SPIN vs. USOY

Last updated Jun 24, 2026

SPIN (State Street US Equity Premium Income ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPIN returned 14.96% vs 26.28% for USOY. At a correlation of -0.08, they often move in opposite directions. SPIN charges 0.25%/yr vs 1.22%/yr for USOY.

Performance

SPIN vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street US Equity Premium Income ETF (SPIN) 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, SPIN achieves a 0.41% return, which is significantly lower than USOY's 34.69% return.

SPIN

• 1D: -1.10%
• 1M: -1.32%
• YTD: 0.41%
• 6M: -0.02%
• 1Y: 14.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.29%
• 1M: -17.01%
• YTD: 34.69%
• 6M: 34.18%
• 1Y: 26.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPIN vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPIN State Street US Equity Premium Income ETF	0.41%	14.14%	6.47%
USOY Defiance Oil Enhanced Options Income ETF	34.69%	-7.93%	16.25%

Correlation

The correlation between SPIN and USOY is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	-0.08

The correlation between SPIN and USOY shifts across timeframes, from -0.18 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPIN vs. USOY — Risk / Return Rank

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

SPIN

SPIN Risk / Return Rank: 39
SPIN Sharpe Ratio Rank: 41
SPIN Sortino Ratio Rank: 38
SPIN Omega Ratio Rank: 41
SPIN Calmar Ratio Rank: 32
SPIN Martin Ratio Rank: 41

USOY

USOY Risk / Return Rank: 26
USOY Sharpe Ratio Rank: 25
USOY Sortino Ratio Rank: 23
USOY Omega Ratio Rank: 26
USOY Calmar Ratio Rank: 27
USOY Martin Ratio Rank: 30

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.

SPIN vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street US Equity Premium Income ETF (SPIN) 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.

	SPIN	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.85	+0.50
Sortino ratio: Return per unit of downside risk	1.87	1.24	+0.63
Omega ratio: Gain probability vs. loss probability	1.25	1.18	+0.08
Calmar ratio: Return relative to maximum drawdown	1.53	1.25	+0.29
Martin ratio: Return relative to average drawdown	6.26	4.10	+2.15

SPIN vs. USOY - Sharpe Ratio Comparison

The current SPIN Sharpe Ratio is 1.35, which is higher than the USOY Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of SPIN 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

SPIN vs. USOY - Drawdown Comparison

The maximum SPIN drawdown since its inception was -16.85%, smaller than the maximum USOY drawdown of -21.19%. Use the drawdown chart below to compare losses from any high point for SPIN and USOY.

Drawdown Indicators

	SPIN	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-16.85%	-21.19%	+4.34%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-21.19%	+11.38%
Current Drawdown Current decline from peak	-2.82%	-21.19%	+18.37%
Average Drawdown Average peak-to-trough decline	-2.27%	-6.63%	+4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	6.44%	-4.04%

Volatility

SPIN vs. USOY - Volatility Comparison

The current volatility for State Street US Equity Premium Income ETF (SPIN) is 4.22%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 10.34%. This indicates that SPIN 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

	SPIN	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	10.34%	-6.12%
Volatility (6M) Calculated over the trailing 6-month period	8.77%	28.44%	-19.67%
Volatility (1Y) Calculated over the trailing 1-year period	11.16%	31.56%	-20.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.43%	26.51%	-12.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.43%	26.51%	-12.08%

SPIN vs. USOY - Expense Ratio Comparison

SPIN has a 0.25% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

SPIN vs. USOY - Dividend Comparison

SPIN's dividend yield for the trailing twelve months is around 5.78%, less than USOY's 68.29% yield.

Position	TTM	2025	2024
SPIN State Street US Equity Premium Income ETF	5.78%	8.20%	2.36%
USOY Defiance Oil Enhanced Options Income ETF	68.29%	104.32%	48.60%

Frequently Asked Questions

Can I hold both SPIN and USOY in my portfolio?

SPIN 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, SPIN or USOY?

USOY has higher volatility (10.34%) compared to SPIN (4.22%). In terms of maximum drawdown, SPIN dropped -16.85% vs USOY's -21.19%.

Which ETF is better, SPIN or USOY?

On 1-year performance, USOY leads with 26.28% vs 14.96% for SPIN. On fees, SPIN is cheaper at 0.25% per year. On volatility, SPIN has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIN or USOY?

Over the 1-year period, USOY has performed better with a 26.28% return vs 14.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIN or USOY?

SPIN is cheaper with a 0.25% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 68.29%, compared with 5.78% for SPIN.

What is the main difference between SPIN and USOY?

They also come from different issuers: State Street and Defiance. Their fees differ too: 0.25% for SPIN and 1.22% for USOY.

Which has better risk-adjusted returns?

SPIN currently has the higher Sharpe Ratio (1.35 vs 0.85), 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.