UDN vs. USOY

Last updated Jun 3, 2026

UDN (Invesco DB US Dollar Index Bearish Fund) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - UDN is a Currency fund tracking the Deutsche Bank Short USD Currency Portfolio Index, while USOY is a Derivative Income fund actively managed by Defiance. UDN is passively managed, while USOY is actively managed. Over the past year, UDN returned 0.95% vs 55.52% for USOY. At a correlation of -0.17, they often move in opposite directions. UDN charges 0.77%/yr vs 1.22%/yr for USOY.

Performance

UDN vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bearish Fund (UDN) 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, UDN achieves a -0.27% return, which is significantly lower than USOY's 59.86% return.

UDN

• 1D: -0.03%
• 1M: -0.82%
• YTD: -0.27%
• 6M: 0.84%
• 1Y: 0.95%
• 3Y*: 3.73%
• 5Y*: -0.62%
• 10Y*: -0.44%

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)

UDN vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UDN Invesco DB US Dollar Index Bearish Fund	-0.27%	12.37%	-1.70%
USOY Defiance Oil Enhanced Options Income ETF	59.86%	-7.93%	7.27%

Correlation

The correlation between UDN and USOY is -0.31, 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	-0.31
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.17

The correlation between UDN and USOY shifts across timeframes, from -0.31 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UDN vs. USOY — Risk / Return Rank

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

UDN

UDN Risk / Return Rank: 11
UDN Sharpe Ratio Rank: 11
UDN Sortino Ratio Rank: 10
UDN Omega Ratio Rank: 10
UDN Calmar Ratio Rank: 13
UDN Martin Ratio Rank: 12

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.

UDN vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bearish Fund (UDN) 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.

	UDN	USOY	Difference
Sharpe ratio Return per unit of total volatility	0.16	1.83	-1.68
Sortino ratio Return per unit of downside risk	0.27	2.25	-1.97
Omega ratio Gain probability vs. loss probability	1.03	1.34	-0.31
Calmar ratio Return relative to maximum drawdown	0.38	4.10	-3.73
Martin ratio Return relative to average drawdown	0.82	7.91	-7.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UDN vs. USOY - Sharpe Ratio Comparison

The current UDN Sharpe Ratio is 0.16, which is lower than the USOY Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of UDN 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

	UDN	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	1.83	-1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.96	-1.05

Drawdowns

UDN vs. USOY - Drawdown Comparison

The maximum UDN drawdown since its inception was -41.67%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for UDN and USOY.

Drawdown Indicators

	UDN	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-41.67%	-17.46%	-24.21%
Max Drawdown (1Y) Largest decline over 1 year	-4.54%	-14.29%	+9.75%
Max Drawdown (3Y) Largest decline over 3 years	-8.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.72%	—	—
Current Drawdown Current decline from peak	-27.46%	-6.47%	-20.99%
Average Drawdown Average peak-to-trough decline	-20.61%	-6.47%	-14.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	7.42%	-5.32%

Volatility

UDN vs. USOY - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 1.25%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.94%. This indicates that UDN 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

	UDN	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	11.94%	-10.69%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	27.16%	-22.93%
Volatility (1Y) Calculated over the trailing 1-year period	6.13%	30.46%	-24.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.42%	26.14%	-18.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.92%	26.14%	-19.22%

UDN vs. USOY - Expense Ratio Comparison

UDN has a 0.77% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

UDN vs. USOY - Dividend Comparison

UDN's dividend yield for the trailing twelve months is around 2.94%, less than USOY's 54.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
UDN Invesco DB US Dollar Index Bearish Fund	2.94%	2.94%	5.33%	5.21%	0.69%	0.00%	0.00%	1.38%	1.26%	0.11%
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%

Frequently Asked Questions

Can I hold both UDN and USOY in my portfolio?

UDN and USOY have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UDN or USOY?

USOY has higher volatility (11.94%) compared to UDN (1.25%). In terms of maximum drawdown, UDN dropped -41.67% vs USOY's -17.46%.

Which ETF is better, UDN or USOY?

On 1-year performance, USOY leads with 55.52% vs 0.95% for UDN. On fees, UDN is cheaper at 0.77% per year. On volatility, UDN has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDN or USOY?

Over the 1-year period, USOY has performed better with a 55.52% return vs 0.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDN or USOY?

UDN is cheaper with a 0.77% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.95%, compared with 2.94% for UDN.

What is the main difference between UDN and USOY?

UDN is categorized as Currency, while USOY is Derivative Income. They also come from different issuers: Invesco and Defiance. Their fees differ too: 0.77% for UDN and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.83 vs 0.16), 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.