MLPD vs. USOY

Last updated Aug 4, 2026

MLPD (Global X MLP & Energy Infrastructure Covered Call ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - MLPD is a Infrastructure Equities fund tracking the Cboe MLPX ATM BuyWrite Index, while USOY is a Derivative Income fund actively managed by Defiance. MLPD is passively managed, while USOY is actively managed. Over the past year, MLPD returned 11.46% vs 35.36% for USOY. Their 0.29 correlation means their historical movements had little consistent relationship. MLPD charges 0.60%/yr vs 1.22%/yr for USOY.

Performance

MLPD vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MLP & Energy Infrastructure Covered Call ETF (MLPD) 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, MLPD achieves a 5.77% return, which is significantly lower than USOY's 44.25% return.

MLPD

• 1D: -0.52%
• 1M: 0.16%
• 6M: 3.31%
• YTD: 5.77%
• 1Y: 11.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.20%

USOY

• 1D: -4.63%
• 1M: 12.58%
• 6M: 35.65%
• YTD: 44.25%
• 1Y: 35.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MLPD Global X MLP & Energy Infrastructure Covered Call ETF	$334.42K	$282.21K	$276.41K
USOY Defiance Oil Enhanced Options Income ETF	$3.04M	$3.28M	$3.41M

MLPD vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MLPD Global X MLP & Energy Infrastructure Covered Call ETF	5.77%	11.77%	9.29%
USOY Defiance Oil Enhanced Options Income ETF	44.25%	-7.93%	6.13%

Correlation

The correlation between MLPD and USOY is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (All Time) Calculated using the full available price history since May 10, 2024	0.29

Return for Risk

MLPD vs. USOY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MLPD

MLPD Risk / Return Rank: 61
MLPD Sharpe Ratio Rank: 62
MLPD Sortino Ratio Rank: 56
MLPD Omega Ratio Rank: 61
MLPD Calmar Ratio Rank: 65
MLPD Martin Ratio Rank: 60

USOY

USOY Risk / Return Rank: 39
USOY Sharpe Ratio Rank: 40
USOY Sortino Ratio Rank: 39
USOY Omega Ratio Rank: 42
USOY Calmar Ratio Rank: 39
USOY Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MLPD vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MLP & Energy Infrastructure Covered Call ETF (MLPD) 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.

	MLPD	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.01	+0.50
Sortino ratio: Return per unit of downside risk	2.04	1.47	+0.57
Omega ratio: Gain probability vs. loss probability	1.28	1.20	+0.08
Calmar ratio: Return relative to maximum drawdown	2.40	1.39	+1.00
Martin ratio: Return relative to average drawdown	7.46	4.10	+3.36

MLPD vs. USOY - Sharpe Ratio Comparison

The current MLPD Sharpe Ratio is 1.51, which is higher than the USOY Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of MLPD 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

MLPD vs. USOY - Drawdown Comparison

The maximum MLPD drawdown since its inception was -12.90%, smaller than the maximum USOY drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for MLPD and USOY.

Drawdown Indicators

	MLPD	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-12.90%	-25.51%	+12.61%
Max Drawdown (1Y) Largest decline over 1 year	-4.80%	-25.51%	+20.71%
Current Drawdown Current decline from peak	-1.66%	-15.60%	+13.94%
Average Drawdown Average peak-to-trough decline	-1.11%	-7.18%	+6.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	8.65%	-7.11%

Volatility

MLPD vs. USOY - Volatility Comparison

The current volatility for Global X MLP & Energy Infrastructure Covered Call ETF (MLPD) is 1.93%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 16.26%. This indicates that MLPD 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

	MLPD	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.93%	16.26%	-14.33%
Volatility (6M) Calculated over the trailing 6-month period	5.55%	32.70%	-27.15%
Volatility (1Y) Calculated over the trailing 1-year period	7.63%	35.22%	-27.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.17%	28.35%	-17.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.17%	28.35%	-17.18%

MLPD vs. USOY - Expense Ratio Comparison

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

Dividends

MLPD vs. USOY - Dividend Comparison

MLPD's dividend yield for the trailing twelve months is around 13.77%, less than USOY's 59.33% yield.

Position	TTM	2025	2024
MLPD Global X MLP & Energy Infrastructure Covered Call ETF	13.77%	13.45%	6.68%
USOY Defiance Oil Enhanced Options Income ETF	59.33%	104.32%	48.60%

Frequently Asked Questions

Can I hold both MLPD and USOY in my portfolio?

MLPD and USOY have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPD or USOY?

USOY has higher volatility (16.26%) compared to MLPD (1.93%). In terms of maximum drawdown, MLPD dropped -12.90% vs USOY's -25.51%.

Which ETF is better, MLPD or USOY?

On 1-year performance, USOY leads with 35.36% vs 11.46% for MLPD. On fees, MLPD is cheaper at 0.60% per year. On volatility, MLPD has been the lower-risk option at 1.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLPD or USOY?

Over the 1-year period, USOY has performed better with a 35.36% return vs 11.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLPD or USOY?

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

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

USOY has the higher dividend yield at 59.33%, compared with 13.77% for MLPD.

What is the main difference between MLPD and USOY?

MLPD is categorized as Infrastructure Equities, while USOY is Derivative Income. They also come from different issuers: Global X and Defiance. Their fees differ too: 0.60% for MLPD and 1.22% for USOY.

Which has better risk-adjusted returns?

MLPD currently has the higher Sharpe Ratio (1.51 vs 1.01), 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.