NBOS vs. USOY

Last updated Aug 4, 2026

NBOS (Neuberger Berman Option Strategy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - NBOS is a Options Trading fund actively managed by Neuberger Berman, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, NBOS returned 18.74% vs 35.36% for USOY. Their -0.04 correlation means they have often moved in opposite directions in the past. NBOS charges 0.56%/yr vs 1.22%/yr for USOY.

Performance

NBOS vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Option Strategy ETF (NBOS) 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, NBOS achieves a 9.31% return, which is significantly lower than USOY's 44.25% return.

NBOS

• 1D: 0.71%
• 1M: 2.03%
• 6M: 6.98%
• YTD: 9.31%
• 1Y: 18.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.91%

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)
NBOS Neuberger Berman Option Strategy ETF	$4.13M	$3.56M	$2.76M
USOY Defiance Oil Enhanced Options Income ETF	$3.04M	$3.28M	$3.41M

NBOS vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NBOS Neuberger Berman Option Strategy ETF	9.31%	12.22%	7.71%
USOY Defiance Oil Enhanced Options Income ETF	44.25%	-7.93%	6.13%

Correlation

The correlation between NBOS and USOY is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.15
Correlation (All Time) Calculated using the full available price history since May 10, 2024	-0.04

The correlation between NBOS and USOY shifts across timeframes, from -0.15 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NBOS vs. USOY — Risk / Return Rank

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

NBOS

NBOS Risk / Return Rank: 91
NBOS Sharpe Ratio Rank: 89
NBOS Sortino Ratio Rank: 89
NBOS Omega Ratio Rank: 92
NBOS Calmar Ratio Rank: 90
NBOS Martin Ratio Rank: 95

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.

NBOS vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Option Strategy ETF (NBOS) 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.

	NBOS	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.29	1.01	+1.28
Sortino ratio: Return per unit of downside risk	3.21	1.47	+1.74
Omega ratio: Gain probability vs. loss probability	1.47	1.20	+0.27
Calmar ratio: Return relative to maximum drawdown	4.00	1.39	+2.60
Martin ratio: Return relative to average drawdown	21.33	4.10	+17.22

NBOS vs. USOY - Sharpe Ratio Comparison

The current NBOS Sharpe Ratio is 2.29, which is higher than the USOY Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of NBOS 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

NBOS vs. USOY - Drawdown Comparison

The maximum NBOS drawdown since its inception was -12.66%, smaller than the maximum USOY drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for NBOS and USOY.

Drawdown Indicators

	NBOS	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-12.66%	-25.51%	+12.85%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-25.51%	+20.80%
Current Drawdown Current decline from peak	0.00%	-15.60%	+15.60%
Average Drawdown Average peak-to-trough decline	-1.07%	-7.18%	+6.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	8.65%	-7.77%

Volatility

NBOS vs. USOY - Volatility Comparison

The current volatility for Neuberger Berman Option Strategy ETF (NBOS) is 2.19%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 16.26%. This indicates that NBOS 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

	NBOS	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	16.26%	-14.07%
Volatility (6M) Calculated over the trailing 6-month period	6.63%	32.70%	-26.07%
Volatility (1Y) Calculated over the trailing 1-year period	8.23%	35.22%	-26.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.92%	28.35%	-18.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.92%	28.35%	-18.43%

NBOS vs. USOY - Expense Ratio Comparison

NBOS has a 0.56% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

NBOS vs. USOY - Dividend Comparison

NBOS's dividend yield for the trailing twelve months is around 7.98%, less than USOY's 59.33% yield.

Position	TTM	2025	2024
NBOS Neuberger Berman Option Strategy ETF	7.98%	7.81%	7.32%
USOY Defiance Oil Enhanced Options Income ETF	59.33%	104.32%	48.60%

Frequently Asked Questions

Can I hold both NBOS and USOY in my portfolio?

NBOS and USOY have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBOS or USOY?

USOY has higher volatility (16.26%) compared to NBOS (2.19%). In terms of maximum drawdown, NBOS dropped -12.66% vs USOY's -25.51%.

Which ETF is better, NBOS or USOY?

On 1-year performance, USOY leads with 35.36% vs 18.74% for NBOS. On fees, NBOS is cheaper at 0.56% per year. On volatility, NBOS has been the lower-risk option at 2.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBOS or USOY?

Over the 1-year period, USOY has performed better with a 35.36% return vs 18.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBOS or USOY?

NBOS is cheaper with a 0.56% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 59.33%, compared with 7.98% for NBOS.

What is the main difference between NBOS and USOY?

NBOS is categorized as Options Trading, while USOY is Derivative Income. They also come from different issuers: Neuberger Berman and Defiance. Their fees differ too: 0.56% for NBOS and 1.22% for USOY.

Which has better risk-adjusted returns?

NBOS currently has the higher Sharpe Ratio (2.29 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.