JAPN vs. USOY

Last updated Aug 4, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, JAPN returned -8.72% vs 35.36% for USOY. Their -0.20 correlation means they have often moved in opposite directions in the past. JAPN charges 0.85%/yr vs 1.22%/yr for USOY.

Performance

JAPN vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Japan Owner Operator ETF (JAPN) 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, JAPN achieves a -2.20% return, which is significantly lower than USOY's 44.25% return.

JAPN

• 1D: 0.18%
• 1M: 8.13%
• 6M: 3.31%
• YTD: -2.20%
• 1Y: -8.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.67%

USOY

• 1D: -4.63%
• 1M: 12.58%
• 6M: 35.65%
• YTD: 44.25%
• 1Y: 35.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.63%

*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)
JAPN Horizon Kinetics Japan Owner Operator ETF	$237.11K	$161.04K	$133.74K
USOY Defiance Oil Enhanced Options Income ETF	$3.04M	$3.28M	$3.41M

JAPN vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-2.20%	3.10%
USOY Defiance Oil Enhanced Options Income ETF	44.25%	0.88%

Correlation

The correlation between JAPN and USOY is -0.20, 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.	-0.20
Correlation (All Time) Calculated using the full available price history since May 13, 2025	-0.20

Return for Risk

JAPN vs. USOY — Risk / Return Rank

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

JAPN

JAPN Risk / Return Rank: 6
JAPN Sharpe Ratio Rank: 5
JAPN Sortino Ratio Rank: 5
JAPN Omega Ratio Rank: 5
JAPN Calmar Ratio Rank: 6
JAPN Martin Ratio Rank: 7

USOY

USOY Risk / Return Rank: 39
USOY Sharpe Ratio Rank: 40
USOY Sortino Ratio Rank: 39
USOY Omega Ratio Rank: 42
USOY Calmar Ratio Rank: 39
USOY Martin Ratio Rank: 38

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.

JAPN vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) 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.

	JAPN	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	1.01	-1.45
Sortino ratio: Return per unit of downside risk	-0.50	1.47	-1.96
Omega ratio: Gain probability vs. loss probability	0.94	1.20	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.37	1.39	-1.76
Martin ratio: Return relative to average drawdown	-0.59	4.10	-4.70

JAPN vs. USOY - Sharpe Ratio Comparison

The current JAPN Sharpe Ratio is -0.43, which is lower than the USOY Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of JAPN 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

JAPN vs. USOY - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, smaller than the maximum USOY drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for JAPN and USOY.

Drawdown Indicators

	JAPN	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-25.51%	+1.57%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	-25.51%	+1.57%
Current Drawdown Current decline from peak	-13.01%	-15.60%	+2.59%
Average Drawdown Average peak-to-trough decline	-10.71%	-7.18%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.73%	8.65%	+6.08%

Volatility

JAPN vs. USOY - Volatility Comparison

The current volatility for Horizon Kinetics Japan Owner Operator ETF (JAPN) is 6.62%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 16.26%. This indicates that JAPN 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

	JAPN	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	16.26%	-9.64%
Volatility (6M) Calculated over the trailing 6-month period	16.88%	32.70%	-15.82%
Volatility (1Y) Calculated over the trailing 1-year period	20.17%	35.22%	-15.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	28.35%	-8.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	28.35%	-8.54%

JAPN vs. USOY - Expense Ratio Comparison

JAPN has a 0.85% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

JAPN vs. USOY - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.25%, less than USOY's 59.33% yield.

Position	TTM	2025	2024
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	59.33%	104.32%	48.60%

Frequently Asked Questions

Can I hold both JAPN and USOY in my portfolio?

JAPN and USOY have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAPN or USOY?

USOY has higher volatility (16.26%) compared to JAPN (6.62%). In terms of maximum drawdown, JAPN dropped -23.94% vs USOY's -25.51%.

Which ETF is better, JAPN or USOY?

On 1-year performance, USOY leads with 35.36% vs -8.72% for JAPN. On fees, JAPN is cheaper at 0.85% per year. On volatility, JAPN has been the lower-risk option at 6.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAPN or USOY?

Over the 1-year period, USOY has performed better with a 35.36% return vs -8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAPN or USOY?

JAPN is cheaper with a 0.85% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 59.33%, compared with 0.25% for JAPN.

What is the main difference between JAPN and USOY?

JAPN is categorized as Japan Equities, while USOY is Derivative Income. They also come from different issuers: Horizon and Defiance. Their fees differ too: 0.85% for JAPN and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.01 vs -0.43), 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.