RCLO vs. USOY

Last updated Jul 30, 2026

RCLO (Reckoner BBB-B CLO ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - RCLO is a Actively Managed fund actively managed by Reckoner, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Their -0.02 correlation means they have often moved in opposite directions in the past. RCLO charges 0.50%/yr vs 1.22%/yr for USOY.

Performance

RCLO vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Reckoner BBB-B CLO ETF (RCLO) 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, RCLO achieves a 2.56% return, which is significantly lower than USOY's 51.12% return.

RCLO

• 1D: 0.08%
• 1M: 0.35%
• 6M: 1.75%
• YTD: 2.56%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

USOY

• 1D: 7.09%
• 1M: 15.30%
• 6M: 39.74%
• YTD: 51.12%
• 1Y: 40.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.21%

*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)
RCLO Reckoner BBB-B CLO ETF	$21.96K	$31.03K	$123.31K
USOY Defiance Oil Enhanced Options Income ETF	$2.95M	$3.24M	$3.47M

RCLO vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
RCLO Reckoner BBB-B CLO ETF	2.56%	1.39%
USOY Defiance Oil Enhanced Options Income ETF	51.12%	2.19%

Correlation

The correlation between RCLO and USOY is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 22, 2025	-0.02

Return for Risk

RCLO vs. USOY — Risk / Return Rank

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

RCLO

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

USOY

USOY Risk / Return Rank: 45
USOY Sharpe Ratio Rank: 47
USOY Sortino Ratio Rank: 44
USOY Omega Ratio Rank: 49
USOY Calmar Ratio Rank: 44
USOY Martin Ratio Rank: 42

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.

RCLO vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reckoner BBB-B CLO ETF (RCLO) 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.

	RCLO	USOY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.15	—
Sortino ratio: Return per unit of downside risk	—	1.62	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.58	—
Martin ratio: Return relative to average drawdown	—	4.59	—

Drawdowns

RCLO vs. USOY - Drawdown Comparison

The maximum RCLO drawdown since its inception was -3.70%, smaller than the maximum USOY drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for RCLO and USOY.

Drawdown Indicators

	RCLO	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-3.70%	-25.51%	+21.81%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.51%	—
Current Drawdown Current decline from peak	0.00%	-11.58%	+11.58%
Average Drawdown Average peak-to-trough decline	-0.42%	-7.15%	+6.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.76%	—

Volatility

Volatility by Period

	RCLO	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	32.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	34.87%	-32.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.87%	28.23%	-25.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.87%	28.23%	-25.36%

RCLO vs. USOY - Expense Ratio Comparison

RCLO has a 0.50% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

RCLO vs. USOY - Dividend Comparison

RCLO's dividend yield for the trailing twelve months is around 4.72%, less than USOY's 57.07% yield.

Position	TTM	2025	2024
RCLO Reckoner BBB-B CLO ETF	4.72%	1.32%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	57.07%	104.32%	48.60%

Frequently Asked Questions

Can I hold both RCLO and USOY in my portfolio?

RCLO and USOY have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RCLO or USOY?

On fees, RCLO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RCLO or USOY?

RCLO is cheaper with a 0.50% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 57.07%, compared with 4.72% for RCLO.

What is the main difference between RCLO and USOY?

RCLO is categorized as Actively Managed, while USOY is Derivative Income. They also come from different issuers: Reckoner and Defiance. Their fees differ too: 0.50% for RCLO and 1.22% for USOY.