ULTI vs. USOY

Last updated Jul 16, 2026

ULTI (REX IncomeMax Option Strategy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.02, they often move in opposite directions. ULTI charges 1.25%/yr vs 1.22%/yr for USOY.

Performance

ULTI vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX IncomeMax Option Strategy ETF (ULTI) 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, ULTI achieves a -3.92% return, which is significantly lower than USOY's 44.56% return.

ULTI

• 1D: -2.81%
• 1M: -24.77%
• 6M: -22.06%
• YTD: -3.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: 0.42%
• 1M: -0.44%
• 6M: 40.15%
• YTD: 44.56%
• 1Y: 36.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULTI vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
ULTI REX IncomeMax Option Strategy ETF	-3.92%	-38.67%
USOY Defiance Oil Enhanced Options Income ETF	44.56%	-0.01%

Correlation

The correlation between ULTI and USOY is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 31, 2025	-0.02

Return for Risk

ULTI vs. USOY — Risk / Return Rank

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

ULTI

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

USOY

USOY Risk / Return Rank: 37
USOY Sharpe Ratio Rank: 39
USOY Sortino Ratio Rank: 36
USOY Omega Ratio Rank: 40
USOY Calmar Ratio Rank: 34
USOY Martin Ratio Rank: 35

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.

ULTI vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX IncomeMax Option Strategy ETF (ULTI) 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.

	ULTI	USOY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.13	—
Sortino ratio: Return per unit of downside risk	—	1.58	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.44	—
Martin ratio: Return relative to average drawdown	—	4.37	—

Drawdowns

ULTI vs. USOY - Drawdown Comparison

The maximum ULTI drawdown since its inception was -42.09%, which is greater than USOY's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for ULTI and USOY.

Drawdown Indicators

	ULTI	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-42.09%	-25.51%	-16.58%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.51%	—
Current Drawdown Current decline from peak	-41.08%	-15.42%	-25.66%
Average Drawdown Average peak-to-trough decline	-28.36%	-7.05%	-21.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.39%	—

Volatility

Volatility by Period

	ULTI	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	61.35%	32.39%	+28.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.35%	27.07%	+34.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.35%	27.07%	+34.28%

ULTI vs. USOY - Expense Ratio Comparison

ULTI has a 1.25% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

ULTI vs. USOY - Dividend Comparison

ULTI's dividend yield for the trailing twelve months is around 79.75%, more than USOY's 60.51% yield.

Position	TTM	2025	2024
ULTI REX IncomeMax Option Strategy ETF	79.75%	14.96%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	60.51%	104.32%	48.60%

Frequently Asked Questions

Can I hold both ULTI and USOY in my portfolio?

ULTI and USOY have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ULTI or USOY?

On fees, USOY is cheaper at 1.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ULTI or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.25% for ULTI.

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

ULTI has the higher dividend yield at 79.75%, compared with 60.51% for USOY.

What is the main difference between ULTI and USOY?

They also come from different issuers: REX Shares and Defiance. Their fees differ too: 1.25% for ULTI and 1.22% for USOY.