JPO vs. USOY

Last updated Aug 2, 2026

JPO (YieldMax JPM Option Income Strategy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - JPO is a Options Trading fund actively managed by Tidal, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, JPO returned 19.08% vs 41.94% for USOY. Their -0.06 correlation means they have often moved in opposite directions in the past. JPO charges 1.19%/yr vs 1.22%/yr for USOY.

Performance

JPO vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax JPM Option Income Strategy ETF (JPO) 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, JPO achieves a 8.98% return, which is significantly lower than USOY's 51.25% return.

JPO

• 1D: 0.34%
• 1M: 5.47%
• 6M: 14.60%
• YTD: 8.98%
• 1Y: 19.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.53%

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)
JPO YieldMax JPM Option Income Strategy ETF	$418.56K	$404.33K	$336.84K
USOY Defiance Oil Enhanced Options Income ETF	$3.02M	$3.27M	$3.42M

JPO vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JPO YieldMax JPM Option Income Strategy ETF	8.98%	22.26%	4.57%
USOY Defiance Oil Enhanced Options Income ETF	51.25%	-7.93%	6.13%

Correlation

The correlation between JPO and USOY is -0.15, 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.	-0.15
Correlation (All Time) Calculated using the full available price history since May 10, 2024	-0.06

Return for Risk

JPO vs. USOY — Risk / Return Rank

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

JPO

JPO Risk / Return Rank: 34
JPO Sharpe Ratio Rank: 35
JPO Sortino Ratio Rank: 33
JPO Omega Ratio Rank: 33
JPO Calmar Ratio Rank: 35
JPO Martin Ratio Rank: 32

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.

JPO vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax JPM Option Income Strategy ETF (JPO) 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.

	JPO	USOY	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.12	-0.23
Sortino ratio: Return per unit of downside risk	1.25	1.59	-0.33
Omega ratio: Gain probability vs. loss probability	1.16	1.22	-0.05
Calmar ratio: Return relative to maximum drawdown	1.21	1.53	-0.32
Martin ratio: Return relative to average drawdown	3.00	4.54	-1.54

JPO vs. USOY - Sharpe Ratio Comparison

The current JPO Sharpe Ratio is 0.89, which is comparable to the USOY Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of JPO 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

JPO vs. USOY - Drawdown Comparison

The maximum JPO drawdown since its inception was -24.80%, roughly equal to the maximum USOY drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for JPO and USOY.

Drawdown Indicators

	JPO	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-24.80%	-25.51%	+0.71%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	-25.51%	+11.27%
Current Drawdown Current decline from peak	-1.04%	-11.50%	+10.46%
Average Drawdown Average peak-to-trough decline	-4.42%	-7.16%	+2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	8.81%	-3.09%

Volatility

JPO vs. USOY - Volatility Comparison

The current volatility for YieldMax JPM Option Income Strategy ETF (JPO) is 5.21%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 15.28%. This indicates that JPO 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

	JPO	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	15.28%	-10.07%
Volatility (6M) Calculated over the trailing 6-month period	14.08%	32.32%	-18.24%
Volatility (1Y) Calculated over the trailing 1-year period	19.41%	34.89%	-15.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	28.20%	-9.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	28.20%	-9.14%

JPO vs. USOY - Expense Ratio Comparison

JPO has a 1.19% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

JPO vs. USOY - Dividend Comparison

JPO's dividend yield for the trailing twelve months is around 31.81%, less than USOY's 56.58% yield.

Position	TTM	2025	2024	2023
JPO YieldMax JPM Option Income Strategy ETF	31.81%	34.13%	25.15%	4.84%
USOY Defiance Oil Enhanced Options Income ETF	56.58%	104.32%	48.60%	0.00%

Frequently Asked Questions

Can I hold both JPO and USOY in my portfolio?

JPO and USOY have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPO or USOY?

USOY has higher volatility (15.28%) compared to JPO (5.21%). In terms of maximum drawdown, JPO dropped -24.80% vs USOY's -25.51%.

Which ETF is better, JPO or USOY?

On 1-year performance, USOY leads with 41.94% vs 19.08% for JPO. On fees, JPO is cheaper at 1.19% per year. On volatility, JPO has been the lower-risk option at 5.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPO or USOY?

Over the 1-year period, USOY has performed better with a 41.94% return vs 19.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPO or USOY?

JPO is cheaper with a 1.19% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 56.58%, compared with 31.81% for JPO.

What is the main difference between JPO and USOY?

JPO is categorized as Options Trading, while USOY is Derivative Income. They also come from different issuers: Tidal and Defiance. Their fees differ too: 1.19% for JPO and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.12 vs 0.89), 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.