XTR vs. USOY

Last updated Jun 6, 2026

XTR (Global X S&P 500 Tail Risk ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - XTR is a Equity Hedged fund tracking the Cboe S&P 500 Tail Risk Index, while USOY is a Derivative Income fund actively managed by Defiance. XTR is passively managed, while USOY is actively managed. Over the past year, XTR returned 20.97% vs 51.90% for USOY. At a correlation of -0.09, they often move in opposite directions. XTR charges 0.25%/yr vs 1.22%/yr for USOY.

Performance

XTR vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Tail Risk ETF (XTR) 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, XTR achieves a 6.37% return, which is significantly lower than USOY's 56.61% return.

XTR

• 1D: -2.51%
• 1M: 0.50%
• YTD: 6.37%
• 6M: 5.98%
• 1Y: 20.97%
• 3Y*: 17.70%
• 5Y*: —
• 10Y*: —

USOY

• 1D: -1.67%
• 1M: 1.06%
• YTD: 56.61%
• 6M: 52.27%
• 1Y: 51.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XTR vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XTR Global X S&P 500 Tail Risk ETF	6.37%	13.66%	11.71%
USOY Defiance Oil Enhanced Options Income ETF	56.61%	-7.93%	7.27%

Correlation

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

Return for Risk

XTR vs. USOY — Risk / Return Rank

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

XTR

XTR Risk / Return Rank: 57
XTR Sharpe Ratio Rank: 59
XTR Sortino Ratio Rank: 58
XTR Omega Ratio Rank: 57
XTR Calmar Ratio Rank: 52
XTR Martin Ratio Rank: 61

USOY

USOY Risk / Return Rank: 53
USOY Sharpe Ratio Rank: 51
USOY Sortino Ratio Rank: 44
USOY Omega Ratio Rank: 53
USOY Calmar Ratio Rank: 75
USOY Martin Ratio Rank: 44

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.

XTR vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Tail Risk ETF (XTR) 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.

	XTR	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.71	+0.20
Sortino ratio: Return per unit of downside risk	2.61	2.13	+0.49
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	2.48	3.65	-1.17
Martin ratio: Return relative to average drawdown	10.52	6.98	+3.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTR vs. USOY - Sharpe Ratio Comparison

The current XTR Sharpe Ratio is 1.91, which is comparable to the USOY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of XTR 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

	XTR	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	1.71	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.91	-0.22

Drawdowns

XTR vs. USOY - Drawdown Comparison

The maximum XTR drawdown since its inception was -20.83%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for XTR and USOY.

Drawdown Indicators

	XTR	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-17.46%	-3.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-14.29%	+5.78%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	—	—
Current Drawdown Current decline from peak	-2.74%	-8.37%	+5.63%
Average Drawdown Average peak-to-trough decline	-5.94%	-6.47%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	7.45%	-5.45%

Volatility

XTR vs. USOY - Volatility Comparison

The current volatility for Global X S&P 500 Tail Risk ETF (XTR) is 3.77%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 9.70%. This indicates that XTR 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

	XTR	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	9.70%	-5.93%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	27.33%	-18.76%
Volatility (1Y) Calculated over the trailing 1-year period	11.06%	30.56%	-19.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.82%	26.14%	-12.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.82%	26.14%	-12.32%

XTR vs. USOY - Expense Ratio Comparison

XTR has a 0.25% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

XTR vs. USOY - Dividend Comparison

XTR's dividend yield for the trailing twelve months is around 16.75%, less than USOY's 57.61% yield.

Position	TTM	2025	2024	2023	2022	2021
USOY Defiance Oil Enhanced Options Income ETF	57.61%	104.32%	48.60%	0.00%	0.00%	0.00%
XTR Global X S&P 500 Tail Risk ETF	16.75%	17.82%	20.89%	1.09%	1.08%	2.32%

Frequently Asked Questions

Can I hold both XTR and USOY in my portfolio?

XTR and USOY 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, XTR or USOY?

USOY has higher volatility (9.70%) compared to XTR (3.77%). In terms of maximum drawdown, XTR dropped -20.83% vs USOY's -17.46%.

Which ETF is better, XTR or USOY?

On 1-year performance, USOY leads with 51.90% vs 20.97% for XTR. On fees, XTR is cheaper at 0.25% per year. On volatility, XTR has been the lower-risk option at 3.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTR or USOY?

Over the 1-year period, USOY has performed better with a 51.90% return vs 20.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTR or USOY?

XTR is cheaper with a 0.25% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 57.61%, compared with 16.75% for XTR.

What is the main difference between XTR and USOY?

XTR is categorized as Equity Hedged, while USOY is Derivative Income. They also come from different issuers: Global X and Defiance. Their fees differ too: 0.25% for XTR and 1.22% for USOY.

Which has better risk-adjusted returns?

XTR currently has the higher Sharpe Ratio (1.91 vs 1.71), 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.