USOY vs. XDTE

Last updated Jun 9, 2026

USOY (Defiance Oil Enhanced Options Income ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, USOY returned 53.42% vs 22.20% for XDTE. At a correlation of -0.09, they often move in opposite directions. USOY charges 1.22%/yr vs 0.97%/yr for XDTE.

Performance

USOY vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Oil Enhanced Options Income ETF (USOY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USOY achieves a 59.17% return, which is significantly higher than XDTE's 6.69% return.

USOY

• 1D: 1.63%
• 1M: 1.90%
• YTD: 59.17%
• 6M: 57.02%
• 1Y: 53.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XDTE

• 1D: 0.31%
• 1M: -0.27%
• YTD: 6.69%
• 6M: 6.52%
• 1Y: 22.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USOY vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	59.17%	-7.93%	7.27%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	6.69%	12.60%	14.66%

Correlation

The correlation between USOY and XDTE 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 13, 2024	-0.09

The correlation between USOY and XDTE shifts across timeframes, from -0.28 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USOY vs. XDTE — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 58
USOY Sharpe Ratio Rank: 58
USOY Sortino Ratio Rank: 49
USOY Omega Ratio Rank: 58
USOY Calmar Ratio Rank: 80
USOY Martin Ratio Rank: 47

XDTE

XDTE Risk / Return Rank: 68
XDTE Sharpe Ratio Rank: 67
XDTE Sortino Ratio Rank: 63
XDTE Omega Ratio Rank: 68
XDTE Calmar Ratio Rank: 64
XDTE Martin Ratio Rank: 76

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. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Oil Enhanced Options Income ETF (USOY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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.

	USOY	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.99	-0.23
Sortino ratio: Return per unit of downside risk	2.17	2.64	-0.46
Omega ratio: Gain probability vs. loss probability	1.32	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	3.76	2.90	+0.86
Martin ratio: Return relative to average drawdown	7.18	13.13	-5.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USOY vs. XDTE - Sharpe Ratio Comparison

The current USOY Sharpe Ratio is 1.76, which is comparable to the XDTE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of USOY and XDTE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USOY	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.99	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	1.16	-0.22

Drawdowns

USOY vs. XDTE - Drawdown Comparison

The maximum USOY drawdown since its inception was -17.46%, smaller than the maximum XDTE drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for USOY and XDTE.

Drawdown Indicators

	USOY	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-17.46%	-19.09%	+1.63%
Max Drawdown (1Y) Largest decline over 1 year	-14.29%	-7.68%	-6.61%
Current Drawdown Current decline from peak	-6.87%	-2.61%	-4.26%
Average Drawdown Average peak-to-trough decline	-6.48%	-2.31%	-4.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.47%	1.69%	+5.78%

Volatility

USOY vs. XDTE - Volatility Comparison

Defiance Oil Enhanced Options Income ETF (USOY) has a higher volatility of 9.78% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 3.50%. This indicates that USOY's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USOY	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.78%	3.50%	+6.28%
Volatility (6M) Calculated over the trailing 6-month period	27.36%	8.68%	+18.68%
Volatility (1Y) Calculated over the trailing 1-year period	30.65%	11.25%	+19.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.14%	13.92%	+12.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.14%	13.92%	+12.22%

USOY vs. XDTE - Expense Ratio Comparison

USOY has a 1.22% expense ratio, which is higher than XDTE's 0.97% expense ratio.

Dividends

USOY vs. XDTE - Dividend Comparison

USOY's dividend yield for the trailing twelve months is around 56.68%, more than XDTE's 33.68% yield.

Position	TTM	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	56.68%	104.32%	48.60%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.68%	39.16%	20.35%

Frequently Asked Questions

Can I hold both USOY and XDTE in my portfolio?

USOY and XDTE 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 XDTE?

USOY has higher volatility (9.78%) compared to XDTE (3.50%). In terms of maximum drawdown, USOY dropped -17.46% vs XDTE's -19.09%.

Which ETF is better, USOY or XDTE?

On 1-year performance, USOY leads with 53.42% vs 22.20% for XDTE. On fees, XDTE is cheaper at 0.97% per year. On volatility, XDTE has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOY or XDTE?

Over the 1-year period, USOY has performed better with a 53.42% return vs 22.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOY or XDTE?

XDTE is cheaper with a 0.97% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 56.68%, compared with 33.68% for XDTE.

What is the main difference between USOY and XDTE?

They also come from different issuers: Defiance and Roundhill. Their fees differ too: 1.22% for USOY and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (1.99 vs 1.76), 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.