QBER vs. USOY

Last updated Aug 4, 2026

QBER (TrueShares Quarterly Bear Hedge ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - QBER is a Options Trading fund actively managed by TrueShares, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, QBER returned -1.05% vs 35.36% for USOY. Their 0.00 correlation means their historical movements had little consistent relationship. QBER charges 0.79%/yr vs 1.22%/yr for USOY.

Performance

QBER vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Quarterly Bear Hedge ETF (QBER) 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, QBER achieves a -0.83% return, which is significantly lower than USOY's 44.25% return.

QBER

• 1D: -0.31%
• 1M: 0.08%
• 6M: -0.08%
• YTD: -0.83%
• 1Y: -1.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.26%

USOY

• 1D: -4.63%
• 1M: 12.58%
• 6M: 35.65%
• YTD: 44.25%
• 1Y: 35.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.63%

*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)
QBER TrueShares Quarterly Bear Hedge ETF	$460.54K	$316.09K	$665.79K
USOY Defiance Oil Enhanced Options Income ETF	$3.04M	$3.28M	$3.41M

QBER vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QBER TrueShares Quarterly Bear Hedge ETF	-0.83%	0.25%	0.04%
USOY Defiance Oil Enhanced Options Income ETF	44.25%	-7.93%	3.92%

Correlation

The correlation between QBER and USOY is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.00

Return for Risk

QBER vs. USOY — Risk / Return Rank

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

QBER

QBER Risk / Return Rank: 6
QBER Sharpe Ratio Rank: 7
QBER Sortino Ratio Rank: 6
QBER Omega Ratio Rank: 6
QBER Calmar Ratio Rank: 5
QBER Martin Ratio Rank: 5

USOY

USOY Risk / Return Rank: 39
USOY Sharpe Ratio Rank: 40
USOY Sortino Ratio Rank: 39
USOY Omega Ratio Rank: 42
USOY Calmar Ratio Rank: 39
USOY Martin Ratio Rank: 38

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.

QBER vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Quarterly Bear Hedge ETF (QBER) 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.

	QBER	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	1.01	-1.28
Sortino ratio: Return per unit of downside risk	-0.36	1.47	-1.83
Omega ratio: Gain probability vs. loss probability	0.96	1.20	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.45	1.39	-1.84
Martin ratio: Return relative to average drawdown	-0.89	4.10	-4.99

QBER vs. USOY - Sharpe Ratio Comparison

The current QBER Sharpe Ratio is -0.27, which is lower than the USOY Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of QBER 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

QBER vs. USOY - Drawdown Comparison

The maximum QBER drawdown since its inception was -5.72%, smaller than the maximum USOY drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for QBER and USOY.

Drawdown Indicators

	QBER	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-5.72%	-25.51%	+19.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	-25.51%	+23.16%
Current Drawdown Current decline from peak	-5.56%	-15.60%	+10.04%
Average Drawdown Average peak-to-trough decline	-4.75%	-7.18%	+2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	8.65%	-7.43%

Volatility

QBER vs. USOY - Volatility Comparison

The current volatility for TrueShares Quarterly Bear Hedge ETF (QBER) is 1.14%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 16.26%. This indicates that QBER 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

	QBER	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	16.26%	-15.12%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	32.70%	-29.76%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	35.22%	-31.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.24%	28.35%	-22.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	28.35%	-22.11%

QBER vs. USOY - Expense Ratio Comparison

QBER has a 0.79% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

QBER vs. USOY - Dividend Comparison

QBER's dividend yield for the trailing twelve months is around 3.29%, less than USOY's 59.33% yield.

Position	TTM	2025	2024
QBER TrueShares Quarterly Bear Hedge ETF	3.29%	3.26%	1.35%
USOY Defiance Oil Enhanced Options Income ETF	59.33%	104.32%	48.60%

Frequently Asked Questions

Can I hold both QBER and USOY in my portfolio?

QBER and USOY have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QBER or USOY?

USOY has higher volatility (16.26%) compared to QBER (1.14%). In terms of maximum drawdown, QBER dropped -5.72% vs USOY's -25.51%.

Which ETF is better, QBER or USOY?

On 1-year performance, USOY leads with 35.36% vs -1.05% for QBER. On fees, QBER is cheaper at 0.79% per year. On volatility, QBER has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QBER or USOY?

Over the 1-year period, USOY has performed better with a 35.36% return vs -1.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QBER or USOY?

QBER is cheaper with a 0.79% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 59.33%, compared with 3.29% for QBER.

What is the main difference between QBER and USOY?

QBER is categorized as Options Trading, while USOY is Derivative Income. They also come from different issuers: TrueShares and Defiance. Their fees differ too: 0.79% for QBER and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.01 vs -0.27), 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.