SMMU vs. USOY
SMMU (PIMCO Short Term Municipal Bond Active ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - SMMU is a Municipal Bonds fund actively managed by PIMCO, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, SMMU returned 3.92% vs 57.29% for USOY. At a correlation of -0.13, they often move in opposite directions. SMMU charges 0.35%/yr vs 1.22%/yr for USOY.
Performance
SMMU vs. USOY - Performance Comparison
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Returns By Period
In the year-to-date period, SMMU achieves a 1.10% return, which is significantly lower than USOY's 62.18% return.
SMMU
- 1D
- 0.07%
- 1M
- 0.31%
- YTD
- 1.10%
- 6M
- 1.36%
- 1Y
- 3.92%
- 3Y*
- 3.67%
- 5Y*
- 1.90%
- 10Y*
- 1.82%
USOY
- 1D
- 1.45%
- 1M
- -3.43%
- YTD
- 62.18%
- 6M
- 59.35%
- 1Y
- 57.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMMU vs. USOY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMMU PIMCO Short Term Municipal Bond Active ETF | 1.10% | 4.06% | 2.06% |
USOY Defiance Oil Enhanced Options Income ETF | 62.18% | -7.93% | 7.27% |
Correlation
The correlation between SMMU and USOY is -0.17, 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 | -0.17 |
Correlation (All Time) Calculated using the full available price history since May 13, 2024 | -0.13 |
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Return for Risk
SMMU vs. USOY — Risk / Return Rank
SMMU
USOY
SMMU vs. USOY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Short Term Municipal Bond Active ETF (SMMU) 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.
| SMMU | USOY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.95 | ||
| Sortino ratioReturn per unit of downside risk | +3.52 | ||
| Omega ratioGain probability vs. loss probability | 1.90 | 1.35 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 5.10 | 4.03 | +1.08 |
| Martin ratioReturn relative to average drawdown | 18.24 | 7.74 | +10.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMMU | USOY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.84 | 1.89 | +1.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.14 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.99 | -0.39 |
Drawdowns
SMMU vs. USOY - Drawdown Comparison
The maximum SMMU drawdown since its inception was -5.09%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for SMMU and USOY.
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Drawdown Indicators
| SMMU | USOY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.09% | -17.46% | +12.37% |
Max Drawdown (1Y)Largest decline over 1 year | -0.77% | -14.29% | +13.52% |
Max Drawdown (3Y)Largest decline over 3 years | -1.95% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -4.76% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.09% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | -5.11% | +5.08% |
Average DrawdownAverage peak-to-trough decline | -0.55% | -6.47% | +5.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 7.42% | -7.20% |
Volatility
SMMU vs. USOY - Volatility Comparison
The current volatility for PIMCO Short Term Municipal Bond Active ETF (SMMU) is 0.31%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that SMMU 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.
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Volatility by Period
| SMMU | USOY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | 11.62% | -11.31% |
Volatility (6M)Calculated over the trailing 6-month period | 0.79% | 27.18% | -26.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.02% | 30.44% | -29.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.67% | 26.13% | -24.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.73% | 26.13% | -23.40% |
SMMU vs. USOY - Expense Ratio Comparison
SMMU has a 0.35% expense ratio, which is lower than USOY's 1.22% expense ratio.
Dividends
SMMU vs. USOY - Dividend Comparison
SMMU's dividend yield for the trailing twelve months is around 2.84%, less than USOY's 54.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMMU PIMCO Short Term Municipal Bond Active ETF | 2.84% | 2.80% | 3.03% | 2.79% | 1.37% | 0.60% | 1.19% | 1.82% | 1.57% | 1.41% | 1.03% | 0.89% |
USOY Defiance Oil Enhanced Options Income ETF | 54.16% | 104.32% | 48.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMMU and USOY have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USOY has higher volatility (11.62%) compared to SMMU (0.31%). In terms of maximum drawdown, SMMU dropped -5.09% vs USOY's -17.46%.
On 1-year performance, USOY leads with 57.29% vs 3.92% for SMMU. On fees, SMMU is cheaper at 0.35% per year. On volatility, SMMU has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USOY has performed better with a 57.29% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMMU is cheaper with a 0.35% expense ratio, compared with 1.22% for USOY.
USOY has the higher dividend yield at 54.16%, compared with 2.84% for SMMU.
SMMU is categorized as Municipal Bonds, while USOY is Derivative Income. They also come from different issuers: PIMCO and Defiance. Their fees differ too: 0.35% for SMMU and 1.22% for USOY.
SMMU currently has the higher Sharpe Ratio (3.84 vs 1.89), 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.
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