USOY vs. IVVW
USOY (Defiance Oil Enhanced Options Income ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. USOY is actively managed, while IVVW is passively managed. Over the past year, USOY returned 35.36% vs 19.78% for IVVW. Their -0.09 correlation means they have often moved in opposite directions in the past. USOY charges 1.22%/yr vs 0.25%/yr for IVVW.
Performance
USOY vs. IVVW - Performance Comparison
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Returns By Period
In the year-to-date period, USOY achieves a 44.25% return, which is significantly higher than IVVW's 8.19% return.
USOY
- 1D
- -4.63%
- 1M
- 12.58%
- 6M
- 35.65%
- YTD
- 44.25%
- 1Y
- 35.36%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.63%
IVVW
- 1D
- 1.03%
- 1M
- 2.36%
- 6M
- 6.69%
- YTD
- 8.19%
- 1Y
- 19.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.08M | $2.12M | $2.68M | |
| $3.04M | $3.28M | $3.41M |
USOY vs. IVVW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USOY Defiance Oil Enhanced Options Income ETF | 44.25% | -7.93% | 6.13% |
IVVW iShares S&P 500 BuyWrite ETF | 8.19% | 11.71% | 11.46% |
Correlation
The correlation between USOY and IVVW is -0.25, 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. | -0.25 |
Correlation (All Time) Calculated using the full available price history since May 10, 2024 | -0.09 |
The correlation between USOY and IVVW shifts across timeframes, from -0.25 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USOY vs. IVVW — Risk / Return Rank
USOY
IVVW
USOY vs. IVVW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Oil Enhanced Options Income ETF (USOY) and iShares S&P 500 BuyWrite ETF (IVVW). 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 | IVVW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.49 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 3.42 | -2.03 |
| Martin ratioReturn relative to average drawdown | 4.10 | 17.74 | -13.63 |
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Drawdowns
USOY vs. IVVW - Drawdown Comparison
The maximum USOY drawdown since its inception was -25.51%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for USOY and IVVW.
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Drawdown Indicators
| USOY | IVVW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.51% | -16.79% | -8.72% |
Max Drawdown (1Y)Largest decline over 1 year | -25.51% | -5.81% | -19.70% |
Current DrawdownCurrent decline from peak | -15.60% | 0.00% | -15.60% |
Average DrawdownAverage peak-to-trough decline | -7.18% | -1.68% | -5.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.65% | 1.12% | +7.53% |
Volatility
USOY vs. IVVW - Volatility Comparison
Defiance Oil Enhanced Options Income ETF (USOY) has a higher volatility of 16.26% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 3.05%. This indicates that USOY's price experiences larger fluctuations and is considered to be riskier than IVVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USOY | IVVW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.26% | 3.05% | +13.21% |
Volatility (6M)Calculated over the trailing 6-month period | 32.70% | 7.34% | +25.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.22% | 8.58% | +26.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.35% | 12.57% | +15.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.35% | 12.57% | +15.78% |
USOY vs. IVVW - Expense Ratio Comparison
USOY has a 1.22% expense ratio, which is higher than IVVW's 0.25% expense ratio.
Dividends
USOY vs. IVVW - Dividend Comparison
USOY's dividend yield for the trailing twelve months is around 59.33%, more than IVVW's 18.82% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 18.82% | 18.55% | 13.72% |
USOY Defiance Oil Enhanced Options Income ETF | 59.33% | 104.32% | 48.60% |
Frequently Asked Questions
USOY and IVVW have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USOY has higher volatility (16.26%) compared to IVVW (3.05%). In terms of maximum drawdown, USOY dropped -25.51% vs IVVW's -16.79%.
On 1-year performance, USOY leads with 35.36% vs 19.78% for IVVW. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 3.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USOY has performed better with a 35.36% return vs 19.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVVW is cheaper with a 0.25% expense ratio, compared with 1.22% for USOY.
USOY has the higher dividend yield at 59.33%, compared with 18.82% for IVVW.
They also come from different issuers: Defiance and iShares. Their fees differ too: 1.22% for USOY and 0.25% for IVVW.
IVVW currently has the higher Sharpe Ratio (2.32 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.
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