TPAY vs. USOY

Last updated Aug 2, 2026

TPAY (Roundhill S&P 500 Target 10 Managed Distribution ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. Their -0.46 correlation means they have often moved in opposite directions in the past. TPAY charges 0.49%/yr vs 1.22%/yr for USOY.

Performance

TPAY vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill S&P 500 Target 10 Managed Distribution ETF (TPAY) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TPAY

• 1D: 0.86%
• 1M: 0.34%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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)
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF	$8.91K	$63.35K	$52.42K
USOY Defiance Oil Enhanced Options Income ETF	$3.02M	$3.27M	$3.42M

TPAY vs. USOY - Yearly Performance Comparison

	2026 (YTD)
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF	9.02%
USOY Defiance Oil Enhanced Options Income ETF	36.47%

Correlation

The correlation between TPAY and USOY is -0.46, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 18, 2026	-0.46

Return for Risk

TPAY vs. USOY — Risk / Return Rank

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

TPAY

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

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.

TPAY vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 Target 10 Managed Distribution ETF (TPAY) 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.

	TPAY	USOY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.12	—
Sortino ratio: Return per unit of downside risk	—	1.59	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.53	—
Martin ratio: Return relative to average drawdown	—	4.54	—

Drawdowns

TPAY vs. USOY - Drawdown Comparison

The maximum TPAY drawdown since its inception was -8.62%, smaller than the maximum USOY drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for TPAY and USOY.

Drawdown Indicators

	TPAY	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-8.62%	-25.51%	+16.89%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.51%	—
Current Drawdown Current decline from peak	-1.44%	-11.50%	+10.06%
Average Drawdown Average peak-to-trough decline	-1.86%	-7.16%	+5.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.81%	—

Volatility

Volatility by Period

	TPAY	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.28%	—
Volatility (6M) Calculated over the trailing 6-month period	—	32.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.25%	34.89%	-20.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.25%	28.20%	-13.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.25%	28.20%	-13.95%

TPAY vs. USOY - Expense Ratio Comparison

TPAY has a 0.49% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

TPAY vs. USOY - Dividend Comparison

TPAY's dividend yield for the trailing twelve months is around 3.96%, less than USOY's 56.58% yield.

Position	TTM	2025	2024
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF	3.96%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	56.58%	104.32%	48.60%

Frequently Asked Questions

Can I hold both TPAY and USOY in my portfolio?

TPAY and USOY have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TPAY or USOY?

On fees, TPAY is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TPAY or USOY?

TPAY is cheaper with a 0.49% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 56.58%, compared with 3.96% for TPAY.

What is the main difference between TPAY and USOY?

They also come from different issuers: Roundhill and Defiance. Their fees differ too: 0.49% for TPAY and 1.22% for USOY.