PAYR vs. USOY

Last updated Jun 4, 2026

PAYR (Federated Hermes Enhanced Income ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.03 correlation, their price movements are largely independent. PAYR charges 0.40%/yr vs 1.22%/yr for USOY.

Performance

PAYR vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Enhanced Income ETF (PAYR) 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, PAYR achieves a 7.22% return, which is significantly lower than USOY's 62.18% return.

PAYR

• 1D: -0.02%
• 1M: -0.97%
• YTD: 7.22%
• 6M: 7.83%
• 1Y: —
• 3Y*: —
• 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)

PAYR vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
PAYR Federated Hermes Enhanced Income ETF	7.22%	3.73%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-2.99%

Correlation

The correlation between PAYR and USOY is 0.03, 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 (All Time) Calculated using the full available price history since Oct 9, 2025	0.03

Return for Risk

PAYR 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: 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.

PAYR vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Enhanced Income ETF (PAYR) 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

	PAYR	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.84	0.99	+0.85

Drawdowns

PAYR vs. USOY - Drawdown Comparison

The maximum PAYR drawdown since its inception was -5.24%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for PAYR and USOY.

Drawdown Indicators

	PAYR	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-17.46%	+12.22%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.29%	—
Current Drawdown Current decline from peak	-4.76%	-5.11%	+0.35%
Average Drawdown Average peak-to-trough decline	-1.59%	-6.47%	+4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.42%	—

Volatility

Volatility by Period

	PAYR	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.62%	—
Volatility (6M) Calculated over the trailing 6-month period	—	27.18%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	30.44%	-20.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.73%	26.13%	-16.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.73%	26.13%	-16.40%

PAYR vs. USOY - Expense Ratio Comparison

PAYR has a 0.40% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

PAYR vs. USOY - Dividend Comparison

PAYR's dividend yield for the trailing twelve months is around 5.47%, less than USOY's 54.16% yield.

Position	TTM	2025	2024
PAYR Federated Hermes Enhanced Income ETF	5.47%	1.99%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both PAYR and USOY in my portfolio?

PAYR and USOY have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAYR or USOY?

On fees, PAYR is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAYR or USOY?

PAYR is cheaper with a 0.40% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 5.47% for PAYR.

What is the main difference between PAYR and USOY?

They also come from different issuers: Federated Hermes and Defiance. Their fees differ too: 0.40% for PAYR and 1.22% for USOY.