SAPH vs. USOY

Last updated Jul 30, 2026

SAPH (ADRhedged SAP ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - SAPH is a Actively Managed fund actively managed by ADRhedged, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, SAPH returned -32.30% vs 37.33% for USOY. Their -0.10 correlation means they have often moved in opposite directions in the past. SAPH charges 0.19%/yr vs 1.22%/yr for USOY.

Performance

SAPH vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ADRhedged SAP ETF (SAPH) 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, SAPH achieves a -19.27% return, which is significantly lower than USOY's 49.61% return.

SAPH

• 1D: 3.32%
• 1M: 19.22%
• 6M: -15.81%
• YTD: -19.27%
• 1Y: -32.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -20.71%

USOY

• 1D: -1.00%
• 1M: 13.98%
• 6M: 36.88%
• YTD: 49.61%
• 1Y: 37.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.65%

*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)
SAPH ADRhedged SAP ETF	$30.61K	$28.06K	$22.54K
USOY Defiance Oil Enhanced Options Income ETF	$3.10M	$3.29M	$3.44M

SAPH vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
SAPH ADRhedged SAP ETF	-19.27%	-13.65%
USOY Defiance Oil Enhanced Options Income ETF	49.61%	-8.64%

Correlation

The correlation between SAPH and USOY is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.12
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	-0.10

Return for Risk

SAPH vs. USOY — Risk / Return Rank

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

SAPH

SAPH Risk / Return Rank: 3
SAPH Sharpe Ratio Rank: 2
SAPH Sortino Ratio Rank: 3
SAPH Omega Ratio Rank: 2
SAPH Calmar Ratio Rank: 4
SAPH Martin Ratio Rank: 4

USOY

USOY Risk / Return Rank: 44
USOY Sharpe Ratio Rank: 46
USOY Sortino Ratio Rank: 43
USOY Omega Ratio Rank: 48
USOY Calmar Ratio Rank: 43
USOY Martin Ratio Rank: 41

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.

SAPH vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ADRhedged SAP ETF (SAPH) 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.

	SAPH	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	1.08	-1.94
Sortino ratio: Return per unit of downside risk	-1.15	1.54	-2.69
Omega ratio: Gain probability vs. loss probability	0.85	1.21	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.69	1.47	-2.16
Martin ratio: Return relative to average drawdown	-1.11	4.26	-5.37

SAPH vs. USOY - Sharpe Ratio Comparison

The current SAPH Sharpe Ratio is -0.87, which is lower than the USOY Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of SAPH 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

SAPH vs. USOY - Drawdown Comparison

The maximum SAPH drawdown since its inception was -51.72%, which is greater than USOY's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for SAPH and USOY.

Drawdown Indicators

	SAPH	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-51.72%	-25.51%	-26.21%
Max Drawdown (1Y) Largest decline over 1 year	-47.17%	-25.51%	-21.66%
Current Drawdown Current decline from peak	-39.47%	-12.47%	-27.00%
Average Drawdown Average peak-to-trough decline	-23.11%	-7.16%	-15.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.05%	8.80%	+20.25%

Volatility

SAPH vs. USOY - Volatility Comparison

ADRhedged SAP ETF (SAPH) and Defiance Oil Enhanced Options Income ETF (USOY) have volatilities of 15.24% and 15.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAPH	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.24%	15.76%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	33.67%	32.32%	+1.35%
Volatility (1Y) Calculated over the trailing 1-year period	37.36%	34.89%	+2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.48%	28.22%	+7.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.48%	28.22%	+7.26%

SAPH vs. USOY - Expense Ratio Comparison

SAPH has a 0.19% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

SAPH vs. USOY - Dividend Comparison

SAPH's dividend yield for the trailing twelve months is around 3.46%, less than USOY's 59.09% yield.

Position	TTM	2025	2024
SAPH ADRhedged SAP ETF	3.46%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	59.09%	104.32%	48.60%

Frequently Asked Questions

Can I hold both SAPH and USOY in my portfolio?

SAPH and USOY have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAPH or USOY?

USOY has higher volatility (15.76%) compared to SAPH (15.24%). In terms of maximum drawdown, SAPH dropped -51.72% vs USOY's -25.51%.

Which ETF is better, SAPH or USOY?

On 1-year performance, USOY leads with 37.33% vs -32.30% for SAPH. On fees, SAPH is cheaper at 0.19% per year. On volatility, SAPH has been the lower-risk option at 15.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAPH or USOY?

Over the 1-year period, USOY has performed better with a 37.33% return vs -32.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAPH or USOY?

SAPH is cheaper with a 0.19% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 59.09%, compared with 3.46% for SAPH.

What is the main difference between SAPH and USOY?

SAPH is categorized as Actively Managed, while USOY is Derivative Income. They also come from different issuers: ADRhedged and Defiance. Their fees differ too: 0.19% for SAPH and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.08 vs -0.87), 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.