JPY vs. USOY

Last updated Jun 23, 2026

JPY (Lazard Japanese Equity ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - JPY is a Japan Equities fund actively managed by Lazard, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, JPY returned 38.86% vs 21.51% for USOY. At a correlation of -0.18, they often move in opposite directions. JPY charges 0.60%/yr vs 1.22%/yr for USOY.

Performance

JPY vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Japanese Equity ETF (JPY) 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, JPY achieves a 18.35% return, which is significantly lower than USOY's 36.45% return.

JPY

• 1D: -0.31%
• 1M: 3.62%
• YTD: 18.35%
• 6M: 18.98%
• 1Y: 38.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.13%
• 1M: -15.93%
• YTD: 36.45%
• 6M: 36.24%
• 1Y: 21.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPY vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
JPY Lazard Japanese Equity ETF	18.35%	39.95%
USOY Defiance Oil Enhanced Options Income ETF	36.45%	0.88%

Correlation

The correlation between JPY and USOY is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	-0.18

Return for Risk

JPY vs. USOY — Risk / Return Rank

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

JPY

JPY Risk / Return Rank: 57
JPY Sharpe Ratio Rank: 60
JPY Sortino Ratio Rank: 58
JPY Omega Ratio Rank: 60
JPY Calmar Ratio Rank: 54
JPY Martin Ratio Rank: 52

USOY

USOY Risk / Return Rank: 22
USOY Sharpe Ratio Rank: 20
USOY Sortino Ratio Rank: 19
USOY Omega Ratio Rank: 22
USOY Calmar Ratio Rank: 23
USOY Martin Ratio Rank: 26

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.

JPY vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Japanese Equity ETF (JPY) 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.

	JPY	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.94	0.69	+1.26
Sortino ratio: Return per unit of downside risk	2.68	1.05	+1.63
Omega ratio: Gain probability vs. loss probability	1.36	1.15	+0.21
Calmar ratio: Return relative to maximum drawdown	2.58	1.07	+1.51
Martin ratio: Return relative to average drawdown	8.73	3.42	+5.32

JPY vs. USOY - Sharpe Ratio Comparison

The current JPY Sharpe Ratio is 1.94, which is higher than the USOY Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of JPY 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

JPY vs. USOY - Drawdown Comparison

The maximum JPY drawdown since its inception was -15.13%, smaller than the maximum USOY drawdown of -20.17%. Use the drawdown chart below to compare losses from any high point for JPY and USOY.

Drawdown Indicators

	JPY	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-15.13%	-20.17%	+5.04%
Max Drawdown (1Y) Largest decline over 1 year	-15.13%	-20.17%	+5.04%
Current Drawdown Current decline from peak	-0.31%	-20.17%	+19.86%
Average Drawdown Average peak-to-trough decline	-2.52%	-6.61%	+4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	8.02%	-3.56%

Volatility

JPY vs. USOY - Volatility Comparison

The current volatility for Lazard Japanese Equity ETF (JPY) is 5.07%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 10.33%. This indicates that JPY 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

	JPY	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	10.33%	-5.26%
Volatility (6M) Calculated over the trailing 6-month period	15.34%	28.39%	-13.05%
Volatility (1Y) Calculated over the trailing 1-year period	20.14%	31.59%	-11.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.06%	26.52%	-5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	26.52%	-5.46%

JPY vs. USOY - Expense Ratio Comparison

JPY has a 0.60% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

JPY vs. USOY - Dividend Comparison

JPY's dividend yield for the trailing twelve months is around 1.17%, less than USOY's 67.41% yield.

Position	TTM	2025	2024
JPY Lazard Japanese Equity ETF	1.17%	2.38%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	67.41%	104.32%	48.60%

Frequently Asked Questions

Can I hold both JPY and USOY in my portfolio?

JPY and USOY have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPY or USOY?

USOY has higher volatility (10.33%) compared to JPY (5.07%). In terms of maximum drawdown, JPY dropped -15.13% vs USOY's -20.17%.

Which ETF is better, JPY or USOY?

On 1-year performance, JPY leads with 38.86% vs 21.51% for USOY. On fees, JPY is cheaper at 0.60% per year. On volatility, JPY has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPY or USOY?

Over the 1-year period, JPY has performed better with a 38.86% return vs 21.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPY or USOY?

JPY is cheaper with a 0.60% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 67.41%, compared with 1.17% for JPY.

What is the main difference between JPY and USOY?

JPY is categorized as Japan Equities, while USOY is Derivative Income. They also come from different issuers: Lazard and Defiance. Their fees differ too: 0.60% for JPY and 1.22% for USOY.

Which has better risk-adjusted returns?

JPY currently has the higher Sharpe Ratio (1.94 vs 0.69), 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.