NVDY vs. USOY

Last updated Jun 4, 2026

NVDY (YieldMax NVDA Option Income Strategy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, NVDY returned 46.64% vs 57.29% for USOY. At a 0.01 correlation, their price movements are largely independent. NVDY charges 0.99%/yr vs 1.22%/yr for USOY.

Performance

NVDY vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax NVDA Option Income Strategy ETF (NVDY) 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, NVDY achieves a 13.06% return, which is significantly lower than USOY's 62.18% return.

NVDY

• 1D: -2.22%
• 1M: 5.54%
• YTD: 13.06%
• 6M: 17.67%
• 1Y: 46.64%
• 3Y*: 54.54%
• 5Y*: —
• 10Y*: —

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)

NVDY vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDY YieldMax NVDA Option Income Strategy ETF	13.06%	27.38%	37.08%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between NVDY and USOY is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since May 13, 2024	0.01

The correlation between NVDY and USOY shifts across timeframes, from -0.09 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NVDY vs. USOY — Risk / Return Rank

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

NVDY

NVDY Risk / Return Rank: 52
NVDY Sharpe Ratio Rank: 49
NVDY Sortino Ratio Rank: 45
NVDY Omega Ratio Rank: 44
NVDY Calmar Ratio Rank: 72
NVDY Martin Ratio Rank: 52

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.

NVDY vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax NVDA Option Income Strategy ETF (NVDY) 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.

	NVDY	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.89	-0.18
Sortino ratio: Return per unit of downside risk	2.29	2.30	-0.01
Omega ratio: Gain probability vs. loss probability	1.29	1.35	-0.06
Calmar ratio: Return relative to maximum drawdown	3.66	4.03	-0.37
Martin ratio: Return relative to average drawdown	9.00	7.74	+1.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDY vs. USOY - Sharpe Ratio Comparison

The current NVDY Sharpe Ratio is 1.72, which is comparable to the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of NVDY 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

	NVDY	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	1.89	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	0.99	+0.64

Drawdowns

NVDY vs. USOY - Drawdown Comparison

The maximum NVDY drawdown since its inception was -34.08%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for NVDY and USOY.

Drawdown Indicators

	NVDY	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-17.46%	-16.62%
Max Drawdown (1Y) Largest decline over 1 year	-12.81%	-14.29%	+1.48%
Max Drawdown (3Y) Largest decline over 3 years	-34.08%	—	—
Current Drawdown Current decline from peak	-6.66%	-5.11%	-1.55%
Average Drawdown Average peak-to-trough decline	-6.15%	-6.47%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.20%	7.42%	-2.22%

Volatility

NVDY vs. USOY - Volatility Comparison

The current volatility for YieldMax NVDA Option Income Strategy ETF (NVDY) is 9.46%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that NVDY 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

	NVDY	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	11.62%	-2.16%
Volatility (6M) Calculated over the trailing 6-month period	20.68%	27.18%	-6.50%
Volatility (1Y) Calculated over the trailing 1-year period	27.35%	30.44%	-3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.24%	26.13%	+12.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.24%	26.13%	+12.11%

NVDY vs. USOY - Expense Ratio Comparison

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

Dividends

NVDY vs. USOY - Dividend Comparison

NVDY's dividend yield for the trailing twelve months is around 61.36%, more than USOY's 54.16% yield.

Position	TTM	2025	2024	2023
NVDY YieldMax NVDA Option Income Strategy ETF	61.36%	83.10%	83.65%	22.32%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%

Frequently Asked Questions

Can I hold both NVDY and USOY in my portfolio?

NVDY and USOY have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDY or USOY?

USOY has higher volatility (11.62%) compared to NVDY (9.46%). In terms of maximum drawdown, NVDY dropped -34.08% vs USOY's -17.46%.

Which ETF is better, NVDY or USOY?

On 1-year performance, USOY leads with 57.29% vs 46.64% for NVDY. On fees, NVDY is cheaper at 0.99% per year. On volatility, NVDY has been the lower-risk option at 9.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDY or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 46.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDY or USOY?

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

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

NVDY has the higher dividend yield at 61.36%, compared with 54.16% for USOY.

What is the main difference between NVDY and USOY?

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

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 vs 1.72), 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.