STSM vs. USOY

Last updated Jul 10, 2026

STSM (Defiance Daily Target 2X Short TSM ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - STSM is a Leveraged Equities fund tracking the Taiwan Semiconductor Manufacturing Company Limited (TSM), while USOY is a Derivative Income fund actively managed by Defiance. STSM is passively managed, while USOY is actively managed. At a 0.27 correlation, their price movements are largely independent. STSM charges 1.31%/yr vs 1.22%/yr for USOY.

Performance

STSM vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short TSM ETF (STSM) 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, STSM achieves a -65.26% return, which is significantly lower than USOY's 32.91% return.

STSM

• 1D: -0.01%
• 1M: -13.31%
• 6M: -61.45%
• YTD: -65.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.91%
• 1M: -14.44%
• 6M: 32.24%
• YTD: 32.91%
• 1Y: 24.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

STSM vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
STSM Defiance Daily Target 2X Short TSM ETF	-65.26%	-19.17%
USOY Defiance Oil Enhanced Options Income ETF	32.91%	-0.79%

Correlation

The correlation between STSM and USOY is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.27

Return for Risk

STSM vs. USOY — Risk / Return Rank

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

STSM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USOY

USOY Risk / Return Rank: 26
USOY Sharpe Ratio Rank: 26
USOY Sortino Ratio Rank: 25
USOY Omega Ratio Rank: 27
USOY Calmar Ratio Rank: 24
USOY Martin Ratio Rank: 27

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.

STSM vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short TSM ETF (STSM) 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.

	STSM	USOY	Difference
Sharpe ratio: Return per unit of total volatility	—	0.77	—
Sortino ratio: Return per unit of downside risk	—	1.17	—
Omega ratio: Gain probability vs. loss probability	—	1.16	—
Calmar ratio: Return relative to maximum drawdown	—	0.96	—
Martin ratio: Return relative to average drawdown	—	3.02	—

Drawdowns

STSM vs. USOY - Drawdown Comparison

The maximum STSM drawdown since its inception was -76.23%, which is greater than USOY's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for STSM and USOY.

Drawdown Indicators

	STSM	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-76.23%	-25.51%	-50.72%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.51%	—
Current Drawdown Current decline from peak	-72.45%	-22.24%	-50.21%
Average Drawdown Average peak-to-trough decline	-45.26%	-6.98%	-38.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.08%	—

Volatility

Volatility by Period

	STSM	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.24%	—
Volatility (1Y) Calculated over the trailing 1-year period	83.91%	31.69%	+52.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.91%	26.76%	+57.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.91%	26.76%	+57.15%

STSM vs. USOY - Expense Ratio Comparison

STSM has a 1.31% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

STSM vs. USOY - Dividend Comparison

STSM has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 68.59%.

Position	TTM	2025	2024
STSM Defiance Daily Target 2X Short TSM ETF	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	68.59%	104.32%	48.60%

Frequently Asked Questions

Can I hold both STSM and USOY in my portfolio?

STSM and USOY have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, STSM or USOY?

On fees, USOY is cheaper at 1.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, STSM or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.31% for STSM.

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

USOY has the higher dividend yield at 68.59%, compared with 0.00% for STSM.

What is the main difference between STSM and USOY?

STSM is categorized as Leveraged Equities, while USOY is Derivative Income. Their fees differ too: 1.31% for STSM and 1.22% for USOY.