TAPR vs. USOY

Last updated Aug 1, 2026

TAPR (Innovator Equity Defined Protection ETF - 2 Yr to April 2027) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - TAPR is a Options Trading fund actively managed by Innovator, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, TAPR returned 5.53% vs 41.94% for USOY. Their -0.21 correlation means they have often moved in opposite directions in the past. TAPR charges 0.79%/yr vs 1.22%/yr for USOY.

Performance

TAPR vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (TAPR) 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, TAPR achieves a 2.81% return, which is significantly lower than USOY's 51.25% return.

TAPR

• 1D: 0.12%
• 1M: 0.47%
• 6M: 2.43%
• YTD: 2.81%
• 1Y: 5.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.88%

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)
TAPR Innovator Equity Defined Protection ETF - 2 Yr to April 2027	$5.00K	$14.15K	$20.34K
USOY Defiance Oil Enhanced Options Income ETF	$3.02M	$3.27M	$3.42M

TAPR vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
TAPR Innovator Equity Defined Protection ETF - 2 Yr to April 2027	2.81%	6.28%
USOY Defiance Oil Enhanced Options Income ETF	51.25%	-9.96%

Correlation

The correlation between TAPR and USOY is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.26
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	-0.21

Return for Risk

TAPR vs. USOY — Risk / Return Rank

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

TAPR

TAPR Risk / Return Rank: 92
TAPR Sharpe Ratio Rank: 93
TAPR Sortino Ratio Rank: 95
TAPR Omega Ratio Rank: 94
TAPR Calmar Ratio Rank: 84
TAPR Martin Ratio Rank: 92

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.

TAPR vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (TAPR) 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.

	TAPR	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.56	1.12	+1.44
Sortino ratio: Return per unit of downside risk	4.00	1.59	+2.41
Omega ratio: Gain probability vs. loss probability	1.52	1.22	+0.30
Calmar ratio: Return relative to maximum drawdown	3.23	1.53	+1.70
Martin ratio: Return relative to average drawdown	16.42	4.54	+11.88

TAPR vs. USOY - Sharpe Ratio Comparison

The current TAPR Sharpe Ratio is 2.56, which is higher than the USOY Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of TAPR 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

TAPR vs. USOY - Drawdown Comparison

The maximum TAPR drawdown since its inception was -2.60%, smaller than the maximum USOY drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for TAPR and USOY.

Drawdown Indicators

	TAPR	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-2.60%	-25.51%	+22.91%
Max Drawdown (1Y) Largest decline over 1 year	-1.75%	-25.51%	+23.76%
Current Drawdown Current decline from peak	0.00%	-11.50%	+11.50%
Average Drawdown Average peak-to-trough decline	-0.20%	-7.16%	+6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	8.81%	-8.47%

Volatility

TAPR vs. USOY - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (TAPR) is 0.50%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 15.28%. This indicates that TAPR 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

	TAPR	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	15.28%	-14.78%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	32.32%	-30.58%
Volatility (1Y) Calculated over the trailing 1-year period	2.20%	34.89%	-32.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.56%	28.20%	-24.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.56%	28.20%	-24.64%

TAPR vs. USOY - Expense Ratio Comparison

TAPR has a 0.79% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

TAPR vs. USOY - Dividend Comparison

TAPR has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 56.58%.

Position	TTM	2025	2024
TAPR Innovator Equity Defined Protection ETF - 2 Yr to April 2027	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	56.58%	104.32%	48.60%

Frequently Asked Questions

Can I hold both TAPR and USOY in my portfolio?

TAPR and USOY have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAPR or USOY?

USOY has higher volatility (15.28%) compared to TAPR (0.50%). In terms of maximum drawdown, TAPR dropped -2.60% vs USOY's -25.51%.

Which ETF is better, TAPR or USOY?

On 1-year performance, USOY leads with 41.94% vs 5.53% for TAPR. On fees, TAPR is cheaper at 0.79% per year. On volatility, TAPR has been the lower-risk option at 0.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAPR or USOY?

Over the 1-year period, USOY has performed better with a 41.94% return vs 5.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAPR or USOY?

TAPR is cheaper with a 0.79% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 56.58%, compared with 0.00% for TAPR.

What is the main difference between TAPR and USOY?

TAPR is categorized as Options Trading, while USOY is Derivative Income. They also come from different issuers: Innovator and Defiance. Their fees differ too: 0.79% for TAPR and 1.22% for USOY.

Which has better risk-adjusted returns?

TAPR currently has the higher Sharpe Ratio (2.56 vs 1.12), 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.