UPSD vs. USOY

Last updated Jul 30, 2026

UPSD (Aptus Large Cap Upside ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - UPSD is a Actively Managed fund actively managed by Aptus, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, UPSD returned 14.81% vs 40.08% for USOY. Their -0.12 correlation means they have often moved in opposite directions in the past. UPSD charges 0.79%/yr vs 1.22%/yr for USOY.

Performance

UPSD vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus Large Cap Upside ETF (UPSD) 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, UPSD achieves a 7.32% return, which is significantly lower than USOY's 51.12% return.

UPSD

• 1D: -1.51%
• 1M: 2.03%
• 6M: 4.32%
• YTD: 7.32%
• 1Y: 14.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.90%

USOY

• 1D: 7.09%
• 1M: 15.30%
• 6M: 39.74%
• YTD: 51.12%
• 1Y: 40.08%
• 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)
UPSD Aptus Large Cap Upside ETF	$285.86K	$253.51K	$392.48K
USOY Defiance Oil Enhanced Options Income ETF	$2.95M	$3.24M	$3.47M

UPSD vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UPSD Aptus Large Cap Upside ETF	7.32%	12.83%	-4.67%
USOY Defiance Oil Enhanced Options Income ETF	51.12%	-7.93%	6.24%

Correlation

The correlation between UPSD and USOY is -0.21, 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.	-0.21
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	-0.12

Return for Risk

UPSD vs. USOY — Risk / Return Rank

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

UPSD

UPSD Risk / Return Rank: 42
UPSD Sharpe Ratio Rank: 44
UPSD Sortino Ratio Rank: 41
UPSD Omega Ratio Rank: 42
UPSD Calmar Ratio Rank: 37
UPSD Martin Ratio Rank: 46

USOY

USOY Risk / Return Rank: 45
USOY Sharpe Ratio Rank: 47
USOY Sortino Ratio Rank: 44
USOY Omega Ratio Rank: 49
USOY Calmar Ratio Rank: 44
USOY Martin Ratio Rank: 42

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.

UPSD vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Large Cap Upside ETF (UPSD) 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.

	UPSD	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.15	-0.13
Sortino ratio: Return per unit of downside risk	1.45	1.62	-0.18
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	1.25	1.58	-0.33
Martin ratio: Return relative to average drawdown	4.91	4.59	+0.32

UPSD vs. USOY - Sharpe Ratio Comparison

The current UPSD Sharpe Ratio is 1.03, which is comparable to the USOY Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of UPSD 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

UPSD vs. USOY - Drawdown Comparison

The maximum UPSD drawdown since its inception was -23.85%, smaller than the maximum USOY drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for UPSD and USOY.

Drawdown Indicators

	UPSD	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-23.85%	-25.51%	+1.66%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-25.51%	+13.60%
Current Drawdown Current decline from peak	-1.51%	-11.58%	+10.07%
Average Drawdown Average peak-to-trough decline	-3.70%	-7.15%	+3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	8.76%	-5.73%

Volatility

UPSD vs. USOY - Volatility Comparison

The current volatility for Aptus Large Cap Upside ETF (UPSD) is 3.11%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 15.68%. This indicates that UPSD 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

	UPSD	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	15.68%	-12.57%
Volatility (6M) Calculated over the trailing 6-month period	10.70%	32.29%	-21.59%
Volatility (1Y) Calculated over the trailing 1-year period	14.45%	34.87%	-20.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.59%	28.23%	-7.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.59%	28.23%	-7.64%

UPSD vs. USOY - Expense Ratio Comparison

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

Dividends

UPSD vs. USOY - Dividend Comparison

UPSD's dividend yield for the trailing twelve months is around 0.67%, less than USOY's 57.07% yield.

Position	TTM	2025	2024
UPSD Aptus Large Cap Upside ETF	0.67%	0.67%	0.06%
USOY Defiance Oil Enhanced Options Income ETF	57.07%	104.32%	48.60%

Frequently Asked Questions

Can I hold both UPSD and USOY in my portfolio?

UPSD and USOY have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPSD or USOY?

USOY has higher volatility (15.68%) compared to UPSD (3.11%). In terms of maximum drawdown, UPSD dropped -23.85% vs USOY's -25.51%.

Which ETF is better, UPSD or USOY?

On 1-year performance, USOY leads with 40.08% vs 14.81% for UPSD. On fees, UPSD is cheaper at 0.79% per year. On volatility, UPSD has been the lower-risk option at 3.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPSD or USOY?

Over the 1-year period, USOY has performed better with a 40.08% return vs 14.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPSD or USOY?

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

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

USOY has the higher dividend yield at 57.07%, compared with 0.67% for UPSD.

What is the main difference between UPSD and USOY?

UPSD is categorized as Actively Managed, while USOY is Derivative Income. They also come from different issuers: Aptus and Defiance. Their fees differ too: 0.79% for UPSD and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.15 vs 1.03), 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.