SPCK vs. USOY

Last updated Aug 1, 2026

SPCK (SPAC and New Issue ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - SPCK is a Actively Managed fund actively managed by Tuttle, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, SPCK returned 3.66% vs 41.94% for USOY. Their 0.07 correlation means their historical movements had little consistent relationship. SPCK charges 0.95%/yr vs 1.22%/yr for USOY.

Performance

SPCK vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPAC and New Issue ETF (SPCK) 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, SPCK achieves a 1.34% return, which is significantly lower than USOY's 51.25% return.

SPCK

• 1D: -0.29%
• 1M: -0.26%
• 6M: -0.03%
• YTD: 1.34%
• 1Y: 3.66%
• 3Y*: 3.82%
• 5Y*: -1.39%
• 10Y*: —
• ALL TIME*: 1.18%

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)
SPCK SPAC and New Issue ETF	$38.34K	$97.37K	$145.22K
USOY Defiance Oil Enhanced Options Income ETF	$3.02M	$3.27M	$3.42M

SPCK vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPCK SPAC and New Issue ETF	1.34%	7.81%	1.30%
USOY Defiance Oil Enhanced Options Income ETF	51.25%	-7.93%	6.13%

Correlation

The correlation between SPCK and USOY is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (All Time) Calculated using the full available price history since May 10, 2024	0.07

Return for Risk

SPCK vs. USOY — Risk / Return Rank

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

SPCK

SPCK Risk / Return Rank: 25
SPCK Sharpe Ratio Rank: 22
SPCK Sortino Ratio Rank: 21
SPCK Omega Ratio Rank: 21
SPCK Calmar Ratio Rank: 33
SPCK Martin Ratio Rank: 26

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.

SPCK vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPAC and New Issue ETF (SPCK) 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.

	SPCK	USOY	Difference
Sharpe ratio: Return per unit of total volatility	0.47	1.12	-0.65
Sortino ratio: Return per unit of downside risk	0.72	1.59	-0.86
Omega ratio: Gain probability vs. loss probability	1.09	1.22	-0.13
Calmar ratio: Return relative to maximum drawdown	1.11	1.53	-0.42
Martin ratio: Return relative to average drawdown	2.02	4.54	-2.52

SPCK vs. USOY - Sharpe Ratio Comparison

The current SPCK Sharpe Ratio is 0.47, which is lower than the USOY Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of SPCK 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

SPCK vs. USOY - Drawdown Comparison

The maximum SPCK drawdown since its inception was -28.28%, which is greater than USOY's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for SPCK and USOY.

Drawdown Indicators

	SPCK	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-28.28%	-25.51%	-2.77%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-25.51%	+22.93%
Max Drawdown (3Y) Largest decline over 3 years	-7.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.89%	—	—
Current Drawdown Current decline from peak	-17.09%	-11.50%	-5.59%
Average Drawdown Average peak-to-trough decline	-18.79%	-7.16%	-11.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	8.81%	-7.37%

Volatility

SPCK vs. USOY - Volatility Comparison

The current volatility for SPAC and New Issue ETF (SPCK) is 1.81%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 15.28%. This indicates that SPCK 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

	SPCK	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	15.28%	-13.47%
Volatility (6M) Calculated over the trailing 6-month period	4.84%	32.32%	-27.48%
Volatility (1Y) Calculated over the trailing 1-year period	6.13%	34.89%	-28.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.33%	28.20%	-19.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	28.20%	-19.00%

SPCK vs. USOY - Expense Ratio Comparison

SPCK has a 0.95% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

SPCK vs. USOY - Dividend Comparison

SPCK's dividend yield for the trailing twelve months is around 16.27%, less than USOY's 56.58% yield.

Position	TTM	2025	2024	2023	2022	2021
SPCK SPAC and New Issue ETF	16.27%	16.48%	0.69%	2.27%	0.00%	1.28%
USOY Defiance Oil Enhanced Options Income ETF	56.58%	104.32%	48.60%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPCK and USOY in my portfolio?

SPCK and USOY have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPCK or USOY?

USOY has higher volatility (15.28%) compared to SPCK (1.81%). In terms of maximum drawdown, SPCK dropped -28.28% vs USOY's -25.51%.

Which ETF is better, SPCK or USOY?

On 1-year performance, USOY leads with 41.94% vs 3.66% for SPCK. On fees, SPCK is cheaper at 0.95% per year. On volatility, SPCK has been the lower-risk option at 1.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPCK or USOY?

Over the 1-year period, USOY has performed better with a 41.94% return vs 3.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPCK or USOY?

SPCK is cheaper with a 0.95% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 56.58%, compared with 16.27% for SPCK.

What is the main difference between SPCK and USOY?

SPCK is categorized as Actively Managed, while USOY is Derivative Income. They also come from different issuers: Tuttle and Defiance. Their fees differ too: 0.95% for SPCK and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.12 vs 0.47), 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.