USOY vs. USO

Last updated Jun 24, 2026

USOY (Defiance Oil Enhanced Options Income ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - USOY is a Derivative Income fund actively managed by Defiance, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. USOY is actively managed, while USO is passively managed. Over the past year, USOY returned 26.28% vs 45.61% for USO. Their correlation of 0.94 suggests significant overlap in exposure. USOY charges 1.22%/yr vs 0.86%/yr for USO.

Performance

USOY vs. USO - Performance Comparison

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

Returns By Period

In the year-to-date period, USOY achieves a 34.69% return, which is significantly lower than USO's 60.87% return.

USOY

• 1D: -1.29%
• 1M: -17.01%
• YTD: 34.69%
• 6M: 34.18%
• 1Y: 26.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: -1.27%
• 1M: -21.05%
• YTD: 60.87%
• 6M: 58.26%
• 1Y: 45.61%
• 3Y*: 21.25%
• 5Y*: 17.42%
• 10Y*: 2.01%

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

USOY vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	34.69%	-7.93%	6.13%
USO United States Oil Fund LP	60.87%	-8.46%	-1.27%

Correlation

The correlation between USOY and USO is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 10, 2024	0.94

The correlation between USOY and USO has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

USOY vs. USO — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 26
USOY Sharpe Ratio Rank: 25
USOY Sortino Ratio Rank: 23
USOY Omega Ratio Rank: 26
USOY Calmar Ratio Rank: 27
USOY Martin Ratio Rank: 30

USO

USO Risk / Return Rank: 32
USO Sharpe Ratio Rank: 30
USO Sortino Ratio Rank: 33
USO Omega Ratio Rank: 32
USO Calmar Ratio Rank: 35
USO Martin Ratio Rank: 32

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. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Oil Enhanced Options Income ETF (USOY) and United States Oil Fund LP (USO). 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	USO	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.05	-0.20
Sortino ratio: Return per unit of downside risk	1.24	1.68	-0.44
Omega ratio: Gain probability vs. loss probability	1.18	1.21	-0.03
Calmar ratio: Return relative to maximum drawdown	1.25	1.68	-0.44
Martin ratio: Return relative to average drawdown	4.10	4.57	-0.47

USOY vs. USO - Sharpe Ratio Comparison

The current USOY Sharpe Ratio is 0.85, which is comparable to the USO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of USOY and USO, 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. USO - Drawdown Comparison

The maximum USOY drawdown since its inception was -21.19%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for USOY and USO.

Drawdown Indicators

	USOY	USO	Difference
Max Drawdown Largest peak-to-trough decline	-21.19%	-98.19%	+77.00%
Max Drawdown (1Y) Largest decline over 1 year	-21.19%	-27.26%	+6.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.26%	—
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	-21.19%	-88.16%	+66.97%
Average Drawdown Average peak-to-trough decline	-6.63%	-75.31%	+68.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.44%	10.02%	-3.58%

Volatility

USOY vs. USO - Volatility Comparison

The current volatility for Defiance Oil Enhanced Options Income ETF (USOY) is 10.34%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that USOY experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOY	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	11.79%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	28.44%	39.34%	-10.90%
Volatility (1Y) Calculated over the trailing 1-year period	31.56%	44.35%	-12.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.51%	36.32%	-9.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.51%	39.02%	-12.51%

USOY vs. USO - Expense Ratio Comparison

USOY has a 1.22% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

USOY vs. USO - Dividend Comparison

USOY's dividend yield for the trailing twelve months is around 68.29%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
USO United States Oil Fund LP	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	68.29%	104.32%	48.60%

Frequently Asked Questions

Can I hold both USOY and USO in my portfolio?

With a correlation of 0.95, USOY and USO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, USOY or USO?

USO has higher volatility (11.79%) compared to USOY (10.34%). In terms of maximum drawdown, USOY dropped -21.19% vs USO's -98.19%.

Which ETF is better, USOY or USO?

On 1-year performance, USO leads with 45.61% vs 26.28% for USOY. On fees, USO is cheaper at 0.86% per year. On volatility, USOY has been the lower-risk option at 10.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOY or USO?

Over the 1-year period, USO has performed better with a 45.61% return vs 26.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOY or USO?

USO is cheaper with a 0.86% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 68.29%, compared with 0.00% for USO.

What is the main difference between USOY and USO?

USOY is categorized as Derivative Income, while USO is Oil & Gas. They also come from different issuers: Defiance and USCF. Their fees differ too: 1.22% for USOY and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (1.05 vs 0.85), 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.