OKLS vs. USOY

Last updated Jun 6, 2026

OKLS (Defiance Daily Target 2X Short OKLO ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - OKLS is a Inverse Equities fund actively managed by Defiance, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. At a 0.20 correlation, their price movements are largely independent. OKLS charges 1.31%/yr vs 1.22%/yr for USOY.

Performance

OKLS vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short OKLO ETF (OKLS) 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, OKLS achieves a -65.39% return, which is significantly lower than USOY's 56.61% return.

OKLS

• 1D: 21.55%
• 1M: 40.94%
• YTD: -65.39%
• 6M: -37.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.67%
• 1M: 1.06%
• YTD: 56.61%
• 6M: 52.27%
• 1Y: 51.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OKLS vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
OKLS Defiance Daily Target 2X Short OKLO ETF	-65.39%	15.32%
USOY Defiance Oil Enhanced Options Income ETF	56.61%	-0.30%

Correlation

The correlation between OKLS and USOY is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 28, 2025	0.20

Return for Risk

OKLS vs. USOY — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 53
USOY Sharpe Ratio Rank: 51
USOY Sortino Ratio Rank: 44
USOY Omega Ratio Rank: 53
USOY Calmar Ratio Rank: 75
USOY Martin Ratio Rank: 44

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.

OKLS vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short OKLO ETF (OKLS) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	OKLS	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	0.91	-1.32

Drawdowns

OKLS vs. USOY - Drawdown Comparison

The maximum OKLS drawdown since its inception was -81.03%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for OKLS and USOY.

Drawdown Indicators

	OKLS	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-81.03%	-17.46%	-63.57%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.29%	—
Current Drawdown Current decline from peak	-71.78%	-8.37%	-63.41%
Average Drawdown Average peak-to-trough decline	-39.42%	-6.47%	-32.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.45%	—

Volatility

Volatility by Period

	OKLS	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	27.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	201.03%	30.56%	+170.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	201.03%	26.14%	+174.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	201.03%	26.14%	+174.89%

OKLS vs. USOY - Expense Ratio Comparison

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

Dividends

OKLS vs. USOY - Dividend Comparison

OKLS has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 57.61%.

Position	TTM	2025	2024
OKLS Defiance Daily Target 2X Short OKLO ETF	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	57.61%	104.32%	48.60%

Frequently Asked Questions

Can I hold both OKLS and USOY in my portfolio?

OKLS and USOY have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OKLS or USOY?

On fees, USOY is cheaper at 1.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OKLS or USOY?

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

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

USOY has the higher dividend yield at 57.61%, compared with 0.00% for OKLS.

What is the main difference between OKLS and USOY?

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