SMMD vs. USOY

Last updated Jun 3, 2026

SMMD (iShares Russell 2500 ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - SMMD is a Small Cap Growth Equities fund tracking the Russell 2500 Index, while USOY is a Derivative Income fund actively managed by Defiance. SMMD is passively managed, while USOY is actively managed. Over the past year, SMMD returned 38.73% vs 55.52% for USOY. At a correlation of -0.04, they often move in opposite directions. SMMD charges 0.15%/yr vs 1.22%/yr for USOY.

Performance

SMMD vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2500 ETF (SMMD) 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, SMMD achieves a 19.12% return, which is significantly lower than USOY's 59.86% return.

SMMD

• 1D: 0.89%
• 1M: 4.71%
• YTD: 19.12%
• 6M: 20.39%
• 1Y: 38.73%
• 3Y*: 18.77%
• 5Y*: 7.89%
• 10Y*: —

USOY

• 1D: 1.63%
• 1M: -1.93%
• YTD: 59.86%
• 6M: 58.33%
• 1Y: 55.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMMD vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMMD iShares Russell 2500 ETF	19.12%	11.72%	7.70%
USOY Defiance Oil Enhanced Options Income ETF	59.86%	-7.93%	7.27%

Correlation

The correlation between SMMD and USOY is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.24
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.04

The correlation between SMMD and USOY shifts across timeframes, from -0.24 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMMD vs. USOY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMMD

SMMD Risk / Return Rank: 71
SMMD Sharpe Ratio Rank: 68
SMMD Sortino Ratio Rank: 68
SMMD Omega Ratio Rank: 62
SMMD Calmar Ratio Rank: 78
SMMD Martin Ratio Rank: 78

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 53
USOY Sortino Ratio Rank: 45
USOY Omega Ratio Rank: 54
USOY Calmar Ratio Rank: 79
USOY Martin Ratio Rank: 47

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.

SMMD vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2500 ETF (SMMD) 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.

	SMMD	USOY	Difference
Sharpe ratio Return per unit of total volatility	2.26	1.83	+0.43
Sortino ratio Return per unit of downside risk	3.14	2.25	+0.90
Omega ratio Gain probability vs. loss probability	1.38	1.34	+0.04
Calmar ratio Return relative to maximum drawdown	4.02	4.10	-0.08
Martin ratio Return relative to average drawdown	15.37	7.91	+7.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMMD vs. USOY - Sharpe Ratio Comparison

The current SMMD Sharpe Ratio is 2.26, which is comparable to the USOY Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of SMMD 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.

Sharpe Ratios by Period

	SMMD	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	1.83	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.96	-0.46

Drawdowns

SMMD vs. USOY - Drawdown Comparison

The maximum SMMD drawdown since its inception was -41.06%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for SMMD and USOY.

Drawdown Indicators

	SMMD	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-17.46%	-23.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-14.29%	+4.63%
Max Drawdown (3Y) Largest decline over 3 years	-25.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.26%	—	—
Current Drawdown Current decline from peak	0.00%	-6.47%	+6.47%
Average Drawdown Average peak-to-trough decline	-8.38%	-6.47%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	7.42%	-4.89%

Volatility

SMMD vs. USOY - Volatility Comparison

The current volatility for iShares Russell 2500 ETF (SMMD) is 5.13%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.94%. This indicates that SMMD 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

	SMMD	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	11.94%	-6.81%
Volatility (6M) Calculated over the trailing 6-month period	12.60%	27.16%	-14.56%
Volatility (1Y) Calculated over the trailing 1-year period	17.18%	30.46%	-13.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.82%	26.14%	-5.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.37%	26.14%	-3.77%

SMMD vs. USOY - Expense Ratio Comparison

SMMD has a 0.15% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

SMMD vs. USOY - Dividend Comparison

SMMD's dividend yield for the trailing twelve months is around 1.05%, less than USOY's 54.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMMD iShares Russell 2500 ETF	1.05%	1.28%	1.27%	1.44%	1.79%	1.12%	1.31%	1.50%	2.45%	0.68%
USOY Defiance Oil Enhanced Options Income ETF	54.95%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMMD and USOY in my portfolio?

SMMD and USOY have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMMD or USOY?

USOY has higher volatility (11.94%) compared to SMMD (5.13%). In terms of maximum drawdown, SMMD dropped -41.06% vs USOY's -17.46%.

Which ETF is better, SMMD or USOY?

On 1-year performance, USOY leads with 55.52% vs 38.73% for SMMD. On fees, SMMD is cheaper at 0.15% per year. On volatility, SMMD has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMMD or USOY?

Over the 1-year period, USOY has performed better with a 55.52% return vs 38.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMMD or USOY?

SMMD is cheaper with a 0.15% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.95%, compared with 1.05% for SMMD.

What is the main difference between SMMD and USOY?

SMMD is categorized as Small Cap Growth Equities, while USOY is Derivative Income. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.15% for SMMD and 1.22% for USOY.

Which has better risk-adjusted returns?

SMMD currently has the higher Sharpe Ratio (2.26 vs 1.83), 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.