JFLI vs. USOY

Last updated Jun 4, 2026

JFLI (JPMorgan Flexible Income ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - JFLI is a Global Allocation fund actively managed by JPMorgan, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, JFLI returned 21.09% vs 57.29% for USOY. At a correlation of -0.14, they often move in opposite directions. JFLI charges 0.35%/yr vs 1.22%/yr for USOY.

Performance

JFLI vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Flexible Income ETF (JFLI) 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, JFLI achieves a 9.90% return, which is significantly lower than USOY's 62.18% return.

JFLI

• 1D: -0.32%
• 1M: 3.80%
• YTD: 9.90%
• 6M: 9.51%
• 1Y: 21.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

JFLI vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
JFLI JPMorgan Flexible Income ETF	9.90%	9.49%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-10.22%

Correlation

The correlation between JFLI and USOY is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	-0.14

The correlation between JFLI and USOY shifts across timeframes, from -0.30 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JFLI vs. USOY — Risk / Return Rank

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

JFLI

JFLI Risk / Return Rank: 76
JFLI Sharpe Ratio Rank: 77
JFLI Sortino Ratio Rank: 79
JFLI Omega Ratio Rank: 80
JFLI Calmar Ratio Rank: 64
JFLI Martin Ratio Rank: 79

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.

JFLI vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Flexible Income ETF (JFLI) 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.

	JFLI	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.53	1.89	+0.64
Sortino ratio: Return per unit of downside risk	3.58	2.30	+1.29
Omega ratio: Gain probability vs. loss probability	1.48	1.35	+0.14
Calmar ratio: Return relative to maximum drawdown	3.17	4.03	-0.86
Martin ratio: Return relative to average drawdown	15.34	7.74	+7.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JFLI vs. USOY - Sharpe Ratio Comparison

The current JFLI Sharpe Ratio is 2.53, which is higher than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of JFLI 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

	JFLI	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	1.89	+0.64
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.99	+0.30

Drawdowns

JFLI vs. USOY - Drawdown Comparison

The maximum JFLI drawdown since its inception was -12.87%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for JFLI and USOY.

Drawdown Indicators

	JFLI	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-12.87%	-17.46%	+4.59%
Max Drawdown (1Y) Largest decline over 1 year	-6.67%	-14.29%	+7.62%
Current Drawdown Current decline from peak	-0.32%	-5.11%	+4.79%
Average Drawdown Average peak-to-trough decline	-1.44%	-6.47%	+5.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	7.42%	-6.04%

Volatility

JFLI vs. USOY - Volatility Comparison

The current volatility for JPMorgan Flexible Income ETF (JFLI) is 2.35%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that JFLI 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

	JFLI	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	11.62%	-9.27%
Volatility (6M) Calculated over the trailing 6-month period	6.93%	27.18%	-20.25%
Volatility (1Y) Calculated over the trailing 1-year period	8.39%	30.44%	-22.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.90%	26.13%	-14.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.90%	26.13%	-14.23%

JFLI vs. USOY - Expense Ratio Comparison

JFLI has a 0.35% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

JFLI vs. USOY - Dividend Comparison

JFLI's dividend yield for the trailing twelve months is around 7.18%, less than USOY's 54.16% yield.

Position	TTM	2025	2024
JFLI JPMorgan Flexible Income ETF	7.18%	6.81%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both JFLI and USOY in my portfolio?

JFLI and USOY have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JFLI or USOY?

USOY has higher volatility (11.62%) compared to JFLI (2.35%). In terms of maximum drawdown, JFLI dropped -12.87% vs USOY's -17.46%.

Which ETF is better, JFLI or USOY?

On 1-year performance, USOY leads with 57.29% vs 21.09% for JFLI. On fees, JFLI is cheaper at 0.35% per year. On volatility, JFLI has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JFLI or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 21.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JFLI or USOY?

JFLI is cheaper with a 0.35% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 7.18% for JFLI.

What is the main difference between JFLI and USOY?

JFLI is categorized as Global Allocation, while USOY is Derivative Income. They also come from different issuers: JPMorgan and Defiance. Their fees differ too: 0.35% for JFLI and 1.22% for USOY.

Which has better risk-adjusted returns?

JFLI currently has the higher Sharpe Ratio (2.53 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.