OKLL vs. USOY

Last updated Jul 12, 2026

OKLL (Defiance Daily Target 2x Long OKLO ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - OKLL is a Leveraged Equities fund actively managed by Defiance, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, OKLL returned -78.88% vs 33.28% for USOY. At a correlation of -0.16, they often move in opposite directions. OKLL charges 1.31%/yr vs 1.22%/yr for USOY.

Performance

OKLL vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2x Long OKLO ETF (OKLL) 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, OKLL achieves a -75.01% return, which is significantly lower than USOY's 41.75% return.

OKLL

• 1D: -1.87%
• 1M: -31.54%
• 6M: -87.92%
• YTD: -75.01%
• 1Y: -78.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: 6.81%
• 1M: -5.16%
• 6M: 39.31%
• YTD: 41.75%
• 1Y: 33.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OKLL vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
OKLL Defiance Daily Target 2x Long OKLO ETF	-75.01%	-25.10%
USOY Defiance Oil Enhanced Options Income ETF	41.75%	-6.24%

Correlation

The correlation between OKLL and USOY is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	-0.16

Return for Risk

OKLL vs. USOY — Risk / Return Rank

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

OKLL

OKLL Risk / Return Rank: 7
OKLL Sharpe Ratio Rank: 6
OKLL Sortino Ratio Rank: 11
OKLL Omega Ratio Rank: 11
OKLL Calmar Ratio Rank: 2
OKLL Martin Ratio Rank: 4

USOY

USOY Risk / Return Rank: 35
USOY Sharpe Ratio Rank: 36
USOY Sortino Ratio Rank: 34
USOY Omega Ratio Rank: 38
USOY Calmar Ratio Rank: 32
USOY Martin Ratio Rank: 34

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.

OKLL vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2x Long OKLO ETF (OKLL) 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.

	OKLL	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.39	1.03	-1.42
Sortino ratio: Return per unit of downside risk	0.34	1.48	-1.13
Omega ratio: Gain probability vs. loss probability	1.04	1.20	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.81	1.31	-2.12
Martin ratio: Return relative to average drawdown	-1.06	4.03	-5.09

OKLL vs. USOY - Sharpe Ratio Comparison

The current OKLL Sharpe Ratio is -0.39, which is lower than the USOY Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of OKLL 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

OKLL vs. USOY - Drawdown Comparison

The maximum OKLL drawdown since its inception was -97.15%, which is greater than USOY's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for OKLL and USOY.

Drawdown Indicators

	OKLL	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-97.15%	-25.51%	-71.64%
Max Drawdown (1Y) Largest decline over 1 year	-97.15%	-25.51%	-71.64%
Current Drawdown Current decline from peak	-96.98%	-17.07%	-79.91%
Average Drawdown Average peak-to-trough decline	-63.96%	-7.02%	-56.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	74.15%	8.27%	+65.88%

Volatility

OKLL vs. USOY - Volatility Comparison

Defiance Daily Target 2x Long OKLO ETF (OKLL) has a higher volatility of 37.92% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 12.76%. This indicates that OKLL'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

	OKLL	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.92%	12.76%	+25.16%
Volatility (6M) Calculated over the trailing 6-month period	130.96%	29.86%	+101.10%
Volatility (1Y) Calculated over the trailing 1-year period	202.13%	32.42%	+169.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	199.81%	27.10%	+172.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	199.81%	27.10%	+172.71%

OKLL vs. USOY - Expense Ratio Comparison

OKLL has a 1.31% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

OKLL vs. USOY - Dividend Comparison

OKLL has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 61.71%.

Position	TTM	2025	2024
OKLL Defiance Daily Target 2x Long OKLO ETF	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	61.71%	104.32%	48.60%

Frequently Asked Questions

Can I hold both OKLL and USOY in my portfolio?

OKLL 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, OKLL or USOY?

OKLL has higher volatility (37.92%) compared to USOY (12.76%). In terms of maximum drawdown, OKLL dropped -97.15% vs USOY's -25.51%.

Which ETF is better, OKLL or USOY?

On 1-year performance, USOY leads with 33.28% vs -78.88% for OKLL. On fees, USOY is cheaper at 1.22% per year. On volatility, USOY has been the lower-risk option at 12.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OKLL or USOY?

Over the 1-year period, USOY has performed better with a 33.28% return vs -78.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OKLL or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.31% for OKLL.

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

USOY has the higher dividend yield at 61.71%, compared with 0.00% for OKLL.

What is the main difference between OKLL and USOY?

OKLL is categorized as Leveraged Equities, while USOY is Derivative Income. Their fees differ too: 1.31% for OKLL and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.03 vs -0.39), 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.