JUSA vs. USOY

Last updated Jun 6, 2026

JUSA (JPMorgan U.S. Research Enhanced Large Cap ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - JUSA is a Large Cap Blend Equities fund actively managed by JPMorgan, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, JUSA returned 24.65% vs 51.90% for USOY. At a correlation of -0.16, they often move in opposite directions. JUSA charges 0.20%/yr vs 1.22%/yr for USOY.

Performance

JUSA vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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, JUSA achieves a 7.68% return, which is significantly lower than USOY's 56.61% return.

JUSA

• 1D: -2.43%
• 1M: -0.02%
• YTD: 7.68%
• 6M: 7.58%
• 1Y: 24.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.67%
• 1M: 1.06%
• YTD: 56.61%
• 6M: 52.27%
• 1Y: 51.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JUSA vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	7.68%	21.69%
USOY Defiance Oil Enhanced Options Income ETF	56.61%	-6.11%

Correlation

The correlation between JUSA and USOY is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Mar 17, 2025	-0.16

The correlation between JUSA and USOY shifts across timeframes, from -0.27 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JUSA vs. USOY — Risk / Return Rank

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

JUSA

JUSA Risk / Return Rank: 66
JUSA Sharpe Ratio Rank: 67
JUSA Sortino Ratio Rank: 65
JUSA Omega Ratio Rank: 67
JUSA Calmar Ratio Rank: 60
JUSA Martin Ratio Rank: 73

USOY

USOY Risk / Return Rank: 53
USOY Sharpe Ratio Rank: 51
USOY Sortino Ratio Rank: 44
USOY Omega Ratio Rank: 53
USOY Calmar Ratio Rank: 75
USOY Martin Ratio Rank: 44

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.

JUSA vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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.

	JUSA	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.71	+0.35
Sortino ratio: Return per unit of downside risk	2.81	2.13	+0.68
Omega ratio: Gain probability vs. loss probability	1.37	1.32	+0.06
Calmar ratio: Return relative to maximum drawdown	2.77	3.65	-0.88
Martin ratio: Return relative to average drawdown	12.73	6.98	+5.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JUSA vs. USOY - Sharpe Ratio Comparison

The current JUSA Sharpe Ratio is 2.05, which is comparable to the USOY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of JUSA 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

	JUSA	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	1.71	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	0.91	+0.41

Drawdowns

JUSA vs. USOY - Drawdown Comparison

The maximum JUSA drawdown since its inception was -14.02%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for JUSA and USOY.

Drawdown Indicators

	JUSA	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-14.02%	-17.46%	+3.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-14.29%	+5.36%
Current Drawdown Current decline from peak	-2.81%	-8.37%	+5.56%
Average Drawdown Average peak-to-trough decline	-1.51%	-6.47%	+4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	7.45%	-5.51%

Volatility

JUSA vs. USOY - Volatility Comparison

The current volatility for JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) is 3.53%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 9.70%. This indicates that JUSA 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

	JUSA	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	9.70%	-6.17%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	27.33%	-18.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	30.56%	-18.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	26.14%	-7.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	26.14%	-7.35%

JUSA vs. USOY - Expense Ratio Comparison

JUSA has a 0.20% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

JUSA vs. USOY - Dividend Comparison

JUSA's dividend yield for the trailing twelve months is around 0.88%, less than USOY's 57.61% yield.

Position	TTM	2025	2024
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	0.88%	0.77%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	57.61%	104.32%	48.60%

Frequently Asked Questions

Can I hold both JUSA and USOY in my portfolio?

JUSA and USOY have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JUSA or USOY?

USOY has higher volatility (9.70%) compared to JUSA (3.53%). In terms of maximum drawdown, JUSA dropped -14.02% vs USOY's -17.46%.

Which ETF is better, JUSA or USOY?

On 1-year performance, USOY leads with 51.90% vs 24.65% for JUSA. On fees, JUSA is cheaper at 0.20% per year. On volatility, JUSA has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JUSA or USOY?

Over the 1-year period, USOY has performed better with a 51.90% return vs 24.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUSA or USOY?

JUSA is cheaper with a 0.20% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 57.61%, compared with 0.88% for JUSA.

What is the main difference between JUSA and USOY?

JUSA is categorized as Large Cap Blend Equities, while USOY is Derivative Income. They also come from different issuers: JPMorgan and Defiance. Their fees differ too: 0.20% for JUSA and 1.22% for USOY.

Which has better risk-adjusted returns?

JUSA currently has the higher Sharpe Ratio (2.05 vs 1.71), 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.