ISWN vs. USOY

Last updated Aug 2, 2026

ISWN (Amplify BlackSwan ISWN ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - ISWN is a Options Trading fund tracking the S-Network International BlackSwan, while USOY is a Derivative Income fund actively managed by Defiance. ISWN is passively managed, while USOY is actively managed. Over the past year, ISWN returned 12.65% vs 41.94% for USOY. Their -0.21 correlation means they have often moved in opposite directions in the past. ISWN charges 0.49%/yr vs 1.22%/yr for USOY.

Performance

ISWN vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify BlackSwan ISWN ETF (ISWN) 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, ISWN achieves a 4.88% return, which is significantly lower than USOY's 51.25% return.

ISWN

• 1D: -0.78%
• 1M: -0.36%
• 6M: 1.64%
• YTD: 4.88%
• 1Y: 12.65%
• 3Y*: 8.59%
• 5Y*: -0.39%
• 10Y*: —
• ALL TIME*: 0.19%

USOY

• 1D: 1.10%
• 1M: 18.05%
• 6M: 38.09%
• YTD: 51.25%
• 1Y: 41.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.21%

*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)
ISWN Amplify BlackSwan ISWN ETF	$43.70K	$37.63K	$41.07K
USOY Defiance Oil Enhanced Options Income ETF	$3.02M	$3.27M	$3.42M

ISWN vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ISWN Amplify BlackSwan ISWN ETF	4.88%	23.23%	-4.07%
USOY Defiance Oil Enhanced Options Income ETF	51.25%	-7.93%	6.13%

Correlation

The correlation between ISWN and USOY is -0.34, 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.	-0.34
Correlation (All Time) Calculated using the full available price history since May 10, 2024	-0.21

The correlation between ISWN and USOY shifts across timeframes, from -0.34 (1 year) to -0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ISWN vs. USOY — Risk / Return Rank

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

ISWN

ISWN Risk / Return Rank: 41
ISWN Sharpe Ratio Rank: 42
ISWN Sortino Ratio Rank: 42
ISWN Omega Ratio Rank: 41
ISWN Calmar Ratio Rank: 40
ISWN Martin Ratio Rank: 40

USOY

USOY Risk / Return Rank: 44
USOY Sharpe Ratio Rank: 46
USOY Sortino Ratio Rank: 43
USOY Omega Ratio Rank: 47
USOY Calmar Ratio Rank: 43
USOY Martin Ratio Rank: 41

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.

ISWN vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify BlackSwan ISWN ETF (ISWN) 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.

	ISWN	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.12	-0.07
Sortino ratio: Return per unit of downside risk	1.54	1.59	-0.04
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.02
Calmar ratio: Return relative to maximum drawdown	1.40	1.53	-0.13
Martin ratio: Return relative to average drawdown	4.25	4.54	-0.29

ISWN vs. USOY - Sharpe Ratio Comparison

The current ISWN Sharpe Ratio is 1.05, which is comparable to the USOY Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of ISWN 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

ISWN vs. USOY - Drawdown Comparison

The maximum ISWN drawdown since its inception was -32.35%, which is greater than USOY's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for ISWN and USOY.

Drawdown Indicators

	ISWN	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-32.35%	-25.51%	-6.84%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-25.51%	+15.88%
Max Drawdown (3Y) Largest decline over 3 years	-13.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.35%	—	—
Current Drawdown Current decline from peak	-3.48%	-11.50%	+8.02%
Average Drawdown Average peak-to-trough decline	-15.81%	-7.16%	-8.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	8.81%	-5.64%

Volatility

ISWN vs. USOY - Volatility Comparison

The current volatility for Amplify BlackSwan ISWN ETF (ISWN) is 3.96%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 15.28%. This indicates that ISWN 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

	ISWN	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	15.28%	-11.32%
Volatility (6M) Calculated over the trailing 6-month period	11.24%	32.32%	-21.08%
Volatility (1Y) Calculated over the trailing 1-year period	12.90%	34.89%	-21.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.92%	28.20%	-16.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.68%	28.20%	-16.52%

ISWN vs. USOY - Expense Ratio Comparison

ISWN has a 0.49% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

ISWN vs. USOY - Dividend Comparison

ISWN's dividend yield for the trailing twelve months is around 2.87%, less than USOY's 56.58% yield.

Position	TTM	2025	2024	2023	2022	2021
ISWN Amplify BlackSwan ISWN ETF	2.87%	2.89%	3.27%	2.91%	2.00%	0.76%
USOY Defiance Oil Enhanced Options Income ETF	56.58%	104.32%	48.60%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISWN and USOY in my portfolio?

ISWN and USOY have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISWN or USOY?

USOY has higher volatility (15.28%) compared to ISWN (3.96%). In terms of maximum drawdown, ISWN dropped -32.35% vs USOY's -25.51%.

Which ETF is better, ISWN or USOY?

On 1-year performance, USOY leads with 41.94% vs 12.65% for ISWN. On fees, ISWN is cheaper at 0.49% per year. On volatility, ISWN has been the lower-risk option at 3.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISWN or USOY?

Over the 1-year period, USOY has performed better with a 41.94% return vs 12.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISWN or USOY?

ISWN is cheaper with a 0.49% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 56.58%, compared with 2.87% for ISWN.

What is the main difference between ISWN and USOY?

ISWN is categorized as Options Trading, while USOY is Derivative Income. They also come from different issuers: Amplify and Defiance. Their fees differ too: 0.49% for ISWN and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.12 vs 1.05), 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.