LUNL vs. USOY

Last updated Jun 24, 2026

LUNL (Defiance Daily Target 2X Long LUNR ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - LUNL is a Leveraged Equities fund tracking the Intuitive Machines, Inc. (LUNR), while USOY is a Derivative Income fund actively managed by Defiance. LUNL is passively managed, while USOY is actively managed. At a correlation of -0.10, they often move in opposite directions. LUNL charges 1.31%/yr vs 1.22%/yr for USOY.

Performance

LUNL vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long LUNR ETF (LUNL) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

LUNL

• 1D: -8.77%
• 1M: -75.76%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.29%
• 1M: -17.01%
• YTD: 34.69%
• 6M: 34.18%
• 1Y: 26.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LUNL vs. USOY - Yearly Performance Comparison

	2026 (YTD)
LUNL Defiance Daily Target 2X Long LUNR ETF	-52.41%
USOY Defiance Oil Enhanced Options Income ETF	32.38%

Correlation

The correlation between LUNL and USOY is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	-0.10

Return for Risk

LUNL vs. USOY — Risk / Return Rank

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

LUNL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USOY

USOY Risk / Return Rank: 26
USOY Sharpe Ratio Rank: 25
USOY Sortino Ratio Rank: 23
USOY Omega Ratio Rank: 26
USOY Calmar Ratio Rank: 27
USOY Martin Ratio Rank: 30

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.

LUNL vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long LUNR ETF (LUNL) 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.

	LUNL	USOY	Difference
Sharpe ratio: Return per unit of total volatility	—	0.85	—
Sortino ratio: Return per unit of downside risk	—	1.24	—
Omega ratio: Gain probability vs. loss probability	—	1.18	—
Calmar ratio: Return relative to maximum drawdown	—	1.25	—
Martin ratio: Return relative to average drawdown	—	4.10	—

Drawdowns

LUNL vs. USOY - Drawdown Comparison

The maximum LUNL drawdown since its inception was -82.16%, which is greater than USOY's maximum drawdown of -21.19%. Use the drawdown chart below to compare losses from any high point for LUNL and USOY.

Drawdown Indicators

	LUNL	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-82.16%	-21.19%	-60.97%
Max Drawdown (1Y) Largest decline over 1 year	—	-21.19%	—
Current Drawdown Current decline from peak	-82.16%	-21.19%	-60.97%
Average Drawdown Average peak-to-trough decline	-36.44%	-6.63%	-29.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.44%	—

Volatility

Volatility by Period

	LUNL	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.34%	—
Volatility (6M) Calculated over the trailing 6-month period	—	28.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	258.93%	31.56%	+227.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	258.93%	26.51%	+232.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	258.93%	26.51%	+232.42%

LUNL vs. USOY - Expense Ratio Comparison

LUNL has a 1.31% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

LUNL vs. USOY - Dividend Comparison

LUNL has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 68.29%.

Position	TTM	2025	2024
LUNL Defiance Daily Target 2X Long LUNR ETF	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	68.29%	104.32%	48.60%

Frequently Asked Questions

Can I hold both LUNL and USOY in my portfolio?

LUNL and USOY have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LUNL or USOY?

On fees, USOY is cheaper at 1.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LUNL or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.31% for LUNL.

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

USOY has the higher dividend yield at 68.29%, compared with 0.00% for LUNL.

What is the main difference between LUNL and USOY?

LUNL is categorized as Leveraged Equities, while USOY is Derivative Income. Their fees differ too: 1.31% for LUNL and 1.22% for USOY.