XLVI vs. USOY

Last updated Jun 4, 2026

XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.24, they often move in opposite directions. XLVI charges 0.35%/yr vs 1.22%/yr for USOY.

Performance

XLVI vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) 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, XLVI achieves a -0.67% return, which is significantly lower than USOY's 62.18% return.

XLVI

• 1D: 0.67%
• 1M: 2.30%
• YTD: -0.67%
• 6M: 0.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XLVI vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	-0.67%	12.79%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-8.21%

Correlation

The correlation between XLVI and USOY is -0.24, 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 (All Time) Calculated using the full available price history since Jul 31, 2025	-0.24

Return for Risk

XLVI vs. USOY — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
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.

XLVI vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XLVI	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	0.99	+0.33

Drawdowns

XLVI vs. USOY - Drawdown Comparison

The maximum XLVI drawdown since its inception was -8.14%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for XLVI and USOY.

Drawdown Indicators

	XLVI	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-8.14%	-17.46%	+9.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.29%	—
Current Drawdown Current decline from peak	-4.02%	-5.11%	+1.09%
Average Drawdown Average peak-to-trough decline	-1.95%	-6.47%	+4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.42%	—

Volatility

Volatility by Period

	XLVI	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.62%	—
Volatility (6M) Calculated over the trailing 6-month period	—	27.18%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.94%	30.44%	-19.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.94%	26.13%	-15.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.94%	26.13%	-15.19%

XLVI vs. USOY - Expense Ratio Comparison

XLVI has a 0.35% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

XLVI vs. USOY - Dividend Comparison

XLVI's dividend yield for the trailing twelve months is around 11.53%, less than USOY's 54.16% yield.

Position	TTM	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	11.53%	5.73%	0.00%

Frequently Asked Questions

Can I hold both XLVI and USOY in my portfolio?

XLVI and USOY have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLVI or USOY?

On fees, XLVI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLVI or USOY?

XLVI is cheaper with a 0.35% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 11.53% for XLVI.

What is the main difference between XLVI and USOY?

They also come from different issuers: State Street and Defiance. Their fees differ too: 0.35% for XLVI and 1.22% for USOY.