SCLZ vs. USOY

Last updated Aug 1, 2026

SCLZ (Swan Enhanced Dividend Income ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SCLZ returned 13.85% vs 41.94% for USOY. Their -0.09 correlation means they have often moved in opposite directions in the past. SCLZ charges 0.79%/yr vs 1.22%/yr for USOY.

Performance

SCLZ vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Enhanced Dividend Income ETF (SCLZ) 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, SCLZ achieves a 6.21% return, which is significantly lower than USOY's 51.25% return.

SCLZ

• 1D: 0.55%
• 1M: 0.16%
• 6M: 5.64%
• YTD: 6.21%
• 1Y: 13.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.23%

USOY

• 1D: 1.10%
• 1M: 18.05%
• 6M: 38.09%
• YTD: 51.25%
• 1Y: 41.94%
• 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)
SCLZ Swan Enhanced Dividend Income ETF	$90.98K	$64.06K	$62.77K
USOY Defiance Oil Enhanced Options Income ETF	$3.02M	$3.27M	$3.42M

SCLZ vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SCLZ Swan Enhanced Dividend Income ETF	6.21%	11.12%	10.35%
USOY Defiance Oil Enhanced Options Income ETF	51.25%	-7.93%	6.13%

Correlation

The correlation between SCLZ and USOY is -0.18, 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.	-0.18
Correlation (All Time) Calculated using the full available price history since May 10, 2024	-0.09

Return for Risk

SCLZ vs. USOY — Risk / Return Rank

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

SCLZ

SCLZ Risk / Return Rank: 56
SCLZ Sharpe Ratio Rank: 53
SCLZ Sortino Ratio Rank: 53
SCLZ Omega Ratio Rank: 54
SCLZ Calmar Ratio Rank: 52
SCLZ Martin Ratio Rank: 69

USOY

USOY Risk / Return Rank: 44
USOY Sharpe Ratio Rank: 46
USOY Sortino Ratio Rank: 43
USOY Omega Ratio Rank: 47
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.

SCLZ vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Enhanced Dividend Income ETF (SCLZ) 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.

	SCLZ	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.12	+0.18
Sortino ratio: Return per unit of downside risk	1.89	1.59	+0.30
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.03
Calmar ratio: Return relative to maximum drawdown	1.89	1.53	+0.36
Martin ratio: Return relative to average drawdown	8.62	4.54	+4.08

SCLZ vs. USOY - Sharpe Ratio Comparison

The current SCLZ Sharpe Ratio is 1.30, which is comparable to the USOY Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of SCLZ 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

SCLZ vs. USOY - Drawdown Comparison

The maximum SCLZ drawdown since its inception was -12.58%, smaller than the maximum USOY drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for SCLZ and USOY.

Drawdown Indicators

	SCLZ	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-12.58%	-25.51%	+12.93%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-25.51%	+18.51%
Current Drawdown Current decline from peak	-1.35%	-11.50%	+10.15%
Average Drawdown Average peak-to-trough decline	-1.35%	-7.16%	+5.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	8.81%	-7.28%

Volatility

SCLZ vs. USOY - Volatility Comparison

The current volatility for Swan Enhanced Dividend Income ETF (SCLZ) is 3.83%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 15.28%. This indicates that SCLZ 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

	SCLZ	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	15.28%	-11.45%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	32.32%	-23.85%
Volatility (1Y) Calculated over the trailing 1-year period	10.16%	34.89%	-24.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.43%	28.20%	-16.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.43%	28.20%	-16.77%

SCLZ vs. USOY - Expense Ratio Comparison

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

Dividends

SCLZ vs. USOY - Dividend Comparison

SCLZ's dividend yield for the trailing twelve months is around 8.17%, less than USOY's 56.58% yield.

Position	TTM	2025	2024
SCLZ Swan Enhanced Dividend Income ETF	8.17%	7.53%	4.86%
USOY Defiance Oil Enhanced Options Income ETF	56.58%	104.32%	48.60%

Frequently Asked Questions

Can I hold both SCLZ and USOY in my portfolio?

SCLZ and USOY have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCLZ or USOY?

USOY has higher volatility (15.28%) compared to SCLZ (3.83%). In terms of maximum drawdown, SCLZ dropped -12.58% vs USOY's -25.51%.

Which ETF is better, SCLZ or USOY?

On 1-year performance, USOY leads with 41.94% vs 13.85% for SCLZ. On fees, SCLZ is cheaper at 0.79% per year. On volatility, SCLZ has been the lower-risk option at 3.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCLZ or USOY?

Over the 1-year period, USOY has performed better with a 41.94% return vs 13.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCLZ or USOY?

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

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

USOY has the higher dividend yield at 56.58%, compared with 8.17% for SCLZ.

What is the main difference between SCLZ and USOY?

They also come from different issuers: Swan and Defiance. Their fees differ too: 0.79% for SCLZ and 1.22% for USOY.

Which has better risk-adjusted returns?

SCLZ currently has the higher Sharpe Ratio (1.30 vs 1.12), 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.