ETF is better, IPOS or USOY?

On 1-year performance, IPOS leads with 65.50% vs 57.29% for USOY. On fees, IPOS is cheaper at 0.80% per year. On volatility, USOY has been the lower-risk option at 11.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPOS or USOY?

Over the 1-year period, IPOS has performed better with a 65.50% return vs 57.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPOS or USOY?

IPOS is cheaper with a 0.80% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 0.68% for IPOS.

What is the main difference between IPOS and USOY?

IPOS is categorized as Foreign Large Cap Equities, while USOY is Derivative Income. They also come from different issuers: Renaissance Capital and Defiance. Their fees differ too: 0.80% for IPOS and 1.22% for USOY.

Which has better risk-adjusted returns?

IPOS currently has the higher Sharpe Ratio (2.24 vs 1.89), 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.