AGOX vs. USO
AGOX (Adaptive Alpha Opportunities ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - AGOX is a Tactical Allocation fund actively managed by Adaptive Funds, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. AGOX is actively managed, while USO is passively managed. Over the past 5 years, AGOX returned 8.94%/yr vs 23.67%/yr for USO. At a 0.14 correlation, their price movements are largely independent. AGOX charges 1.33%/yr vs 0.86%/yr for USO.
Performance
AGOX vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, AGOX achieves a 21.85% return, which is significantly lower than USO's 97.72% return.
AGOX
- 1D
- 0.58%
- 1M
- 8.07%
- YTD
- 21.85%
- 6M
- 19.22%
- 1Y
- 26.89%
- 3Y*
- 18.41%
- 5Y*
- 8.94%
- 10Y*
- —
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
AGOX vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AGOX Adaptive Alpha Opportunities ETF | 21.85% | 8.58% | 15.97% | 19.07% | -19.21% | 9.82% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 22.21% |
Correlation
The correlation between AGOX and USO is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | 0.14 |
The correlation between AGOX and USO shifts across timeframes, from -0.20 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AGOX vs. USO — Risk / Return Rank
AGOX
USO
AGOX vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Adaptive Alpha Opportunities ETF (AGOX) 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.
| AGOX | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.37 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 4.79 | -3.03 |
| Martin ratioReturn relative to average drawdown | 6.44 | 9.00 | -2.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGOX | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.47 | 2.21 | -0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | 0.66 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | -0.18 | +0.69 |
Drawdowns
AGOX vs. USO - Drawdown Comparison
The maximum AGOX drawdown since its inception was -26.93%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for AGOX and USO.
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Drawdown Indicators
| AGOX | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.93% | -98.19% | +71.26% |
Max Drawdown (1Y)Largest decline over 1 year | -15.32% | -20.39% | +5.07% |
Max Drawdown (3Y)Largest decline over 3 years | -21.15% | -26.05% | +4.90% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -36.23% | +9.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -0.77% | -85.45% | +84.68% |
Average DrawdownAverage peak-to-trough decline | -8.17% | -75.30% | +67.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 10.84% | -6.65% |
Volatility
AGOX vs. USO - Volatility Comparison
The current volatility for Adaptive Alpha Opportunities ETF (AGOX) is 6.21%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that AGOX 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.
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Volatility by Period
| AGOX | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 14.97% | -8.76% |
Volatility (6M)Calculated over the trailing 6-month period | 15.91% | 38.35% | -22.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.35% | 44.32% | -25.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.67% | 36.09% | -16.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.67% | 39.00% | -19.33% |
AGOX vs. USO - Expense Ratio Comparison
AGOX has a 1.33% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
AGOX vs. USO - Dividend Comparison
AGOX's dividend yield for the trailing twelve months is around 2.65%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AGOX Adaptive Alpha Opportunities ETF | 2.65% | 3.23% | 3.94% | 0.27% | 0.20% | 6.36% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AGOX and USO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to AGOX (6.21%). In terms of maximum drawdown, AGOX dropped -26.93% vs USO's -98.19%.
On 5-year performance, USO leads with 23.67% vs 8.94% for AGOX. On fees, USO is cheaper at 0.86% per year. On volatility, AGOX has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 23.67% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 1.33% for AGOX.
AGOX has the higher dividend yield at 2.65%, compared with 0.00% for USO.
AGOX is categorized as Tactical Allocation, while USO is Oil & Gas. They also come from different issuers: Adaptive Funds and USCF. Their fees differ too: 1.33% for AGOX and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs 1.47), 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.
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