ALLW vs. USO

Last updated Jun 4, 2026

ALLW (SPDR Bridgewater All Weather ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - ALLW is a Tactical Allocation fund actively managed by State Street, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. ALLW is actively managed, while USO is passively managed. Over the past year, ALLW returned 23.78% vs 101.55% for USO. At a correlation of -0.07, they often move in opposite directions. ALLW charges 0.85%/yr vs 0.86%/yr for USO.

Performance

ALLW vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bridgewater All Weather ETF (ALLW) 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, ALLW achieves a 9.20% return, which is significantly lower than USO's 103.67% return.

ALLW

• 1D: -0.76%
• 1M: 0.91%
• YTD: 9.20%
• 6M: 8.47%
• 1Y: 23.78%
• 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)

ALLW vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
ALLW SPDR Bridgewater All Weather ETF	9.20%	15.04%
USO United States Oil Fund LP	103.67%	-2.77%

Correlation

The correlation between ALLW and USO is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	-0.07

Return for Risk

ALLW vs. USO — Risk / Return Rank

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

ALLW

ALLW Risk / Return Rank: 67
ALLW Sharpe Ratio Rank: 67
ALLW Sortino Ratio Rank: 64
ALLW Omega Ratio Rank: 67
ALLW Calmar Ratio Rank: 66
ALLW Martin Ratio Rank: 73

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.

ALLW vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bridgewater All Weather ETF (ALLW) 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.

	ALLW	USO	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.31	-0.04
Sortino ratio: Return per unit of downside risk	3.05	2.89	+0.16
Omega ratio: Gain probability vs. loss probability	1.41	1.38	+0.03
Calmar ratio: Return relative to maximum drawdown	3.30	5.01	-1.71
Martin ratio: Return relative to average drawdown	14.01	9.42	+4.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALLW vs. USO - Sharpe Ratio Comparison

The current ALLW Sharpe Ratio is 2.27, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of ALLW 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

	ALLW	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.31	-0.04
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	1.62	-0.18	+1.79

Drawdowns

ALLW vs. USO - Drawdown Comparison

The maximum ALLW drawdown since its inception was -8.78%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for ALLW and USO.

Drawdown Indicators

	ALLW	USO	Difference
Max Drawdown Largest peak-to-trough decline	-8.78%	-98.19%	+89.41%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-20.39%	+13.16%
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	-0.79%	-85.01%	+84.22%
Average Drawdown Average peak-to-trough decline	-1.20%	-75.30%	+74.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	10.82%	-9.12%

Volatility

ALLW vs. USO - Volatility Comparison

The current volatility for SPDR Bridgewater All Weather ETF (ALLW) is 3.43%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that ALLW 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

	ALLW	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	14.87%	-11.44%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	38.23%	-29.52%
Volatility (1Y) Calculated over the trailing 1-year period	10.52%	44.20%	-33.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	36.06%	-23.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.54%	39.00%	-26.46%

ALLW vs. USO - Expense Ratio Comparison

ALLW has a 0.85% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

ALLW vs. USO - Dividend Comparison

ALLW's dividend yield for the trailing twelve months is around 4.28%, while USO has not paid dividends to shareholders.

Position	TTM	2025
ALLW SPDR Bridgewater All Weather ETF	4.28%	4.67%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both ALLW and USO in my portfolio?

ALLW and USO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALLW or USO?

USO has higher volatility (14.87%) compared to ALLW (3.43%). In terms of maximum drawdown, ALLW dropped -8.78% vs USO's -98.19%.

Which ETF is better, ALLW or USO?

On 1-year performance, USO leads with 101.55% vs 23.78% for ALLW. On fees, ALLW is cheaper at 0.85% per year. On volatility, ALLW has been the lower-risk option at 3.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALLW or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs 23.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALLW or USO?

ALLW is cheaper with a 0.85% expense ratio, compared with 0.86% for USO.

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

ALLW has the higher dividend yield at 4.28%, compared with 0.00% for USO.

What is the main difference between ALLW and USO?

ALLW is categorized as Tactical Allocation, while USO is Oil & Gas. They also come from different issuers: State Street and USCF. Their fees differ too: 0.85% for ALLW and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs 2.27), 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.