USOY vs. SPYG

Last updated Jun 14, 2026

USOY (Defiance Oil Enhanced Options Income ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - USOY is a Derivative Income fund actively managed by Defiance, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. USOY is actively managed, while SPYG is passively managed. Over the past year, USOY returned 38.49% vs 29.17% for SPYG. At a correlation of -0.07, they often move in opposite directions. USOY charges 1.22%/yr vs 0.04%/yr for SPYG.

Performance

USOY vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Oil Enhanced Options Income ETF (USOY) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOY achieves a 49.45% return, which is significantly higher than SPYG's 9.70% return.

USOY

• 1D: -1.40%
• 1M: -10.51%
• YTD: 49.45%
• 6M: 49.95%
• 1Y: 38.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYG

• 1D: 0.41%
• 1M: -1.24%
• YTD: 9.70%
• 6M: 10.60%
• 1Y: 29.17%
• 3Y*: 25.85%
• 5Y*: 14.92%
• 10Y*: 17.91%

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

USOY vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	49.45%	-7.93%	6.13%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	9.70%	22.09%	20.44%

Correlation

The correlation between USOY and SPYG is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.28
Correlation (All Time) Calculated using the full available price history since May 10, 2024	-0.07

Over the past year, the inverse relationship between USOY and SPYG has strengthened: their correlation has moved from -0.07 to -0.28, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

USOY vs. SPYG — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 46
USOY Sharpe Ratio Rank: 42
USOY Sortino Ratio Rank: 37
USOY Omega Ratio Rank: 44
USOY Calmar Ratio Rank: 66
USOY Martin Ratio Rank: 39

SPYG

SPYG Risk / Return Rank: 52
SPYG Sharpe Ratio Rank: 56
SPYG Sortino Ratio Rank: 53
SPYG Omega Ratio Rank: 53
SPYG Calmar Ratio Rank: 45
SPYG Martin Ratio Rank: 53

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. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Oil Enhanced Options Income ETF (USOY) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.65	-0.31
Sortino ratio: Return per unit of downside risk	1.75	2.26	-0.50
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	2.90	2.01	+0.89
Martin ratio: Return relative to average drawdown	5.46	8.08	-2.62

USOY vs. SPYG - Sharpe Ratio Comparison

The current USOY Sharpe Ratio is 1.33, which is comparable to the SPYG Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of USOY and SPYG, 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. SPYG - Drawdown Comparison

The maximum USOY drawdown since its inception was -17.46%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for USOY and SPYG.

Drawdown Indicators

	USOY	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-17.46%	-67.63%	+50.17%
Max Drawdown (1Y) Largest decline over 1 year	-14.29%	-13.76%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.67%	—
Current Drawdown Current decline from peak	-12.56%	-4.65%	-7.91%
Average Drawdown Average peak-to-trough decline	-6.49%	-24.30%	+17.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.58%	3.42%	+4.16%

Volatility

USOY vs. SPYG - Volatility Comparison

Defiance Oil Enhanced Options Income ETF (USOY) has a higher volatility of 10.45% compared to State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) at 6.33%. This indicates that USOY's price experiences larger fluctuations and is considered to be riskier than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOY	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.45%	6.33%	+4.12%
Volatility (6M) Calculated over the trailing 6-month period	27.97%	13.48%	+14.49%
Volatility (1Y) Calculated over the trailing 1-year period	31.15%	16.81%	+14.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.34%	21.27%	+5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.34%	20.70%	+5.64%

USOY vs. SPYG - Expense Ratio Comparison

USOY has a 1.22% expense ratio, which is higher than SPYG's 0.04% expense ratio.

Dividends

USOY vs. SPYG - Dividend Comparison

USOY's dividend yield for the trailing twelve months is around 61.95%, more than SPYG's 0.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%
USOY Defiance Oil Enhanced Options Income ETF	61.95%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USOY and SPYG in my portfolio?

USOY and SPYG have a correlation of -0.28, 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 SPYG?

USOY has higher volatility (10.45%) compared to SPYG (6.33%). In terms of maximum drawdown, USOY dropped -17.46% vs SPYG's -67.63%.

Which ETF is better, USOY or SPYG?

On 1-year performance, USOY leads with 38.49% vs 29.17% for SPYG. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPYG has been the lower-risk option at 6.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOY or SPYG?

Over the 1-year period, USOY has performed better with a 38.49% return vs 29.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOY or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 61.95%, compared with 0.48% for SPYG.

What is the main difference between USOY and SPYG?

USOY is categorized as Derivative Income, while SPYG is S&P 500. They also come from different issuers: Defiance and State Street. Their fees differ too: 1.22% for USOY and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (1.65 vs 1.33), 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.