ASMH vs. USO

Last updated Jun 4, 2026

ASMH (ASML Holding NV ADR Hedged ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - ASMH is a Technology Equities fund tracking the ASML Holding NV Sponsored ADR, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, ASMH returned 130.11% vs 101.55% for USO. At a correlation of -0.27, they often move in opposite directions. ASMH charges 0.19%/yr vs 0.86%/yr for USO.

Performance

ASMH vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ASML Holding NV ADR Hedged ETF (ASMH) 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, ASMH achieves a 63.99% return, which is significantly lower than USO's 103.67% return.

ASMH

• 1D: 1.53%
• 1M: 25.24%
• YTD: 63.99%
• 6M: 53.18%
• 1Y: 130.11%
• 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)

ASMH vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
ASMH ASML Holding NV ADR Hedged ETF	63.99%	58.84%
USO United States Oil Fund LP	103.67%	1.63%

Correlation

The correlation between ASMH and USO is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Apr 24, 2025	-0.27

Return for Risk

ASMH vs. USO — Risk / Return Rank

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

ASMH

ASMH Risk / Return Rank: 88
ASMH Sharpe Ratio Rank: 92
ASMH Sortino Ratio Rank: 85
ASMH Omega Ratio Rank: 79
ASMH Calmar Ratio Rank: 95
ASMH Martin Ratio Rank: 90

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.

ASMH vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ASML Holding NV ADR Hedged ETF (ASMH) 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.

	ASMH	USO	Difference
Sharpe ratio: Return per unit of total volatility	3.36	2.31	+1.05
Sortino ratio: Return per unit of downside risk	3.81	2.89	+0.92
Omega ratio: Gain probability vs. loss probability	1.47	1.38	+0.09
Calmar ratio: Return relative to maximum drawdown	8.24	5.01	+3.23
Martin ratio: Return relative to average drawdown	21.26	9.42	+11.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASMH vs. USO - Sharpe Ratio Comparison

The current ASMH Sharpe Ratio is 3.36, which is higher than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of ASMH 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

	ASMH	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.36	2.31	+1.05
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	3.59	-0.18	+3.77

Drawdowns

ASMH vs. USO - Drawdown Comparison

The maximum ASMH drawdown since its inception was -15.89%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for ASMH and USO.

Drawdown Indicators

	ASMH	USO	Difference
Max Drawdown Largest peak-to-trough decline	-15.89%	-98.19%	+82.30%
Max Drawdown (1Y) Largest decline over 1 year	-15.89%	-20.39%	+4.50%
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%	-85.01%	+85.01%
Average Drawdown Average peak-to-trough decline	-4.33%	-75.30%	+70.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.14%	10.82%	-4.68%

Volatility

ASMH vs. USO - Volatility Comparison

The current volatility for ASML Holding NV ADR Hedged ETF (ASMH) is 13.84%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that ASMH 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

	ASMH	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.84%	14.87%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	30.43%	38.23%	-7.80%
Volatility (1Y) Calculated over the trailing 1-year period	38.94%	44.20%	-5.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.32%	36.06%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.32%	39.00%	-0.68%

ASMH vs. USO - Expense Ratio Comparison

ASMH has a 0.19% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

ASMH vs. USO - Dividend Comparison

ASMH's dividend yield for the trailing twelve months is around 0.99%, while USO has not paid dividends to shareholders.

Position	TTM	2025
ASMH ASML Holding NV ADR Hedged ETF	0.99%	0.19%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both ASMH and USO in my portfolio?

ASMH and USO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASMH or USO?

USO has higher volatility (14.87%) compared to ASMH (13.84%). In terms of maximum drawdown, ASMH dropped -15.89% vs USO's -98.19%.

Which ETF is better, ASMH or USO?

On 1-year performance, ASMH leads with 130.11% vs 101.55% for USO. On fees, ASMH is cheaper at 0.19% per year. On volatility, ASMH has been the lower-risk option at 13.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASMH or USO?

Over the 1-year period, ASMH has performed better with a 130.11% return vs 101.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASMH or USO?

ASMH is cheaper with a 0.19% expense ratio, compared with 0.86% for USO.

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

ASMH has the higher dividend yield at 0.99%, compared with 0.00% for USO.

What is the main difference between ASMH and USO?

ASMH is categorized as Technology Equities, while USO is Oil & Gas. ASMH tracks ASML Holding NV Sponsored ADR, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Precidian Funds and USCF. Their fees differ too: 0.19% for ASMH and 0.86% for USO.

Which has better risk-adjusted returns?

ASMH currently has the higher Sharpe Ratio (3.36 vs 2.31), 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.