YBTC vs. USOY

Last updated Jun 9, 2026

YBTC (Roundhill Bitcoin Covered Call Strategy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - YBTC is a Cryptocurrency fund actively managed by Roundhill, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, YBTC returned -36.91% vs 53.42% for USOY. At a 0.02 correlation, their price movements are largely independent. YBTC charges 0.95%/yr vs 1.22%/yr for USOY.

Performance

YBTC vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Bitcoin Covered Call Strategy ETF (YBTC) 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, YBTC achieves a -26.04% return, which is significantly lower than USOY's 59.17% return.

YBTC

• 1D: 5.52%
• 1M: -20.34%
• YTD: -26.04%
• 6M: -27.27%
• 1Y: -36.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: 1.63%
• 1M: 1.90%
• YTD: 59.17%
• 6M: 57.02%
• 1Y: 53.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YBTC vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YBTC Roundhill Bitcoin Covered Call Strategy ETF	-26.04%	-4.23%	32.46%
USOY Defiance Oil Enhanced Options Income ETF	59.17%	-7.93%	7.27%

Correlation

The correlation between YBTC and USOY is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 13, 2024	0.02

Return for Risk

YBTC vs. USOY — Risk / Return Rank

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

YBTC

YBTC Risk / Return Rank: 2
YBTC Sharpe Ratio Rank: 2
YBTC Sortino Ratio Rank: 2
YBTC Omega Ratio Rank: 2
YBTC Calmar Ratio Rank: 3
YBTC Martin Ratio Rank: 2

USOY

USOY Risk / Return Rank: 58
USOY Sharpe Ratio Rank: 58
USOY Sortino Ratio Rank: 49
USOY Omega Ratio Rank: 58
USOY Calmar Ratio Rank: 80
USOY Martin Ratio Rank: 47

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.

YBTC vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Bitcoin Covered Call Strategy ETF (YBTC) 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.

	YBTC	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	1.76	-2.68
Sortino ratio: Return per unit of downside risk	-1.25	2.17	-3.42
Omega ratio: Gain probability vs. loss probability	0.84	1.32	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.76	3.76	-4.51
Martin ratio: Return relative to average drawdown	-1.41	7.18	-8.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YBTC vs. USOY - Sharpe Ratio Comparison

The current YBTC Sharpe Ratio is -0.93, which is lower than the USOY Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of YBTC 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

	YBTC	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	1.76	-2.68
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.94	-0.82

Drawdowns

YBTC vs. USOY - Drawdown Comparison

The maximum YBTC drawdown since its inception was -48.82%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for YBTC and USOY.

Drawdown Indicators

	YBTC	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-48.82%	-17.46%	-31.36%
Max Drawdown (1Y) Largest decline over 1 year	-48.82%	-14.29%	-34.53%
Current Drawdown Current decline from peak	-45.99%	-6.87%	-39.12%
Average Drawdown Average peak-to-trough decline	-13.06%	-6.48%	-6.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.19%	7.47%	+18.72%

Volatility

YBTC vs. USOY - Volatility Comparison

Roundhill Bitcoin Covered Call Strategy ETF (YBTC) has a higher volatility of 11.99% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 9.78%. This indicates that YBTC'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

	YBTC	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.99%	9.78%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	32.26%	27.36%	+4.90%
Volatility (1Y) Calculated over the trailing 1-year period	39.93%	30.65%	+9.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.09%	26.14%	+14.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.09%	26.14%	+14.95%

YBTC vs. USOY - Expense Ratio Comparison

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

Dividends

YBTC vs. USOY - Dividend Comparison

YBTC's dividend yield for the trailing twelve months is around 88.91%, more than USOY's 56.68% yield.

Position	TTM	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	56.68%	104.32%	48.60%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	88.91%	76.04%	44.53%

Frequently Asked Questions

Can I hold both YBTC and USOY in my portfolio?

YBTC and USOY have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YBTC or USOY?

YBTC has higher volatility (11.99%) compared to USOY (9.78%). In terms of maximum drawdown, YBTC dropped -48.82% vs USOY's -17.46%.

Which ETF is better, YBTC or USOY?

On 1-year performance, USOY leads with 53.42% vs -36.91% for YBTC. On fees, YBTC is cheaper at 0.95% per year. On volatility, USOY has been the lower-risk option at 9.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YBTC or USOY?

Over the 1-year period, USOY has performed better with a 53.42% return vs -36.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YBTC or USOY?

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

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

YBTC has the higher dividend yield at 88.91%, compared with 56.68% for USOY.

What is the main difference between YBTC and USOY?

YBTC is categorized as Cryptocurrency, while USOY is Derivative Income. They also come from different issuers: Roundhill and Defiance. Their fees differ too: 0.95% for YBTC and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.76 vs -0.93), 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.