NFTY vs. USOY

Last updated Jun 4, 2026

NFTY (First Trust India NIFTY 50 Equal Weight ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - NFTY is a Asia Pacific Equities fund tracking the NIFTY 50 Equal Weight Index, while USOY is a Derivative Income fund actively managed by Defiance. NFTY is passively managed, while USOY is actively managed. Over the past year, NFTY returned -8.48% vs 57.29% for USOY. At a correlation of -0.15, they often move in opposite directions. NFTY charges 0.80%/yr vs 1.22%/yr for USOY.

Performance

NFTY vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust India NIFTY 50 Equal Weight ETF (NFTY) 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, NFTY achieves a -9.70% return, which is significantly lower than USOY's 62.18% return.

NFTY

• 1D: -1.34%
• 1M: -1.64%
• YTD: -9.70%
• 6M: -7.99%
• 1Y: -8.48%
• 3Y*: 5.72%
• 5Y*: 4.62%
• 10Y*: 8.13%

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFTY vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFTY First Trust India NIFTY 50 Equal Weight ETF	-9.70%	5.47%	1.43%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between NFTY and USOY is -0.35, 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	-0.35
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.15

The correlation between NFTY and USOY shifts across timeframes, from -0.35 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NFTY vs. USOY — Risk / Return Rank

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

NFTY

NFTY Risk / Return Rank: 3
NFTY Sharpe Ratio Rank: 4
NFTY Sortino Ratio Rank: 4
NFTY Omega Ratio Rank: 4
NFTY Calmar Ratio Rank: 4
NFTY Martin Ratio Rank: 2

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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.

NFTY vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust India NIFTY 50 Equal Weight ETF (NFTY) 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.

	NFTY	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	1.89	-2.47
Sortino ratio: Return per unit of downside risk	-0.78	2.30	-3.08
Omega ratio: Gain probability vs. loss probability	0.91	1.35	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.53	4.03	-4.56
Martin ratio: Return relative to average drawdown	-1.39	7.74	-9.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NFTY vs. USOY - Sharpe Ratio Comparison

The current NFTY Sharpe Ratio is -0.58, which is lower than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of NFTY 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.

Sharpe Ratios by Period

	NFTY	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	1.89	-2.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.99	-0.71

Drawdowns

NFTY vs. USOY - Drawdown Comparison

The maximum NFTY drawdown since its inception was -47.67%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for NFTY and USOY.

Drawdown Indicators

	NFTY	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-47.67%	-17.46%	-30.21%
Max Drawdown (1Y) Largest decline over 1 year	-16.14%	-14.29%	-1.85%
Max Drawdown (3Y) Largest decline over 3 years	-21.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.67%	—	—
Current Drawdown Current decline from peak	-17.45%	-5.11%	-12.34%
Average Drawdown Average peak-to-trough decline	-9.58%	-6.47%	-3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.12%	7.42%	-1.30%

Volatility

NFTY vs. USOY - Volatility Comparison

The current volatility for First Trust India NIFTY 50 Equal Weight ETF (NFTY) is 4.58%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that NFTY 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

	NFTY	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	11.62%	-7.04%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	27.18%	-14.61%
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	30.44%	-15.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	26.13%	-8.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.72%	26.13%	-5.41%

NFTY vs. USOY - Expense Ratio Comparison

NFTY has a 0.80% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

NFTY vs. USOY - Dividend Comparison

NFTY's dividend yield for the trailing twelve months is around 1.96%, less than USOY's 54.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NFTY First Trust India NIFTY 50 Equal Weight ETF	1.96%	1.24%	1.61%	0.13%	5.89%	1.53%	0.61%	0.97%	0.00%	4.10%	3.28%	4.39%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NFTY and USOY in my portfolio?

NFTY and USOY have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFTY or USOY?

USOY has higher volatility (11.62%) compared to NFTY (4.58%). In terms of maximum drawdown, NFTY dropped -47.67% vs USOY's -17.46%.

Which ETF is better, NFTY or USOY?

On 1-year performance, USOY leads with 57.29% vs -8.48% for NFTY. On fees, NFTY is cheaper at 0.80% per year. On volatility, NFTY has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFTY or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs -8.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFTY or USOY?

NFTY is cheaper with a 0.80% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 1.96% for NFTY.

What is the main difference between NFTY and USOY?

NFTY is categorized as Asia Pacific Equities, while USOY is Derivative Income. They also come from different issuers: First Trust and Defiance. Their fees differ too: 0.80% for NFTY and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 vs -0.58), 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.