AQWA vs. USO
AQWA (Global X Clean Water ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - AQWA is a Water Equities fund tracking the Solactive Global Clean Water Industry Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, AQWA returned 4.27%/yr vs 20.59%/yr for USO. Their 0.01 correlation means their historical movements had little consistent relationship. AQWA charges 0.50%/yr vs 0.86%/yr for USO.
Performance
AQWA vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, AQWA achieves a 2.35% return, which is significantly lower than USO's 86.77% return.
AQWA
- 1D
- 0.25%
- 1M
- -1.90%
- 6M
- -3.47%
- YTD
- 2.35%
- 1Y
- 1.78%
- 3Y*
- 8.08%
- 5Y*
- 4.27%
- 10Y*
- —
- ALL TIME*
- 5.75%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $117.29K | $132.55K | $162.20K | |
| $968.42M | $871.56M | $931.57M |
AQWA vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AQWA Global X Clean Water ETF | 2.35% | 13.15% | 4.34% | 20.13% | -19.89% | 15.67% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 33.76% |
Correlation
The correlation between AQWA and USO is -0.34, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.34 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021 | 0.01 |
The correlation between AQWA and USO shifts across timeframes, from -0.34 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AQWA vs. USO — Risk / Return Rank
AQWA
USO
AQWA vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Clean Water ETF (AQWA) 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.
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.
| AQWA | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.25 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | 1.93 | -1.78 |
| Martin ratioReturn relative to average drawdown | 0.31 | 5.60 | -5.28 |
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Drawdowns
AQWA vs. USO - Drawdown Comparison
The maximum AQWA drawdown since its inception was -29.44%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for AQWA and USO.
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Drawdown Indicators
| AQWA | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.44% | -98.19% | +68.75% |
Max Drawdown (1Y)Largest decline over 1 year | -12.34% | -32.49% | +20.15% |
Max Drawdown (3Y)Largest decline over 3 years | -14.43% | -32.49% | +18.06% |
Max Drawdown (5Y)Largest decline over 5 years | -29.44% | -36.23% | +6.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -8.06% | -86.26% | +78.20% |
Average DrawdownAverage peak-to-trough decline | -8.27% | -75.38% | +67.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.93% | 12.03% | -6.10% |
Volatility
AQWA vs. USO - Volatility Comparison
The current volatility for Global X Clean Water ETF (AQWA) is 4.51%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that AQWA 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
| AQWA | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 17.73% | -13.22% |
Volatility (6M)Calculated over the trailing 6-month period | 11.47% | 42.79% | -31.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.03% | 46.91% | -31.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 37.06% | -20.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.63% | 39.29% | -22.66% |
AQWA vs. USO - Expense Ratio Comparison
AQWA has a 0.50% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
AQWA vs. USO - Dividend Comparison
AQWA's dividend yield for the trailing twelve months is around 1.57%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AQWA Global X Clean Water ETF | 1.57% | 1.47% | 1.40% | 1.53% | 1.56% | 1.20% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AQWA and USO have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (17.73%) compared to AQWA (4.51%). In terms of maximum drawdown, AQWA dropped -29.44% vs USO's -98.19%.
On 5-year performance, USO leads with 20.59% vs 4.27% for AQWA. On fees, AQWA is cheaper at 0.50% per year. On volatility, AQWA has been the lower-risk option at 4.51%. 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 20.59% return vs 4.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AQWA is cheaper with a 0.50% expense ratio, compared with 0.86% for USO.
AQWA has the higher dividend yield at 1.57%, compared with 0.00% for USO.
AQWA is categorized as Water Equities, while USO is Oil & Gas. AQWA tracks Solactive Global Clean Water Industry Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Global X and USCF. Their fees differ too: 0.50% for AQWA and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs 0.12), 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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