TSMY vs. USOY

Last updated Jun 24, 2026

TSMY (YieldMax TSM Option Income Strategy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, TSMY returned 82.45% vs 26.28% for USOY. At a correlation of -0.01, they often move in opposite directions. TSMY charges 0.99%/yr vs 1.22%/yr for USOY.

Performance

TSMY vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSM Option Income Strategy ETF (TSMY) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TSMY having a 35.90% return and USOY slightly lower at 34.69%.

TSMY

• 1D: -5.90%
• 1M: 5.93%
• YTD: 35.90%
• 6M: 38.06%
• 1Y: 82.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.29%
• 1M: -17.01%
• YTD: 34.69%
• 6M: 34.18%
• 1Y: 26.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMY vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMY YieldMax TSM Option Income Strategy ETF	35.90%	41.00%	8.05%
USOY Defiance Oil Enhanced Options Income ETF	34.69%	-7.93%	8.26%

Correlation

The correlation between TSMY and USOY is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.01

The correlation between TSMY and USOY shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSMY vs. USOY — Risk / Return Rank

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

TSMY

TSMY Risk / Return Rank: 84
TSMY Sharpe Ratio Rank: 86
TSMY Sortino Ratio Rank: 77
TSMY Omega Ratio Rank: 77
TSMY Calmar Ratio Rank: 90
TSMY Martin Ratio Rank: 90

USOY

USOY Risk / Return Rank: 26
USOY Sharpe Ratio Rank: 25
USOY Sortino Ratio Rank: 23
USOY Omega Ratio Rank: 26
USOY Calmar Ratio Rank: 27
USOY Martin Ratio Rank: 30

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.

TSMY vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSM Option Income Strategy ETF (TSMY) 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.

	TSMY	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.66	0.85	+1.81
Sortino ratio: Return per unit of downside risk	3.23	1.24	+1.98
Omega ratio: Gain probability vs. loss probability	1.43	1.18	+0.25
Calmar ratio: Return relative to maximum drawdown	5.35	1.25	+4.10
Martin ratio: Return relative to average drawdown	19.38	4.10	+15.28

TSMY vs. USOY - Sharpe Ratio Comparison

The current TSMY Sharpe Ratio is 2.66, which is higher than the USOY Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of TSMY 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

TSMY vs. USOY - Drawdown Comparison

The maximum TSMY drawdown since its inception was -31.15%, which is greater than USOY's maximum drawdown of -21.19%. Use the drawdown chart below to compare losses from any high point for TSMY and USOY.

Drawdown Indicators

	TSMY	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-31.15%	-21.19%	-9.96%
Max Drawdown (1Y) Largest decline over 1 year	-15.50%	-21.19%	+5.69%
Current Drawdown Current decline from peak	-5.90%	-21.19%	+15.29%
Average Drawdown Average peak-to-trough decline	-5.44%	-6.63%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	6.44%	-2.17%

Volatility

TSMY vs. USOY - Volatility Comparison

YieldMax TSM Option Income Strategy ETF (TSMY) has a higher volatility of 13.61% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 10.34%. This indicates that TSMY's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMY	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.61%	10.34%	+3.27%
Volatility (6M) Calculated over the trailing 6-month period	25.03%	28.44%	-3.41%
Volatility (1Y) Calculated over the trailing 1-year period	31.14%	31.56%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.94%	26.51%	+7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.94%	26.51%	+7.43%

TSMY vs. USOY - Expense Ratio Comparison

TSMY has a 0.99% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

TSMY vs. USOY - Dividend Comparison

TSMY's dividend yield for the trailing twelve months is around 51.03%, less than USOY's 68.29% yield.

Position	TTM	2025	2024
TSMY YieldMax TSM Option Income Strategy ETF	51.03%	56.76%	13.71%
USOY Defiance Oil Enhanced Options Income ETF	68.29%	104.32%	48.60%

Frequently Asked Questions

Can I hold both TSMY and USOY in my portfolio?

TSMY and USOY have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMY or USOY?

TSMY has higher volatility (13.61%) compared to USOY (10.34%). In terms of maximum drawdown, TSMY dropped -31.15% vs USOY's -21.19%.

Which ETF is better, TSMY or USOY?

On 1-year performance, TSMY leads with 82.45% vs 26.28% for USOY. On fees, TSMY is cheaper at 0.99% per year. On volatility, USOY has been the lower-risk option at 10.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMY or USOY?

Over the 1-year period, TSMY has performed better with a 82.45% return vs 26.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMY or USOY?

TSMY is cheaper with a 0.99% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 68.29%, compared with 51.03% for TSMY.

What is the main difference between TSMY and USOY?

They also come from different issuers: YieldMax and Defiance. Their fees differ too: 0.99% for TSMY and 1.22% for USOY.

Which has better risk-adjusted returns?

TSMY currently has the higher Sharpe Ratio (2.66 vs 0.85), 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.