KMLI vs. USOY

Last updated Jun 26, 2026

KMLI (KraneShares 2x Long MELI Daily ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - KMLI is a Leveraged Equities fund actively managed by KraneShares, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, KMLI returned -70.09% vs 28.90% for USOY. At a correlation of -0.20, they often move in opposite directions. KMLI charges 1.26%/yr vs 1.22%/yr for USOY.

Performance

KMLI vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long MELI Daily ETF (KMLI) 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, KMLI achieves a -44.90% return, which is significantly lower than USOY's 32.73% return.

KMLI

• 1D: -5.19%
• 1M: -5.53%
• YTD: -44.90%
• 6M: -44.26%
• 1Y: -70.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: 2.72%
• 1M: -16.67%
• YTD: 32.73%
• 6M: 31.77%
• 1Y: 28.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KMLI vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
KMLI KraneShares 2x Long MELI Daily ETF	-44.90%	-38.14%
USOY Defiance Oil Enhanced Options Income ETF	32.73%	-5.27%

Correlation

The correlation between KMLI and USOY is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.20

Return for Risk

KMLI vs. USOY — Risk / Return Rank

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

KMLI

KMLI Risk / Return Rank: 2
KMLI Sharpe Ratio Rank: 3
KMLI Sortino Ratio Rank: 2
KMLI Omega Ratio Rank: 2
KMLI Calmar Ratio Rank: 1
KMLI Martin Ratio Rank: 2

USOY

USOY Risk / Return Rank: 29
USOY Sharpe Ratio Rank: 28
USOY Sortino Ratio Rank: 26
USOY Omega Ratio Rank: 30
USOY Calmar Ratio Rank: 27
USOY Martin Ratio Rank: 32

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.

KMLI vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long MELI Daily ETF (KMLI) 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.

	KMLI	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	0.93	-1.82
Sortino ratio: Return per unit of downside risk	-1.41	1.34	-2.75
Omega ratio: Gain probability vs. loss probability	0.82	1.19	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.96	1.19	-2.15
Martin ratio: Return relative to average drawdown	-1.46	4.29	-5.75

KMLI vs. USOY - Sharpe Ratio Comparison

The current KMLI Sharpe Ratio is -0.89, which is lower than the USOY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of KMLI 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

KMLI vs. USOY - Drawdown Comparison

The maximum KMLI drawdown since its inception was -73.23%, which is greater than USOY's maximum drawdown of -24.40%. Use the drawdown chart below to compare losses from any high point for KMLI and USOY.

Drawdown Indicators

	KMLI	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-73.23%	-24.40%	-48.83%
Max Drawdown (1Y) Largest decline over 1 year	-73.23%	-24.40%	-48.83%
Current Drawdown Current decline from peak	-71.64%	-22.34%	-49.30%
Average Drawdown Average peak-to-trough decline	-42.50%	-6.70%	-35.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.16%	6.75%	+41.41%

Volatility

KMLI vs. USOY - Volatility Comparison

KraneShares 2x Long MELI Daily ETF (KMLI) has a higher volatility of 21.21% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.41%. This indicates that KMLI's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMLI	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.21%	11.41%	+9.80%
Volatility (6M) Calculated over the trailing 6-month period	61.96%	28.84%	+33.12%
Volatility (1Y) Calculated over the trailing 1-year period	79.30%	31.19%	+48.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.90%	26.68%	+52.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.90%	26.68%	+52.22%

KMLI vs. USOY - Expense Ratio Comparison

KMLI has a 1.26% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

KMLI vs. USOY - Dividend Comparison

KMLI's dividend yield for the trailing twelve months is around 19.29%, less than USOY's 70.91% yield.

Position	TTM	2025	2024
KMLI KraneShares 2x Long MELI Daily ETF	19.29%	10.63%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	70.91%	104.32%	48.60%

Frequently Asked Questions

Can I hold both KMLI and USOY in my portfolio?

KMLI and USOY have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KMLI or USOY?

KMLI has higher volatility (21.21%) compared to USOY (11.41%). In terms of maximum drawdown, KMLI dropped -73.23% vs USOY's -24.40%.

Which ETF is better, KMLI or USOY?

On 1-year performance, USOY leads with 28.90% vs -70.09% for KMLI. On fees, USOY is cheaper at 1.22% per year. On volatility, USOY has been the lower-risk option at 11.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMLI or USOY?

Over the 1-year period, USOY has performed better with a 28.90% return vs -70.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMLI or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.26% for KMLI.

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

USOY has the higher dividend yield at 70.91%, compared with 19.29% for KMLI.

What is the main difference between KMLI and USOY?

KMLI is categorized as Leveraged Equities, while USOY is Derivative Income. They also come from different issuers: KraneShares and Defiance. Their fees differ too: 1.26% for KMLI and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (0.93 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.