XPP vs. USOY

Last updated Jun 4, 2026

XPP (ProShares Ultra FTSE China 50) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - XPP is a Leveraged Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while USOY is a Derivative Income fund actively managed by Defiance. XPP is passively managed, while USOY is actively managed. Over the past year, XPP returned -5.89% vs 57.29% for USOY. At a 0.03 correlation, their price movements are largely independent. XPP charges 0.95%/yr vs 1.22%/yr for USOY.

Performance

XPP vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) 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, XPP achieves a -17.68% return, which is significantly lower than USOY's 62.18% return.

XPP

• 1D: -4.83%
• 1M: -6.40%
• YTD: -17.68%
• 6M: -20.01%
• 1Y: -5.89%
• 3Y*: 7.34%
• 5Y*: -20.12%
• 10Y*: -5.30%

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)

XPP vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XPP ProShares Ultra FTSE China 50	-17.68%	45.84%	10.67%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between XPP and USOY is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since May 13, 2024	0.03

The correlation between XPP and USOY shifts across timeframes, from -0.16 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XPP vs. USOY — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 7
XPP Sharpe Ratio Rank: 7
XPP Sortino Ratio Rank: 8
XPP Omega Ratio Rank: 8
XPP Calmar Ratio Rank: 7
XPP Martin Ratio Rank: 7

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.

XPP vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

	XPP	USOY	Difference
Sharpe ratio Return per unit of total volatility	-0.15	1.89	-2.04
Sortino ratio Return per unit of downside risk	0.06	2.30	-2.24
Omega ratio Gain probability vs. loss probability	1.01	1.35	-0.34
Calmar ratio Return relative to maximum drawdown	-0.18	4.03	-4.21
Martin ratio Return relative to average drawdown	-0.37	7.74	-8.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XPP vs. USOY - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.15, which is lower than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of XPP 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

	XPP	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.15	1.89	-2.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.99	-1.09

Drawdowns

XPP vs. USOY - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for XPP and USOY.

Drawdown Indicators

	XPP	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-17.46%	-72.44%
Max Drawdown (1Y) Largest decline over 1 year	-32.60%	-14.29%	-18.31%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-85.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	—	—
Current Drawdown Current decline from peak	-78.21%	-5.11%	-73.10%
Average Drawdown Average peak-to-trough decline	-47.82%	-6.47%	-41.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.95%	7.42%	+8.53%

Volatility

XPP vs. USOY - Volatility Comparison

ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 14.45% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.62%. This indicates that XPP's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPP	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.45%	11.62%	+2.83%
Volatility (6M) Calculated over the trailing 6-month period	28.79%	27.18%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	39.27%	30.44%	+8.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.75%	26.13%	+36.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.91%	26.13%	+28.78%

XPP vs. USOY - Expense Ratio Comparison

XPP has a 0.95% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

XPP vs. USOY - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.63%, less than USOY's 54.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XPP ProShares Ultra FTSE China 50	2.63%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%

Frequently Asked Questions

Can I hold both XPP and USOY in my portfolio?

XPP and USOY have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or USOY?

XPP has higher volatility (14.45%) compared to USOY (11.62%). In terms of maximum drawdown, XPP dropped -89.90% vs USOY's -17.46%.

Which ETF is better, XPP or USOY?

On 1-year performance, USOY leads with 57.29% vs -5.89% for XPP. On fees, XPP is cheaper at 0.95% per year. On volatility, USOY has been the lower-risk option at 11.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs -5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or USOY?

XPP is cheaper with a 0.95% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 2.63% for XPP.

What is the main difference between XPP and USOY?

XPP is categorized as Leveraged Equities, while USOY is Derivative Income. They also come from different issuers: ProShares and Defiance. Their fees differ too: 0.95% for XPP and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 vs -0.15), 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.