APRP vs. USO

Last updated Jun 3, 2026

APRP (PGIM US Large-Cap Buffer 12 ETF - April) and USO (United States Oil Fund LP) are both exchange-traded funds - APRP is a Options Trading fund actively managed by PGIM, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. APRP is actively managed, while USO is passively managed. Over the past year, APRP returned 18.46% vs 97.37% for USO. At a correlation of -0.08, they often move in opposite directions. APRP charges 0.50%/yr vs 0.86%/yr for USO.

Performance

APRP vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - April (APRP) 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, APRP achieves a 9.54% return, which is significantly lower than USO's 98.48% return.

APRP

• 1D: 0.03%
• 1M: 1.84%
• YTD: 9.54%
• 6M: 10.64%
• 1Y: 18.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: 1.31%
• 1M: -3.87%
• YTD: 98.48%
• 6M: 95.54%
• 1Y: 97.37%
• 3Y*: 28.86%
• 5Y*: 23.92%
• 10Y*: 3.80%

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

APRP vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APRP PGIM US Large-Cap Buffer 12 ETF - April	9.54%	7.80%	10.28%
USO United States Oil Fund LP	98.48%	-8.46%	-5.17%

Correlation

The correlation between APRP and USO is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.08

Over the past year, the inverse relationship between APRP and USO has strengthened: their correlation has moved from -0.08 to -0.32, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

APRP vs. USO — Risk / Return Rank

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

APRP

APRP Risk / Return Rank: 98
APRP Sharpe Ratio Rank: 96
APRP Sortino Ratio Rank: 98
APRP Omega Ratio Rank: 98
APRP Calmar Ratio Rank: 98
APRP Martin Ratio Rank: 98

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 66
USO Sortino Ratio Rank: 59
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 88
USO Martin Ratio Rank: 55

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.

APRP vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - April (APRP) 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.

	APRP	USO	Difference
Sharpe ratio Return per unit of total volatility	4.29	2.22	+2.07
Sortino ratio Return per unit of downside risk	7.33	2.81	+4.52
Omega ratio Gain probability vs. loss probability	2.08	1.37	+0.71
Calmar ratio Return relative to maximum drawdown	17.17	5.12	+12.05
Martin ratio Return relative to average drawdown	76.71	9.66	+67.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APRP vs. USO - Sharpe Ratio Comparison

The current APRP Sharpe Ratio is 4.29, which is higher than the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of APRP 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

	APRP	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.29	2.22	+2.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.37	-0.18	+1.55

Drawdowns

APRP vs. USO - Drawdown Comparison

The maximum APRP drawdown since its inception was -13.66%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for APRP and USO.

Drawdown Indicators

	APRP	USO	Difference
Max Drawdown Largest peak-to-trough decline	-13.66%	-98.19%	+84.53%
Max Drawdown (1Y) Largest decline over 1 year	-1.09%	-20.39%	+19.30%
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	0.00%	-85.39%	+85.39%
Average Drawdown Average peak-to-trough decline	-1.23%	-75.30%	+74.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	10.81%	-10.57%

Volatility

APRP vs. USO - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 12 ETF - April (APRP) is 1.17%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that APRP 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

	APRP	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	15.03%	-13.86%
Volatility (6M) Calculated over the trailing 6-month period	3.36%	38.18%	-34.82%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	44.26%	-39.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.50%	36.04%	-26.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.50%	39.00%	-29.50%

APRP vs. USO - Expense Ratio Comparison

APRP has a 0.50% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

APRP vs. USO - Dividend Comparison

Neither APRP nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both APRP and USO in my portfolio?

APRP and USO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APRP or USO?

USO has higher volatility (15.03%) compared to APRP (1.17%). In terms of maximum drawdown, APRP dropped -13.66% vs USO's -98.19%.

Which ETF is better, APRP or USO?

On 1-year performance, USO leads with 97.37% vs 18.46% for APRP. On fees, APRP is cheaper at 0.50% per year. On volatility, APRP has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRP or USO?

Over the 1-year period, USO has performed better with a 97.37% return vs 18.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRP or USO?

APRP is cheaper with a 0.50% expense ratio, compared with 0.86% for USO.

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

APRP and USO have nearly identical dividend yields, around 0.00%.

What is the main difference between APRP and USO?

APRP is categorized as Options Trading, while USO is Oil & Gas. They also come from different issuers: PGIM and USCF. Their fees differ too: 0.50% for APRP and 0.86% for USO.

Which has better risk-adjusted returns?

APRP currently has the higher Sharpe Ratio (4.29 vs 2.22), 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.