JPST vs. USOY

Last updated Jun 4, 2026

JPST (JPMorgan Ultra-Short Income ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - JPST is a Ultrashort Bond fund actively managed by JPMorgan, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, JPST returned 4.31% vs 57.29% for USOY. At a correlation of -0.22, they often move in opposite directions. JPST charges 0.18%/yr vs 1.22%/yr for USOY.

Performance

JPST vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Income ETF (JPST) 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, JPST achieves a 1.40% return, which is significantly lower than USOY's 62.18% return.

JPST

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.40%
• 6M: 1.74%
• 1Y: 4.31%
• 3Y*: 5.16%
• 5Y*: 3.61%
• 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)

JPST vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JPST JPMorgan Ultra-Short Income ETF	1.40%	4.99%	3.59%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between JPST and USOY is -0.34, 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	-0.34
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.22

The correlation between JPST and USOY shifts across timeframes, from -0.34 (1 year) to -0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JPST vs. USOY — Risk / Return Rank

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

JPST

JPST Risk / Return Rank: 99
JPST Sharpe Ratio Rank: 99
JPST Sortino Ratio Rank: 99
JPST Omega Ratio Rank: 99
JPST Calmar Ratio Rank: 99
JPST Martin Ratio Rank: 99

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.

JPST vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Income ETF (JPST) 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.

	JPST	USOY	Difference
Sharpe ratio: Return per unit of total volatility	8.09	1.89	+6.20
Sortino ratio: Return per unit of downside risk	17.60	2.30	+15.31
Omega ratio: Gain probability vs. loss probability	3.94	1.35	+2.59
Calmar ratio: Return relative to maximum drawdown	29.16	4.03	+25.13
Martin ratio: Return relative to average drawdown	144.13	7.74	+136.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPST vs. USOY - Sharpe Ratio Comparison

The current JPST Sharpe Ratio is 8.09, which is higher than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of JPST 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

	JPST	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.09	1.89	+6.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	6.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.20	0.99	+2.21

Drawdowns

JPST vs. USOY - Drawdown Comparison

The maximum JPST drawdown since its inception was -3.28%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for JPST and USOY.

Drawdown Indicators

	JPST	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-17.46%	+14.18%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-14.29%	+14.14%
Max Drawdown (3Y) Largest decline over 3 years	-0.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.79%	—	—
Current Drawdown Current decline from peak	-0.02%	-5.11%	+5.09%
Average Drawdown Average peak-to-trough decline	-0.08%	-6.47%	+6.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	7.42%	-7.39%

Volatility

JPST vs. USOY - Volatility Comparison

The current volatility for JPMorgan Ultra-Short Income ETF (JPST) is 0.15%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that JPST 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

	JPST	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	11.62%	-11.47%
Volatility (6M) Calculated over the trailing 6-month period	0.36%	27.18%	-26.82%
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	30.44%	-29.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.58%	26.13%	-25.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.93%	26.13%	-25.20%

JPST vs. USOY - Expense Ratio Comparison

JPST has a 0.18% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

JPST vs. USOY - Dividend Comparison

JPST's dividend yield for the trailing twelve months is around 4.26%, less than USOY's 54.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPST JPMorgan Ultra-Short Income ETF	4.26%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPST and USOY in my portfolio?

JPST 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, JPST or USOY?

USOY has higher volatility (11.62%) compared to JPST (0.15%). In terms of maximum drawdown, JPST dropped -3.28% vs USOY's -17.46%.

Which ETF is better, JPST or USOY?

On 1-year performance, USOY leads with 57.29% vs 4.31% for JPST. On fees, JPST is cheaper at 0.18% per year. On volatility, JPST has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPST or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 4.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPST or USOY?

JPST is cheaper with a 0.18% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 4.26% for JPST.

What is the main difference between JPST and USOY?

JPST is categorized as Ultrashort Bond, while USOY is Derivative Income. They also come from different issuers: JPMorgan and Defiance. Their fees differ too: 0.18% for JPST and 1.22% for USOY.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (8.09 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.