MSTW vs. USOY

Last updated Aug 2, 2026

MSTW (Roundhill MSTR WeeklyPay™ ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, MSTW returned -83.12% vs 41.94% for USOY. Their -0.05 correlation means they have often moved in opposite directions in the past. MSTW charges 0.99%/yr vs 1.22%/yr for USOY.

Performance

MSTW vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill MSTR WeeklyPay™ ETF (MSTW) 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, MSTW achieves a -49.11% return, which is significantly lower than USOY's 51.25% return.

MSTW

• 1D: -5.03%
• 1M: -9.33%
• 6M: -47.69%
• YTD: -49.11%
• 1Y: -83.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -84.93%

USOY

• 1D: 1.10%
• 1M: 18.05%
• 6M: 38.09%
• YTD: 51.25%
• 1Y: 41.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.21%

*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)
MSTW Roundhill MSTR WeeklyPay™ ETF	$1.36M	$1.35M	$3.08M
USOY Defiance Oil Enhanced Options Income ETF	$3.02M	$3.27M	$3.42M

MSTW vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
MSTW Roundhill MSTR WeeklyPay™ ETF	-49.11%	-71.40%
USOY Defiance Oil Enhanced Options Income ETF	51.25%	-5.67%

Correlation

The correlation between MSTW and USOY is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (All Time) Calculated using the full available price history since Jul 24, 2025	-0.05

Return for Risk

MSTW vs. USOY — Risk / Return Rank

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

MSTW

MSTW Risk / Return Rank: 1
MSTW Sharpe Ratio Rank: 2
MSTW Sortino Ratio Rank: 0
MSTW Omega Ratio Rank: 0
MSTW Calmar Ratio Rank: 0
MSTW Martin Ratio Rank: 1

USOY

USOY Risk / Return Rank: 44
USOY Sharpe Ratio Rank: 46
USOY Sortino Ratio Rank: 43
USOY Omega Ratio Rank: 47
USOY Calmar Ratio Rank: 43
USOY Martin Ratio Rank: 41

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.

MSTW vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill MSTR WeeklyPay™ ETF (MSTW) 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.

	MSTW	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	1.12	-2.05
Sortino ratio: Return per unit of downside risk	-2.27	1.59	-3.86
Omega ratio: Gain probability vs. loss probability	0.77	1.22	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.98	1.53	-2.51
Martin ratio: Return relative to average drawdown	-1.35	4.54	-5.88

MSTW vs. USOY - Sharpe Ratio Comparison

The current MSTW Sharpe Ratio is -0.93, which is lower than the USOY Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of MSTW 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

MSTW vs. USOY - Drawdown Comparison

The maximum MSTW drawdown since its inception was -87.29%, which is greater than USOY's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for MSTW and USOY.

Drawdown Indicators

	MSTW	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-87.29%	-25.51%	-61.78%
Max Drawdown (1Y) Largest decline over 1 year	-86.75%	-25.51%	-61.24%
Current Drawdown Current decline from peak	-85.46%	-11.50%	-73.96%
Average Drawdown Average peak-to-trough decline	-58.78%	-7.16%	-51.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	63.15%	8.81%	+54.34%

Volatility

MSTW vs. USOY - Volatility Comparison

Roundhill MSTR WeeklyPay™ ETF (MSTW) has a higher volatility of 21.78% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 15.28%. This indicates that MSTW'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

	MSTW	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.78%	15.28%	+6.50%
Volatility (6M) Calculated over the trailing 6-month period	73.44%	32.32%	+41.12%
Volatility (1Y) Calculated over the trailing 1-year period	91.22%	34.89%	+56.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.37%	28.20%	+62.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.37%	28.20%	+62.17%

MSTW vs. USOY - Expense Ratio Comparison

MSTW has a 0.99% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

MSTW vs. USOY - Dividend Comparison

MSTW's dividend yield for the trailing twelve months is around 422.50%, more than USOY's 56.58% yield.

Position	TTM	2025	2024
MSTW Roundhill MSTR WeeklyPay™ ETF	422.50%	106.94%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	56.58%	104.32%	48.60%

Frequently Asked Questions

Can I hold both MSTW and USOY in my portfolio?

MSTW and USOY have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTW or USOY?

MSTW has higher volatility (21.78%) compared to USOY (15.28%). In terms of maximum drawdown, MSTW dropped -87.29% vs USOY's -25.51%.

Which ETF is better, MSTW or USOY?

On 1-year performance, USOY leads with 41.94% vs -83.12% for MSTW. On fees, MSTW is cheaper at 0.99% per year. On volatility, USOY has been the lower-risk option at 15.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTW or USOY?

Over the 1-year period, USOY has performed better with a 41.94% return vs -83.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTW or USOY?

MSTW is cheaper with a 0.99% expense ratio, compared with 1.22% for USOY.

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

MSTW has the higher dividend yield at 422.50%, compared with 56.58% for USOY.

What is the main difference between MSTW and USOY?

They also come from different issuers: Roundhill and Defiance. Their fees differ too: 0.99% for MSTW and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.12 vs -0.93), 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.