ZETX vs. USOY

Last updated Jul 4, 2026

ZETX (Defiance Daily Target 2X Long ZETA ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - ZETX is a Leveraged Equities fund actively managed by Defiance, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. At a correlation of -0.12, they often move in opposite directions. ZETX charges 1.31%/yr vs 1.22%/yr for USOY.

Performance

ZETX vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long ZETA ETF (ZETX) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZETX

• 1D: -1.49%
• 1M: -25.07%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: 0.64%
• 1M: -20.99%
• 6M: 27.93%
• YTD: 28.13%
• 1Y: 22.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZETX vs. USOY - Yearly Performance Comparison

	2026 (YTD)
ZETX Defiance Daily Target 2X Long ZETA ETF	11.86%
USOY Defiance Oil Enhanced Options Income ETF	17.66%

Correlation

The correlation between ZETX and USOY is -0.12, 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 Feb 4, 2026	-0.12

Return for Risk

ZETX vs. USOY — Risk / Return Rank

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

ZETX

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

USOY

USOY Risk / Return Rank: 23
USOY Sharpe Ratio Rank: 22
USOY Sortino Ratio Rank: 22
USOY Omega Ratio Rank: 24
USOY Calmar Ratio Rank: 22
USOY Martin Ratio Rank: 25

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.

ZETX vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long ZETA ETF (ZETX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ZETX	USOY	Difference
Sharpe ratio: Return per unit of total volatility	—	0.72	—
Sortino ratio: Return per unit of downside risk	—	1.10	—
Omega ratio: Gain probability vs. loss probability	—	1.15	—
Calmar ratio: Return relative to maximum drawdown	—	0.88	—
Martin ratio: Return relative to average drawdown	—	2.97	—

Drawdowns

ZETX vs. USOY - Drawdown Comparison

The maximum ZETX drawdown since its inception was -52.42%, which is greater than USOY's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for ZETX and USOY.

Drawdown Indicators

	ZETX	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-52.42%	-25.51%	-26.91%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.51%	—
Current Drawdown Current decline from peak	-36.55%	-25.04%	-11.51%
Average Drawdown Average peak-to-trough decline	-22.86%	-6.86%	-16.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.57%	—

Volatility

Volatility by Period

	ZETX	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.18%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	141.91%	31.45%	+110.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.91%	26.71%	+115.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.91%	26.71%	+115.20%

ZETX vs. USOY - Expense Ratio Comparison

ZETX has a 1.31% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

ZETX vs. USOY - Dividend Comparison

ZETX has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 69.82%.

Position	TTM	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	69.82%	104.32%	48.60%
ZETX Defiance Daily Target 2X Long ZETA ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZETX and USOY in my portfolio?

ZETX and USOY have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZETX or USOY?

On fees, USOY is cheaper at 1.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZETX or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.31% for ZETX.

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

USOY has the higher dividend yield at 69.82%, compared with 0.00% for ZETX.

What is the main difference between ZETX and USOY?

ZETX is categorized as Leveraged Equities, while USOY is Derivative Income. Their fees differ too: 1.31% for ZETX and 1.22% for USOY.