AETH vs. USO

Last updated Jun 4, 2026

AETH (Bitwise Ethereum Strategy ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - AETH is a Cryptocurrency fund actively managed by Bitwise, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. AETH is actively managed, while USO is passively managed. Over the past year, AETH returned -16.05% vs 101.55% for USO. At a correlation of -0.07, they often move in opposite directions. AETH charges 0.90%/yr vs 0.86%/yr for USO.

Performance

AETH vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Strategy ETF (AETH) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AETH achieves a -9.79% return, which is significantly lower than USO's 103.67% return.

AETH

• 1D: -0.01%
• 1M: -4.98%
• YTD: -9.79%
• 6M: -15.30%
• 1Y: -16.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: 2.62%
• 1M: -4.57%
• YTD: 103.67%
• 6M: 99.35%
• 1Y: 101.55%
• 3Y*: 29.98%
• 5Y*: 24.41%
• 10Y*: 4.07%

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

AETH vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	-9.79%	-0.11%	31.76%	37.65%
USO United States Oil Fund LP	103.67%	-8.46%	13.35%	-16.05%

Correlation

The correlation between AETH and USO is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	-0.07

Return for Risk

AETH vs. USO — Risk / Return Rank

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

AETH

AETH Risk / Return Rank: 6
AETH Sharpe Ratio Rank: 5
AETH Sortino Ratio Rank: 6
AETH Omega Ratio Rank: 5
AETH Calmar Ratio Rank: 5
AETH Martin Ratio Rank: 6

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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.

AETH vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Strategy ETF (AETH) and United States Oil Fund LP (USO). 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.

	AETH	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.36	2.31	-2.67
Sortino ratio: Return per unit of downside risk	-0.26	2.89	-3.15
Omega ratio: Gain probability vs. loss probability	0.96	1.38	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.37	5.01	-5.37
Martin ratio: Return relative to average drawdown	-0.52	9.42	-9.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AETH vs. USO - Sharpe Ratio Comparison

The current AETH Sharpe Ratio is -0.36, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of AETH and USO, 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

	AETH	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	2.31	-2.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	-0.18	+0.55

Drawdowns

AETH vs. USO - Drawdown Comparison

The maximum AETH drawdown since its inception was -47.78%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for AETH and USO.

Drawdown Indicators

	AETH	USO	Difference
Max Drawdown Largest peak-to-trough decline	-47.78%	-98.19%	+50.41%
Max Drawdown (1Y) Largest decline over 1 year	-43.98%	-20.39%	-23.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-43.85%	-85.01%	+41.16%
Average Drawdown Average peak-to-trough decline	-24.65%	-75.30%	+50.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.86%	10.82%	+20.04%

Volatility

AETH vs. USO - Volatility Comparison

The current volatility for Bitwise Ethereum Strategy ETF (AETH) is 4.02%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that AETH experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AETH	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	14.87%	-10.85%
Volatility (6M) Calculated over the trailing 6-month period	27.18%	38.23%	-11.05%
Volatility (1Y) Calculated over the trailing 1-year period	45.03%	44.20%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.68%	36.06%	+18.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.68%	39.00%	+15.68%

AETH vs. USO - Expense Ratio Comparison

AETH has a 0.90% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

AETH vs. USO - Dividend Comparison

AETH's dividend yield for the trailing twelve months is around 2.67%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.67%	2.41%	14.73%	6.64%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AETH and USO in my portfolio?

AETH and USO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AETH or USO?

USO has higher volatility (14.87%) compared to AETH (4.02%). In terms of maximum drawdown, AETH dropped -47.78% vs USO's -98.19%.

Which ETF is better, AETH or USO?

On 1-year performance, USO leads with 101.55% vs -16.05% for AETH. On fees, USO is cheaper at 0.86% per year. On volatility, AETH has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AETH or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs -16.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AETH or USO?

USO is cheaper with a 0.86% expense ratio, compared with 0.90% for AETH.

Which ETF pays a higher dividend yield, AETH or USO?

AETH has the higher dividend yield at 2.67%, compared with 0.00% for USO.

What is the main difference between AETH and USO?

AETH is categorized as Cryptocurrency, while USO is Oil & Gas. They also come from different issuers: Bitwise and USCF. Their fees differ too: 0.90% for AETH and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs -0.36), 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.