USOY vs. RYLD

Last updated Aug 4, 2026

USOY (Defiance Oil Enhanced Options Income ETF) and RYLD (Global X Russell 2000 Covered Call ETF) are both Derivative Income funds. USOY is actively managed, while RYLD is passively managed. Over the past year, USOY returned 35.36% vs 26.26% for RYLD. Their -0.03 correlation means they have often moved in opposite directions in the past. USOY charges 1.22%/yr vs 0.60%/yr for RYLD.

Performance

USOY vs. RYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Oil Enhanced Options Income ETF (USOY) and Global X Russell 2000 Covered Call ETF (RYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOY achieves a 44.25% return, which is significantly higher than RYLD's 13.48% return.

USOY

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

RYLD

• 1D: 1.06%
• 1M: 2.27%
• 6M: 10.40%
• YTD: 13.48%
• 1Y: 26.26%
• 3Y*: 8.70%
• 5Y*: 3.43%
• 10Y*: —
• ALL TIME*: 5.95%

*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)
RYLD Global X Russell 2000 Covered Call ETF	$9.87M	$9.43M	$9.08M
USOY Defiance Oil Enhanced Options Income ETF	$3.04M	$3.28M	$3.41M

USOY vs. RYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	44.25%	-7.93%	6.13%
RYLD Global X Russell 2000 Covered Call ETF	13.48%	5.65%	7.07%

Correlation

The correlation between USOY and RYLD is -0.22, 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.	-0.22
Correlation (All Time) Calculated using the full available price history since May 10, 2024	-0.03

The correlation between USOY and RYLD shifts across timeframes, from -0.22 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USOY vs. RYLD — Risk / Return Rank

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

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

RYLD

RYLD Risk / Return Rank: 93
RYLD Sharpe Ratio Rank: 93
RYLD Sortino Ratio Rank: 93
RYLD Omega Ratio Rank: 94
RYLD Calmar Ratio Rank: 92
RYLD Martin Ratio Rank: 93

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.

USOY vs. RYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Oil Enhanced Options Income ETF (USOY) and Global X Russell 2000 Covered Call ETF (RYLD). 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	RYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.01	2.50	-1.49
Sortino ratio: Return per unit of downside risk	1.47	3.52	-2.06
Omega ratio: Gain probability vs. loss probability	1.20	1.52	-0.32
Calmar ratio: Return relative to maximum drawdown	1.39	4.19	-2.80
Martin ratio: Return relative to average drawdown	4.10	17.17	-13.07

USOY vs. RYLD - Sharpe Ratio Comparison

The current USOY Sharpe Ratio is 1.01, which is lower than the RYLD Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of USOY and RYLD, 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. RYLD - Drawdown Comparison

The maximum USOY drawdown since its inception was -25.51%, smaller than the maximum RYLD drawdown of -41.53%. Use the drawdown chart below to compare losses from any high point for USOY and RYLD.

Drawdown Indicators

	USOY	RYLD	Difference
Max Drawdown Largest peak-to-trough decline	-25.51%	-41.53%	+16.02%
Max Drawdown (1Y) Largest decline over 1 year	-25.51%	-6.29%	-19.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.33%	—
Current Drawdown Current decline from peak	-15.60%	0.00%	-15.60%
Average Drawdown Average peak-to-trough decline	-7.18%	-8.65%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.65%	1.53%	+7.12%

Volatility

USOY vs. RYLD - Volatility Comparison

Defiance Oil Enhanced Options Income ETF (USOY) has a higher volatility of 16.26% compared to Global X Russell 2000 Covered Call ETF (RYLD) at 2.30%. This indicates that USOY's price experiences larger fluctuations and is considered to be riskier than RYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOY	RYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.26%	2.30%	+13.96%
Volatility (6M) Calculated over the trailing 6-month period	32.70%	7.74%	+24.96%
Volatility (1Y) Calculated over the trailing 1-year period	35.22%	10.58%	+24.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.35%	13.98%	+14.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.35%	17.04%	+11.31%

USOY vs. RYLD - Expense Ratio Comparison

USOY has a 1.22% expense ratio, which is higher than RYLD's 0.60% expense ratio.

Dividends

USOY vs. RYLD - Dividend Comparison

USOY's dividend yield for the trailing twelve months is around 59.33%, more than RYLD's 11.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RYLD Global X Russell 2000 Covered Call ETF	11.50%	12.00%	12.03%	12.64%	13.49%	12.35%	10.76%	6.43%
USOY Defiance Oil Enhanced Options Income ETF	59.33%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USOY and RYLD in my portfolio?

USOY and RYLD have a correlation of -0.22, 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 RYLD?

USOY has higher volatility (16.26%) compared to RYLD (2.30%). In terms of maximum drawdown, USOY dropped -25.51% vs RYLD's -41.53%.

Which ETF is better, USOY or RYLD?

On 1-year performance, USOY leads with 35.36% vs 26.26% for RYLD. On fees, RYLD is cheaper at 0.60% per year. On volatility, RYLD has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOY or RYLD?

Over the 1-year period, USOY has performed better with a 35.36% return vs 26.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOY or RYLD?

RYLD is cheaper with a 0.60% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 59.33%, compared with 11.50% for RYLD.

What is the main difference between USOY and RYLD?

They also come from different issuers: Defiance and Global X. Their fees differ too: 1.22% for USOY and 0.60% for RYLD.

Which has better risk-adjusted returns?

RYLD currently has the higher Sharpe Ratio (2.50 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.