XXXX vs. USOY

Last updated Jun 4, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - XXXX is a Leveraged Equities fund tracking the S&P 500, while USOY is a Derivative Income fund actively managed by Defiance. XXXX is passively managed, while USOY is actively managed. Over the past year, XXXX returned 86.73% vs 57.29% for USOY. At a correlation of -0.08, they often move in opposite directions. XXXX charges 2.95%/yr vs 1.22%/yr for USOY.

Performance

XXXX vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) 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, XXXX achieves a 29.32% return, which is significantly lower than USOY's 62.18% return.

XXXX

• 1D: -2.88%
• 1M: 18.44%
• YTD: 29.32%
• 6M: 26.06%
• 1Y: 86.73%
• 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)

XXXX vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XXXX MAX S&P 500 4X Leveraged ETN	29.32%	17.36%	27.71%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between XXXX and USOY is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.08

Over the past year, the inverse relationship between XXXX and USOY has strengthened: their correlation has moved from -0.08 to -0.30, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

XXXX vs. USOY — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 49
XXXX Sharpe Ratio Rank: 53
XXXX Sortino Ratio Rank: 45
XXXX Omega Ratio Rank: 47
XXXX Calmar Ratio Rank: 46
XXXX Martin Ratio Rank: 52

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.

XXXX vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) 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.

	XXXX	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.89	-0.03
Sortino ratio: Return per unit of downside risk	2.31	2.30	+0.01
Omega ratio: Gain probability vs. loss probability	1.30	1.35	-0.05
Calmar ratio: Return relative to maximum drawdown	2.34	4.03	-1.69
Martin ratio: Return relative to average drawdown	8.95	7.74	+1.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XXXX vs. USOY - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.86, which is comparable to the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of XXXX 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

	XXXX	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.89	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.99	-0.12

Drawdowns

XXXX vs. USOY - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for XXXX and USOY.

Drawdown Indicators

	XXXX	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-17.46%	-44.81%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-14.29%	-22.96%
Current Drawdown Current decline from peak	-2.88%	-5.11%	+2.23%
Average Drawdown Average peak-to-trough decline	-11.60%	-6.47%	-5.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.73%	7.42%	+2.31%

Volatility

XXXX vs. USOY - Volatility Comparison

MAX S&P 500 4X Leveraged ETN (XXXX) and Defiance Oil Enhanced Options Income ETF (USOY) have volatilities of 11.32% and 11.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XXXX	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.32%	11.62%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	35.41%	27.18%	+8.23%
Volatility (1Y) Calculated over the trailing 1-year period	46.83%	30.44%	+16.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.75%	26.13%	+34.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.75%	26.13%	+34.62%

XXXX vs. USOY - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

XXXX vs. USOY - Dividend Comparison

XXXX has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 54.16%.

Position	TTM	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%
XXXX MAX S&P 500 4X Leveraged ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XXXX and USOY in my portfolio?

XXXX and USOY have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XXXX or USOY?

USOY has higher volatility (11.62%) compared to XXXX (11.32%). In terms of maximum drawdown, XXXX dropped -62.27% vs USOY's -17.46%.

Which ETF is better, XXXX or USOY?

On 1-year performance, XXXX leads with 86.73% vs 57.29% for USOY. On fees, USOY is cheaper at 1.22% per year. On volatility, XXXX has been the lower-risk option at 11.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or USOY?

Over the 1-year period, XXXX has performed better with a 86.73% return vs 57.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 2.95% for XXXX.

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

USOY has the higher dividend yield at 54.16%, compared with 0.00% for XXXX.

What is the main difference between XXXX and USOY?

XXXX is categorized as Leveraged Equities, while USOY is Derivative Income. They also come from different issuers: Max and Defiance. Their fees differ too: 2.95% for XXXX and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 vs 1.86), 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.