IWML vs. USOY

Last updated Jun 5, 2026

IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - IWML is a Leveraged Equities fund tracking the Russell 2000 Index, while USOY is a Derivative Income fund actively managed by Defiance. IWML is passively managed, while USOY is actively managed. Over the past year, IWML returned 83.01% vs 54.64% for USOY. At a correlation of -0.06, they often move in opposite directions. IWML charges 0.95%/yr vs 1.22%/yr for USOY.

Performance

IWML vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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, IWML achieves a 36.05% return, which is significantly lower than USOY's 59.27% return.

IWML

• 1D: 2.56%
• 1M: 5.76%
• YTD: 36.05%
• 6M: 34.20%
• 1Y: 83.01%
• 3Y*: 27.16%
• 5Y*: 3.43%
• 10Y*: —

USOY

• 1D: -1.79%
• 1M: -3.80%
• YTD: 59.27%
• 6M: 55.41%
• 1Y: 54.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWML vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWML ETRACS 2x Leveraged US Size Factor TR ETN	36.05%	9.64%	13.58%
USOY Defiance Oil Enhanced Options Income ETF	59.27%	-7.93%	7.27%

Correlation

The correlation between IWML and USOY is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.06

Over the past year, the inverse relationship between IWML and USOY has strengthened: their correlation has moved from -0.06 to -0.28, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

IWML vs. USOY — Risk / Return Rank

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

IWML

IWML Risk / Return Rank: 66
IWML Sharpe Ratio Rank: 67
IWML Sortino Ratio Rank: 62
IWML Omega Ratio Rank: 56
IWML Calmar Ratio Rank: 74
IWML Martin Ratio Rank: 70

USOY

USOY Risk / Return Rank: 55
USOY Sharpe Ratio Rank: 54
USOY Sortino Ratio Rank: 45
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 77
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.

IWML vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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.

	IWML	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.18	1.80	+0.38
Sortino ratio: Return per unit of downside risk	2.83	2.21	+0.62
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	3.67	3.84	-0.17
Martin ratio: Return relative to average drawdown	12.85	7.37	+5.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWML vs. USOY - Sharpe Ratio Comparison

The current IWML Sharpe Ratio is 2.18, which is comparable to the USOY Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of IWML 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

	IWML	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.18	1.80	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.95	-0.85

Drawdowns

IWML vs. USOY - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for IWML and USOY.

Drawdown Indicators

	IWML	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-17.46%	-42.60%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	-14.29%	-8.46%
Max Drawdown (3Y) Largest decline over 3 years	-51.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-60.06%	—	—
Current Drawdown Current decline from peak	-0.17%	-6.81%	+6.64%
Average Drawdown Average peak-to-trough decline	-31.88%	-6.47%	-25.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	7.43%	-0.95%

Volatility

IWML vs. USOY - Volatility Comparison

The current volatility for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) is 9.58%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.67%. This indicates that IWML 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

	IWML	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.58%	11.67%	-2.09%
Volatility (6M) Calculated over the trailing 6-month period	27.58%	27.26%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	38.33%	30.50%	+7.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.10%	26.14%	+19.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.17%	26.14%	+20.03%

IWML vs. USOY - Expense Ratio Comparison

IWML has a 0.95% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

IWML vs. USOY - Dividend Comparison

IWML has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 56.65%.

Position	TTM	2025	2024
IWML ETRACS 2x Leveraged US Size Factor TR ETN	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	56.65%	104.32%	48.60%

Frequently Asked Questions

Can I hold both IWML and USOY in my portfolio?

IWML and USOY have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWML or USOY?

USOY has higher volatility (11.67%) compared to IWML (9.58%). In terms of maximum drawdown, IWML dropped -60.06% vs USOY's -17.46%.

Which ETF is better, IWML or USOY?

On 1-year performance, IWML leads with 83.01% vs 54.64% for USOY. On fees, IWML is cheaper at 0.95% per year. On volatility, IWML has been the lower-risk option at 9.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWML or USOY?

Over the 1-year period, IWML has performed better with a 83.01% return vs 54.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWML or USOY?

IWML is cheaper with a 0.95% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 56.65%, compared with 0.00% for IWML.

What is the main difference between IWML and USOY?

IWML is categorized as Leveraged Equities, while USOY is Derivative Income. They also come from different issuers: UBS and Defiance. Their fees differ too: 0.95% for IWML and 1.22% for USOY.

Which has better risk-adjusted returns?

IWML currently has the higher Sharpe Ratio (2.18 vs 1.80), 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.