NVBT vs. USOY

Last updated Aug 5, 2026

NVBT (Allianzim U.S. Large Cap Buffer10 Nov ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - NVBT is a Options Trading fund actively managed by Allianz, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, NVBT returned 16.19% vs 30.47% for USOY. Their -0.09 correlation means they have often moved in opposite directions in the past. NVBT charges 0.74%/yr vs 1.22%/yr for USOY.

Performance

NVBT vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) 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, NVBT achieves a 10.00% return, which is significantly lower than USOY's 37.86% return.

NVBT

• 1D: 0.99%
• 1M: 2.58%
• 6M: 9.10%
• YTD: 10.00%
• 1Y: 16.19%
• 3Y*: 12.21%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.48%

USOY

• 1D: -4.43%
• 1M: 7.60%
• 6M: 26.60%
• YTD: 37.86%
• 1Y: 30.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.27%

*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)
NVBT Allianzim U.S. Large Cap Buffer10 Nov ETF	$37.90K	$70.18K	$49.93K
USOY Defiance Oil Enhanced Options Income ETF	$3.17M	$3.29M	$3.40M

NVBT vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVBT Allianzim U.S. Large Cap Buffer10 Nov ETF	10.00%	12.84%	6.61%
USOY Defiance Oil Enhanced Options Income ETF	37.86%	-7.93%	6.13%

Correlation

The correlation between NVBT and USOY is -0.26, 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.	-0.26
Correlation (All Time) Calculated using the full available price history since May 10, 2024	-0.09

The correlation between NVBT and USOY shifts across timeframes, from -0.26 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NVBT vs. USOY — Risk / Return Rank

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

NVBT

NVBT Risk / Return Rank: 76
NVBT Sharpe Ratio Rank: 75
NVBT Sortino Ratio Rank: 76
NVBT Omega Ratio Rank: 78
NVBT Calmar Ratio Rank: 66
NVBT Martin Ratio Rank: 83

USOY

USOY Risk / Return Rank: 32
USOY Sharpe Ratio Rank: 32
USOY Sortino Ratio Rank: 31
USOY Omega Ratio Rank: 33
USOY Calmar Ratio Rank: 33
USOY Martin Ratio Rank: 34

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.

NVBT vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) 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.

	NVBT	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.94	0.86	+1.07
Sortino ratio: Return per unit of downside risk	2.78	1.30	+1.48
Omega ratio: Gain probability vs. loss probability	1.37	1.18	+0.19
Calmar ratio: Return relative to maximum drawdown	2.62	1.20	+1.42
Martin ratio: Return relative to average drawdown	12.39	3.50	+8.88

NVBT vs. USOY - Sharpe Ratio Comparison

The current NVBT Sharpe Ratio is 1.94, which is higher than the USOY Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of NVBT 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

NVBT vs. USOY - Drawdown Comparison

The maximum NVBT 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 NVBT and USOY.

Drawdown Indicators

	NVBT	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-12.90%	-25.51%	+12.61%
Max Drawdown (1Y) Largest decline over 1 year	-6.21%	-25.51%	+19.30%
Max Drawdown (3Y) Largest decline over 3 years	-12.90%	—	—
Current Drawdown Current decline from peak	0.00%	-19.34%	+19.34%
Average Drawdown Average peak-to-trough decline	-1.33%	-7.20%	+5.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	8.72%	-7.41%

Volatility

NVBT vs. USOY - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) is 2.79%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 17.04%. This indicates that NVBT 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

	NVBT	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	17.04%	-14.25%
Volatility (6M) Calculated over the trailing 6-month period	7.03%	32.89%	-25.86%
Volatility (1Y) Calculated over the trailing 1-year period	8.45%	35.44%	-26.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.32%	28.49%	-18.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.32%	28.49%	-18.17%

NVBT vs. USOY - Expense Ratio Comparison

NVBT has a 0.74% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

NVBT vs. USOY - Dividend Comparison

NVBT has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 62.08%.

Position	TTM	2025	2024
NVBT Allianzim U.S. Large Cap Buffer10 Nov ETF	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	62.08%	104.32%	48.60%

Frequently Asked Questions

Can I hold both NVBT and USOY in my portfolio?

NVBT and USOY have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVBT or USOY?

USOY has higher volatility (17.04%) compared to NVBT (2.79%). In terms of maximum drawdown, NVBT dropped -12.90% vs USOY's -25.51%.

Which ETF is better, NVBT or USOY?

On 1-year performance, USOY leads with 30.47% vs 16.19% for NVBT. On fees, NVBT is cheaper at 0.74% per year. On volatility, NVBT has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVBT or USOY?

Over the 1-year period, USOY has performed better with a 30.47% return vs 16.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVBT or USOY?

NVBT is cheaper with a 0.74% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 62.08%, compared with 0.00% for NVBT.

What is the main difference between NVBT and USOY?

NVBT is categorized as Options Trading, while USOY is Derivative Income. They also come from different issuers: Allianz and Defiance. Their fees differ too: 0.74% for NVBT and 1.22% for USOY.

Which has better risk-adjusted returns?

NVBT currently has the higher Sharpe Ratio (1.94 vs 0.86), 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.