USOY vs. GLDY

Last updated Jun 23, 2026

USOY (Defiance Oil Enhanced Options Income ETF) and GLDY (Defiance Gold Enhanced Options Income ETF) are both Derivative Income funds from Defiance. Both are actively managed. Over the past year, USOY returned 21.51% vs 5.66% for GLDY. At a 0.00 correlation, their price movements are largely independent. USOY charges 1.22%/yr vs 0.99%/yr for GLDY.

Performance

USOY vs. GLDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Oil Enhanced Options Income ETF (USOY) and Defiance Gold Enhanced Options Income ETF (GLDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOY achieves a 36.45% return, which is significantly higher than GLDY's -7.66% return.

USOY

• 1D: -1.13%
• 1M: -15.93%
• YTD: 36.45%
• 6M: 36.24%
• 1Y: 21.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLDY

• 1D: -0.54%
• 1M: -6.13%
• YTD: -7.66%
• 6M: -9.83%
• 1Y: 5.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USOY vs. GLDY - Yearly Performance Comparison

	2026 (YTD)	2025
USOY Defiance Oil Enhanced Options Income ETF	36.45%	-10.23%
GLDY Defiance Gold Enhanced Options Income ETF	-7.66%	15.15%

Correlation

The correlation between USOY and GLDY is -0.04, 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 (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.00

Return for Risk

USOY vs. GLDY — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 22
USOY Sharpe Ratio Rank: 20
USOY Sortino Ratio Rank: 19
USOY Omega Ratio Rank: 22
USOY Calmar Ratio Rank: 23
USOY Martin Ratio Rank: 26

GLDY

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

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.

USOY vs. GLDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Oil Enhanced Options Income ETF (USOY) and Defiance Gold Enhanced Options Income ETF (GLDY). 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.

	USOY	GLDY	Difference
Sharpe ratio: Return per unit of total volatility	0.69	0.23	+0.45
Sortino ratio: Return per unit of downside risk	1.05	0.46	+0.60
Omega ratio: Gain probability vs. loss probability	1.15	1.08	+0.07
Calmar ratio: Return relative to maximum drawdown	1.07	0.22	+0.85
Martin ratio: Return relative to average drawdown	3.42	0.83	+2.59

USOY vs. GLDY - Sharpe Ratio Comparison

The current USOY Sharpe Ratio is 0.69, which is higher than the GLDY Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of USOY and GLDY, 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

USOY vs. GLDY - Drawdown Comparison

The maximum USOY drawdown since its inception was -20.17%, smaller than the maximum GLDY drawdown of -25.90%. Use the drawdown chart below to compare losses from any high point for USOY and GLDY.

Drawdown Indicators

	USOY	GLDY	Difference
Max Drawdown Largest peak-to-trough decline	-20.17%	-25.90%	+5.73%
Max Drawdown (1Y) Largest decline over 1 year	-20.17%	-25.90%	+5.73%
Current Drawdown Current decline from peak	-20.17%	-17.88%	-2.29%
Average Drawdown Average peak-to-trough decline	-6.61%	-4.42%	-2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.02%	6.80%	+1.22%

Volatility

USOY vs. GLDY - Volatility Comparison

The current volatility for Defiance Oil Enhanced Options Income ETF (USOY) is 10.33%, while Defiance Gold Enhanced Options Income ETF (GLDY) has a volatility of 14.80%. This indicates that USOY experiences smaller price fluctuations and is considered to be less risky than GLDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOY	GLDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.33%	14.80%	-4.47%
Volatility (6M) Calculated over the trailing 6-month period	28.39%	23.16%	+5.23%
Volatility (1Y) Calculated over the trailing 1-year period	31.59%	24.59%	+7.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.52%	23.27%	+3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.52%	23.27%	+3.25%

USOY vs. GLDY - Expense Ratio Comparison

USOY has a 1.22% expense ratio, which is higher than GLDY's 0.99% expense ratio.

Dividends

USOY vs. GLDY - Dividend Comparison

USOY's dividend yield for the trailing twelve months is around 67.41%, more than GLDY's 50.87% yield.

Position	TTM	2025	2024
GLDY Defiance Gold Enhanced Options Income ETF	50.87%	37.38%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	67.41%	104.32%	48.60%

Frequently Asked Questions

Can I hold both USOY and GLDY in my portfolio?

USOY and GLDY have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USOY or GLDY?

GLDY has higher volatility (14.80%) compared to USOY (10.33%). In terms of maximum drawdown, USOY dropped -20.17% vs GLDY's -25.90%.

Which ETF is better, USOY or GLDY?

On 1-year performance, USOY leads with 21.51% vs 5.66% for GLDY. On fees, GLDY is cheaper at 0.99% per year. On volatility, USOY has been the lower-risk option at 10.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOY or GLDY?

Over the 1-year period, USOY has performed better with a 21.51% return vs 5.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOY or GLDY?

GLDY is cheaper with a 0.99% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 67.41%, compared with 50.87% for GLDY.

What is the main difference between USOY and GLDY?

Their fees differ too: 1.22% for USOY and 0.99% for GLDY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (0.69 vs 0.23), 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.