SPTL vs. USOY

Last updated Jun 5, 2026

SPTL (SPDR Portfolio Long Term Treasury ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index, while USOY is a Derivative Income fund actively managed by Defiance. SPTL is passively managed, while USOY is actively managed. Over the past year, SPTL returned 3.88% vs 54.64% for USOY. At a correlation of -0.28, they often move in opposite directions. SPTL charges 0.03%/yr vs 1.22%/yr for USOY.

Performance

SPTL vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Long Term Treasury ETF (SPTL) 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, SPTL achieves a -0.19% return, which is significantly lower than USOY's 59.27% return.

SPTL

• 1D: 0.19%
• 1M: 0.43%
• YTD: -0.19%
• 6M: -1.00%
• 1Y: 3.88%
• 3Y*: -0.59%
• 5Y*: -5.28%
• 10Y*: -1.04%

USOY

• 1D: -1.79%
• 1M: -3.80%
• YTD: 59.27%
• 6M: 55.41%
• 1Y: 54.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPTL vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPTL SPDR Portfolio Long Term Treasury ETF	-0.19%	5.28%	0.49%
USOY Defiance Oil Enhanced Options Income ETF	59.27%	-7.93%	7.27%

Correlation

The correlation between SPTL and USOY is -0.38, 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	-0.38
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.28

Return for Risk

SPTL vs. USOY — Risk / Return Rank

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

SPTL

SPTL Risk / Return Rank: 16
SPTL Sharpe Ratio Rank: 16
SPTL Sortino Ratio Rank: 15
SPTL Omega Ratio Rank: 15
SPTL Calmar Ratio Rank: 16
SPTL Martin Ratio Rank: 16

USOY

USOY Risk / Return Rank: 55
USOY Sharpe Ratio Rank: 54
USOY Sortino Ratio Rank: 45
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 77
USOY Martin Ratio Rank: 46

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.

SPTL vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) 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.

	SPTL	USOY	Difference
Sharpe ratio: Return per unit of total volatility	0.44	1.80	-1.36
Sortino ratio: Return per unit of downside risk	0.69	2.21	-1.52
Omega ratio: Gain probability vs. loss probability	1.08	1.33	-0.25
Calmar ratio: Return relative to maximum drawdown	0.55	3.84	-3.29
Martin ratio: Return relative to average drawdown	1.44	7.37	-5.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPTL vs. USOY - Sharpe Ratio Comparison

The current SPTL Sharpe Ratio is 0.44, which is lower than the USOY Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of SPTL 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

	SPTL	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	1.80	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.95	-0.71

Drawdowns

SPTL vs. USOY - Drawdown Comparison

The maximum SPTL drawdown since its inception was -46.20%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for SPTL and USOY.

Drawdown Indicators

	SPTL	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-46.20%	-17.46%	-28.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-14.29%	+7.25%
Max Drawdown (3Y) Largest decline over 3 years	-17.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-41.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	—	—
Current Drawdown Current decline from peak	-36.75%	-6.81%	-29.94%
Average Drawdown Average peak-to-trough decline	-14.25%	-6.47%	-7.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	7.43%	-4.73%

Volatility

SPTL vs. USOY - Volatility Comparison

The current volatility for SPDR Portfolio Long Term Treasury ETF (SPTL) is 2.60%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.67%. This indicates that SPTL 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

	SPTL	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	11.67%	-9.07%
Volatility (6M) Calculated over the trailing 6-month period	5.97%	27.26%	-21.29%
Volatility (1Y) Calculated over the trailing 1-year period	8.92%	30.50%	-21.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	26.14%	-11.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.94%	26.14%	-12.20%

SPTL vs. USOY - Expense Ratio Comparison

SPTL has a 0.03% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

SPTL vs. USOY - Dividend Comparison

SPTL's dividend yield for the trailing twelve months is around 4.21%, less than USOY's 56.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPTL SPDR Portfolio Long Term Treasury ETF	4.21%	4.12%	4.03%	3.24%	2.75%	1.68%	1.71%	2.45%	2.69%	2.53%	2.56%	2.60%
USOY Defiance Oil Enhanced Options Income ETF	56.65%	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

Can I hold both SPTL and USOY in my portfolio?

SPTL and USOY have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPTL or USOY?

USOY has higher volatility (11.67%) compared to SPTL (2.60%). In terms of maximum drawdown, SPTL dropped -46.20% vs USOY's -17.46%.

Which ETF is better, SPTL or USOY?

On 1-year performance, USOY leads with 54.64% vs 3.88% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, SPTL has been the lower-risk option at 2.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPTL or USOY?

Over the 1-year period, USOY has performed better with a 54.64% return vs 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPTL or USOY?

SPTL is cheaper with a 0.03% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 56.65%, compared with 4.21% for SPTL.

What is the main difference between SPTL and USOY?

SPTL is categorized as Government Bonds, while USOY is Derivative Income. They also come from different issuers: State Street and Defiance. Their fees differ too: 0.03% for SPTL and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.80 vs 0.44), 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.