Highlights
- Avg. Volume (1M)
- 7M
- Avg. Volume Value (1M)
- $905.37M
Share Price Chart
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Performance
USO Performance Chart
United States Oil Fund LP (USO) is up 67.4% since the beginning of the year. USO is currently trading at $116 per share. Investors who bought $1,000 worth of USO shares 5 years ago would now be looking at an investment worth $2,407.
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Returns By Period
United States Oil Fund LP (USO) has returned 67.41% so far this year and 52.12% over the past 12 months. Over the last ten years, USO has returned 3.91% per year, falling short of the S&P 500 Index benchmark, which averaged 13.49% annually.
United States Oil Fund LP
- 1D
- -5.19%
- 1M
- 11.35%
- 6M
- 49.45%
- YTD
- 67.41%
- 1Y
- 52.12%
- 3Y*
- 16.20%
- 5Y*
- 19.21%
- 10Y*
- 3.91%
- ALL TIME*
- -7.35%
Benchmark (S&P 500 Index)
- 1D
- 1.79%
- 1M
- 3.38%
- 6M
- 11.83%
- YTD
- 13.02%
- 1Y
- 22.22%
- 3Y*
- 19.99%
- 5Y*
- 11.80%
- 10Y*
- 13.49%
- ALL TIME*
- 8.15%
USO Monthly Returns History
Based on dividend-adjusted daily data since Apr 10, 2006, USO's average daily return is 0.00%, while the average monthly return is +0.01%. At this rate, an investment would double in approximately 577.7 years.
Historically, 50% of months were positive and 50% were negative. The best month was Mar 2026 with a return of +55.3%, while the worst month was Mar 2020 at -55.5%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 8 months.
On a daily basis, USO closed higher 51% of trading days. The best single day was Apr 2, 2020 with a return of +16.7%, while the worst single day was Mar 9, 2020 at -25.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 14.98% | 3.06% | 55.28% | 15.59% | -12.24% | -17.55% | 21.35% | -10.37% | 67.41% | ||||
| 2025 | 3.27% | -3.59% | 2.81% | -17.81% | 5.65% | 8.88% | 8.86% | -5.97% | -1.46% | -1.61% | -2.05% | -2.69% | -8.46% |
| 2024 | 6.41% | 3.44% | 7.32% | -0.44% | -4.54% | 6.38% | -2.32% | -4.37% | -5.95% | 4.52% | -2.01% | 5.50% | 13.35% |
| 2023 | -1.13% | -3.04% | -1.15% | 1.60% | -10.18% | 4.82% | 15.14% | 2.58% | 7.73% | -7.22% | -6.50% | -4.98% | -4.94% |
| 2022 | 14.94% | 8.00% | 9.84% | 4.10% | 10.77% | -5.99% | -2.86% | -6.33% | -10.71% | 9.57% | -1.82% | -0.17% | 28.97% |
| 2021 | 6.57% | 17.42% | -1.89% | 6.76% | 4.97% | 9.82% | 1.56% | -5.17% | 9.41% | 8.73% | -16.17% | 13.46% | 64.68% |
Benchmark Metrics
United States Oil Fund LP has an annualized alpha of -7.17%, beta of 0.63, and R2 of 0.11 versus S&P 500 Index. Calculated based on daily prices since April 10, 2006.
- This ETF participated in 111.41% of S&P 500 Index downside but only 39.90% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.63 may look defensive, but with R2 of 0.11 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.11 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -7.17%
- Beta
- 0.63
- R²
- 0.11
- Upside Capture
- 39.90%
- Downside Capture
- 111.41%
Expense Ratio
USO has an expense ratio of 0.86%, placing it in the medium range.
Return for Risk
Risk / Return Rank
USO ranks 41 for risk / return — above 41% of ETFs peers on PortfoliosLab. Its historical combined result is near the middle of the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for United States Oil Fund LP (USO) and compare them to S&P 500 Index.
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.
| USO | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.31 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 2.45 | -0.84 |
| Martin ratioReturn relative to average drawdown | 4.70 | 10.40 | -5.70 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the United States Oil Fund LP. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the United States Oil Fund LP was 98.19%, occurring on Apr 28, 2020. The portfolio has not yet recovered.
The current United States Oil Fund LP drawdown is 87.68%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-98.19%Apr 2020 | 11y 9mo | — | 18y 25dJul 2008 - now | COVID crash2020 |
-40.98%Jan 2007 | 6mo 8d | 9mo 16d | 1y 3moJul 2006 - Oct 2007 | — |
-12.04%Feb 2008 | 1mo 4d | 13d | 1mo 17dJan 2008 - Feb 2008 | Financial crisis2007–2009 |
-11.18%Dec 2007 | 14d | 28d | 1mo 12dNov 2007 - Jan 2008 | Financial crisis2007–2009 |
-10.48%Jun 2006 | 1mo 20d | 1mo | 2mo 20dApr 2006 - Jul 2006 | — |
Drawdown Indicators
| USO | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -56.78% | -41.41% |
Max Drawdown (1Y)Largest decline over 1 year | -32.49% | -9.10% | -23.39% |
Max Drawdown (3Y)Largest decline over 3 years | -32.49% | -18.90% | -13.59% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -25.43% | -10.80% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -33.92% | -52.83% |
Current DrawdownCurrent decline from peak | -87.68% | 0.00% | -87.68% |
Average DrawdownAverage peak-to-trough decline | -75.38% | -10.70% | -64.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.15% | 2.14% | +9.01% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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