VFLO vs. USOY

Last updated Jun 5, 2026

VFLO (Victoryshares Free Cash Flow ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index, while USOY is a Derivative Income fund actively managed by Defiance. VFLO is passively managed, while USOY is actively managed. Over the past year, VFLO returned 39.65% vs 54.64% for USOY. At a 0.04 correlation, their price movements are largely independent. VFLO charges 0.39%/yr vs 1.22%/yr for USOY.

Performance

VFLO vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victoryshares Free Cash Flow ETF (VFLO) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFLO achieves a 20.78% return, which is significantly lower than USOY's 59.27% return.

VFLO

• 1D: 0.57%
• 1M: 10.20%
• YTD: 20.78%
• 6M: 21.57%
• 1Y: 39.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.79%
• 1M: -3.80%
• YTD: 59.27%
• 6M: 55.41%
• 1Y: 54.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VFLO vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VFLO Victoryshares Free Cash Flow ETF	20.78%	17.51%	9.11%
USOY Defiance Oil Enhanced Options Income ETF	59.27%	-7.93%	7.27%

Correlation

The correlation between VFLO and USOY is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since May 13, 2024	0.04

The correlation between VFLO and USOY shifts across timeframes, from -0.13 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VFLO vs. USOY — Risk / Return Rank

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

VFLO

VFLO Risk / Return Rank: 87
VFLO Sharpe Ratio Rank: 83
VFLO Sortino Ratio Rank: 86
VFLO Omega Ratio Rank: 79
VFLO Calmar Ratio Rank: 95
VFLO Martin Ratio Rank: 93

USOY

USOY Risk / Return Rank: 55
USOY Sharpe Ratio Rank: 54
USOY Sortino Ratio Rank: 45
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 77
USOY Martin Ratio Rank: 46

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.

VFLO vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victoryshares Free Cash Flow ETF (VFLO) and Defiance Oil Enhanced Options Income ETF (USOY). 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.

	VFLO	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.66	1.80	+0.86
Sortino ratio: Return per unit of downside risk	3.83	2.21	+1.62
Omega ratio: Gain probability vs. loss probability	1.47	1.33	+0.14
Calmar ratio: Return relative to maximum drawdown	8.00	3.84	+4.16
Martin ratio: Return relative to average drawdown	24.33	7.37	+16.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFLO vs. USOY - Sharpe Ratio Comparison

The current VFLO Sharpe Ratio is 2.66, which is higher than the USOY Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of VFLO and USOY, 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

	VFLO	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	1.80	+0.86
Sharpe Ratio (All Time) Calculated using the full available price history	1.65	0.95	+0.70

Drawdowns

VFLO vs. USOY - Drawdown Comparison

The maximum VFLO drawdown since its inception was -17.79%, roughly equal to the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for VFLO and USOY.

Drawdown Indicators

	VFLO	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-17.46%	-0.33%
Max Drawdown (1Y) Largest decline over 1 year	-4.98%	-14.29%	+9.31%
Current Drawdown Current decline from peak	-1.52%	-6.81%	+5.29%
Average Drawdown Average peak-to-trough decline	-2.42%	-6.47%	+4.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	7.43%	-5.80%

Volatility

VFLO vs. USOY - Volatility Comparison

The current volatility for Victoryshares Free Cash Flow ETF (VFLO) is 6.02%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.67%. This indicates that VFLO experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFLO	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.02%	11.67%	-5.65%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	27.26%	-16.21%
Volatility (1Y) Calculated over the trailing 1-year period	14.98%	30.50%	-15.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	26.14%	-10.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	26.14%	-10.21%

VFLO vs. USOY - Expense Ratio Comparison

VFLO has a 0.39% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

VFLO vs. USOY - Dividend Comparison

VFLO's dividend yield for the trailing twelve months is around 1.18%, less than USOY's 56.65% yield.

Position	TTM	2025	2024	2023
USOY Defiance Oil Enhanced Options Income ETF	56.65%	104.32%	48.60%	0.00%
VFLO Victoryshares Free Cash Flow ETF	1.18%	1.60%	1.20%	0.71%

Frequently Asked Questions

Can I hold both VFLO and USOY in my portfolio?

VFLO and USOY have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFLO or USOY?

USOY has higher volatility (11.67%) compared to VFLO (6.02%). In terms of maximum drawdown, VFLO dropped -17.79% vs USOY's -17.46%.

Which ETF is better, VFLO or USOY?

On 1-year performance, USOY leads with 54.64% vs 39.65% for VFLO. On fees, VFLO is cheaper at 0.39% per year. On volatility, VFLO has been the lower-risk option at 6.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFLO or USOY?

Over the 1-year period, USOY has performed better with a 54.64% return vs 39.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFLO or USOY?

VFLO is cheaper with a 0.39% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 56.65%, compared with 1.18% for VFLO.

What is the main difference between VFLO and USOY?

VFLO is categorized as Large Cap Value Equities, while USOY is Derivative Income. They also come from different issuers: Victory and Defiance. Their fees differ too: 0.39% for VFLO and 1.22% for USOY.

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (2.66 vs 1.80), 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.