TAN vs. USOY

Last updated Jun 3, 2026

TAN (Invesco Solar ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - TAN is a Alternative Energy Equities fund tracking the MAC Global Solar Energy Index, while USOY is a Derivative Income fund actively managed by Defiance. TAN is passively managed, while USOY is actively managed. Over the past year, TAN returned 127.12% vs 55.52% for USOY. At a 0.02 correlation, their price movements are largely independent. TAN charges 0.69%/yr vs 1.22%/yr for USOY.

Performance

TAN vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Solar ETF (TAN) 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, TAN achieves a 47.13% return, which is significantly lower than USOY's 59.86% return.

TAN

• 1D: 1.60%
• 1M: 21.93%
• YTD: 47.13%
• 6M: 51.73%
• 1Y: 127.12%
• 3Y*: 0.29%
• 5Y*: -0.77%
• 10Y*: 13.81%

USOY

• 1D: 1.63%
• 1M: -1.93%
• YTD: 59.86%
• 6M: 58.33%
• 1Y: 55.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAN vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAN Invesco Solar ETF	47.13%	48.31%	-20.87%
USOY Defiance Oil Enhanced Options Income ETF	59.86%	-7.93%	7.27%

Correlation

The correlation between TAN 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	0.02

The correlation between TAN and USOY shifts across timeframes, from -0.17 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TAN vs. USOY — Risk / Return Rank

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

TAN

TAN Risk / Return Rank: 89
TAN Sharpe Ratio Rank: 93
TAN Sortino Ratio Rank: 87
TAN Omega Ratio Rank: 80
TAN Calmar Ratio Rank: 96
TAN Martin Ratio Rank: 91

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 53
USOY Sortino Ratio Rank: 45
USOY Omega Ratio Rank: 54
USOY Calmar Ratio Rank: 79
USOY Martin Ratio Rank: 47

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.

TAN vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Solar ETF (TAN) 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.

	TAN	USOY	Difference
Sharpe ratio Return per unit of total volatility	3.44	1.83	+1.61
Sortino ratio Return per unit of downside risk	3.94	2.25	+1.70
Omega ratio Gain probability vs. loss probability	1.48	1.34	+0.14
Calmar ratio Return relative to maximum drawdown	9.06	4.10	+4.96
Martin ratio Return relative to average drawdown	22.01	7.91	+14.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAN vs. USOY - Sharpe Ratio Comparison

The current TAN Sharpe Ratio is 3.44, which is higher than the USOY Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of TAN 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

	TAN	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.44	1.83	+1.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	0.96	-1.08

Drawdowns

TAN vs. USOY - Drawdown Comparison

The maximum TAN drawdown since its inception was -95.29%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for TAN and USOY.

Drawdown Indicators

	TAN	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-95.29%	-17.46%	-77.83%
Max Drawdown (1Y) Largest decline over 1 year	-13.62%	-14.29%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-64.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-73.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-78.53%	—	—
Current Drawdown Current decline from peak	-66.81%	-6.47%	-60.34%
Average Drawdown Average peak-to-trough decline	-78.51%	-6.47%	-72.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.61%	7.42%	-1.81%

Volatility

TAN vs. USOY - Volatility Comparison

Invesco Solar ETF (TAN) and Defiance Oil Enhanced Options Income ETF (USOY) have volatilities of 11.81% and 11.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAN	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.81%	11.94%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	25.30%	27.16%	-1.86%
Volatility (1Y) Calculated over the trailing 1-year period	37.21%	30.46%	+6.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.74%	26.14%	+13.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.98%	26.14%	+11.84%

TAN vs. USOY - Expense Ratio Comparison

TAN has a 0.69% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

TAN vs. USOY - Dividend Comparison

TAN has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 54.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TAN Invesco Solar ETF	0.00%	0.00%	0.50%	0.09%	0.00%	0.00%	0.09%	0.30%	0.69%	1.77%	5.04%	1.60%
USOY Defiance Oil Enhanced Options Income ETF	54.95%	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 TAN and USOY in my portfolio?

TAN 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.

Which is riskier, TAN or USOY?

USOY has higher volatility (11.94%) compared to TAN (11.81%). In terms of maximum drawdown, TAN dropped -95.29% vs USOY's -17.46%.

Which ETF is better, TAN or USOY?

On 1-year performance, TAN leads with 127.12% vs 55.52% for USOY. On fees, TAN is cheaper at 0.69% per year. On volatility, TAN has been the lower-risk option at 11.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAN or USOY?

Over the 1-year period, TAN has performed better with a 127.12% return vs 55.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAN or USOY?

TAN is cheaper with a 0.69% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.95%, compared with 0.00% for TAN.

What is the main difference between TAN and USOY?

TAN is categorized as Alternative Energy Equities, while USOY is Derivative Income. They also come from different issuers: Invesco and Defiance. Their fees differ too: 0.69% for TAN and 1.22% for USOY.

Which has better risk-adjusted returns?

TAN currently has the higher Sharpe Ratio (3.44 vs 1.83), 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.