USO vs. USOY

Last updated Apr 2, 2026

Compare and contrast key facts about United States Oil Fund LP (USO) and Defiance Oil Enhanced Options Income ETF (USOY).

USO and USOY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Light Sweet Crude Oil. It was launched on Apr 10, 2006. USOY is an actively managed fund by Defiance. It was launched on May 9, 2024.

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.

USO vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USO United States Oil Fund LP	79.42%	-8.46%	0.33%
USOY Defiance Oil Enhanced Options Income ETF	59.52%	-7.93%	7.27%

Returns By Period

In the year-to-date period, USO achieves a 79.42% return, which is significantly higher than USOY's 59.52% return.

USO

• 1D: -2.48%
• 1M: 42.32%
• YTD: 79.42%
• 6M: 69.66%
• 1Y: 60.99%
• 3Y*: 23.15%
• 5Y*: 24.29%
• 10Y*: 5.22%

USOY

• 1D: -0.43%
• 1M: 30.11%
• YTD: 59.52%
• 6M: 55.51%
• 1Y: 43.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USO vs. USOY - Expense Ratio Comparison

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

USOY

Defiance Oil Enhanced Options Income ETF

USO

United States Oil Fund LP

Return for Risk

USO vs. USOY — Risk / Return Rank

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

USO

USO Risk / Return Rank: 75
USO Sharpe Ratio Rank: 80
USO Sortino Ratio Rank: 82
USO Omega Ratio Rank: 74
USO Calmar Ratio Rank: 89
USO Martin Ratio Rank: 51

USOY

USOY Risk / Return Rank: 76
USOY Sharpe Ratio Rank: 84
USOY Sortino Ratio Rank: 81
USOY Omega Ratio Rank: 78
USOY Calmar Ratio Rank: 86
USOY Martin Ratio Rank: 52

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.

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.

	USO	USOY	Difference
Sharpe ratio Return per unit of total volatility	1.56	1.71	-0.15
Sortino ratio Return per unit of downside risk	2.22	2.16	+0.06
Omega ratio Gain probability vs. loss probability	1.28	1.31	-0.03
Calmar ratio Return relative to maximum drawdown	2.97	2.78	+0.19
Martin ratio Return relative to average drawdown	5.14	5.23	-0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USO vs. USOY - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 1.56, which is comparable to the USOY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of USO and USOY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	USO	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	1.71	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	1.23	-1.42

Correlation

The correlation between USO and USOY is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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 56.23%.

	TTM	2025	2024
USO United States Oil Fund LP	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	56.23%	104.32%	48.60%

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 -17.46%. 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%	-17.46%	-80.73%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	-15.70%	-4.69%
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	-86.80%	-0.97%	-85.83%
Average Drawdown Average peak-to-trough decline	-75.21%	-6.55%	-68.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.77%	8.34%	+3.43%

Volatility

USO vs. USOY - Volatility Comparison

United States Oil Fund LP (USO) has a higher volatility of 22.21% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 12.05%. 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	22.21%	12.05%	+10.16%
Volatility (6M) Calculated over the trailing 6-month period	29.81%	18.34%	+11.47%
Volatility (1Y) Calculated over the trailing 1-year period	39.35%	25.35%	+14.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.40%	22.35%	+12.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.33%	22.35%	+15.98%