USO vs. USOY

Last updated Aug 4, 2026

USO (United States Oil Fund LP) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while USOY is a Derivative Income fund actively managed by Defiance. USO is passively managed, while USOY is actively managed. Over the past year, USO returned 57.66% vs 35.36% for USOY. Their correlation of 0.94 means they have usually moved in the same direction. USO charges 0.86%/yr vs 1.22%/yr for USOY.

Performance

USO vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Oil Fund LP (USO) 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, USO achieves a 76.58% return, which is significantly higher than USOY's 44.25% return.

USO

• 1D: -5.46%
• 1M: 17.45%
• 6M: 62.11%
• YTD: 76.58%
• 1Y: 57.66%
• 3Y*: 18.29%
• 5Y*: 20.94%
• 10Y*: 4.47%
• ALL TIME*: -7.11%

USOY

• 1D: -4.63%
• 1M: 12.58%
• 6M: 35.65%
• YTD: 44.25%
• 1Y: 35.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.63%

*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)
USO United States Oil Fund LP	$981.29M	$906.75M	$905.81M
USOY Defiance Oil Enhanced Options Income ETF	$3.04M	$3.28M	$3.41M

USO vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USO United States Oil Fund LP	76.58%	-8.46%	-1.27%
USOY Defiance Oil Enhanced Options Income ETF	44.25%	-7.93%	6.13%

Correlation

The correlation between USO and USOY is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (All Time) Calculated using the full available price history since May 10, 2024	0.94

The correlation between USO and USOY has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

USO vs. USOY — Risk / Return Rank

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

USO

USO Risk / Return Rank: 49
USO Sharpe Ratio Rank: 49
USO Sortino Ratio Rank: 52
USO Omega Ratio Rank: 50
USO Calmar Ratio Rank: 49
USO Martin Ratio Rank: 46

USOY

USOY Risk / Return Rank: 39
USOY Sharpe Ratio Rank: 40
USOY Sortino Ratio Rank: 39
USOY Omega Ratio Rank: 42
USOY Calmar Ratio Rank: 39
USOY Martin Ratio Rank: 38

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.

USO vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) 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.

	USO	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.01	+0.22
Sortino ratio: Return per unit of downside risk	1.87	1.47	+0.41
Omega ratio: Gain probability vs. loss probability	1.23	1.20	+0.03
Calmar ratio: Return relative to maximum drawdown	1.78	1.39	+0.39
Martin ratio: Return relative to average drawdown	5.23	4.10	+1.13

USO vs. USOY - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 1.23, which is comparable to the USOY Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of USO 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

USO vs. USOY - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than USOY's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for USO and USOY.

Drawdown Indicators

	USO	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-98.19%	-25.51%	-72.68%
Max Drawdown (1Y) Largest decline over 1 year	-32.49%	-25.51%	-6.98%
Max Drawdown (3Y) Largest decline over 3 years	-32.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.75%	—	—
Current Drawdown Current decline from peak	-87.01%	-15.60%	-71.41%
Average Drawdown Average peak-to-trough decline	-75.38%	-7.18%	-68.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.24%	8.65%	+2.59%

Volatility

USO vs. USOY - Volatility Comparison

United States Oil Fund LP (USO) has a higher volatility of 18.95% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 16.26%. This indicates that USO'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

	USO	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.95%	16.26%	+2.69%
Volatility (6M) Calculated over the trailing 6-month period	43.21%	32.70%	+10.51%
Volatility (1Y) Calculated over the trailing 1-year period	47.21%	35.22%	+11.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.13%	28.35%	+8.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.32%	28.35%	+10.97%

USO vs. USOY - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

USO vs. USOY - Dividend Comparison

USO has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 59.33%.

Position	TTM	2025	2024
USO United States Oil Fund LP	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	59.33%	104.32%	48.60%

Frequently Asked Questions

Can I hold both USO and USOY in my portfolio?

With a correlation of 0.96, USO and USOY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, USO or USOY?

USO has higher volatility (18.95%) compared to USOY (16.26%). In terms of maximum drawdown, USO dropped -98.19% vs USOY's -25.51%.

Which ETF is better, USO or USOY?

On 1-year performance, USO leads with 57.66% vs 35.36% for USOY. On fees, USO is cheaper at 0.86% per year. On volatility, USOY has been the lower-risk option at 16.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USO or USOY?

Over the 1-year period, USO has performed better with a 57.66% return vs 35.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USO or USOY?

USO is cheaper with a 0.86% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 59.33%, compared with 0.00% for USO.

What is the main difference between USO and USOY?

USO is categorized as Oil & Gas, while USOY is Derivative Income. They also come from different issuers: USCF and Defiance. Their fees differ too: 0.86% for USO and 1.22% for USOY.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (1.23 vs 1.01), 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.