BCPL vs. USO

Last updated Jun 5, 2026

BCPL (BNY Mellon Core Plus ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - BCPL is a Intermediate Core-Plus Bond fund actively managed by BNY Mellon, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. BCPL is actively managed, while USO is passively managed. At a correlation of -0.58, they often move in opposite directions. BCPL charges 0.40%/yr vs 0.86%/yr for USO.

Performance

BCPL vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Core Plus ETF (BCPL) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BCPL

• 1D: 0.12%
• 1M: 0.34%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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%

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

BCPL vs. USO - Yearly Performance Comparison

	2026 (YTD)
BCPL BNY Mellon Core Plus ETF	0.67%
USO United States Oil Fund LP	90.84%

Correlation

The correlation between BCPL and USO is -0.58, 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 (All Time) Calculated using the full available price history since Jan 13, 2026	-0.58

Return for Risk

BCPL vs. USO — Risk / Return Rank

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

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 68
USO Sortino Ratio Rank: 61
USO Omega Ratio Rank: 62
USO Calmar Ratio Rank: 86
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.

BCPL vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Core Plus ETF (BCPL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BCPL	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.21	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	-0.18	+0.61

Drawdowns

BCPL vs. USO - Drawdown Comparison

The maximum BCPL drawdown since its inception was -2.95%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for BCPL and USO.

Drawdown Indicators

	BCPL	USO	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-98.19%	+95.24%
Max Drawdown (1Y) Largest decline over 1 year	—	-20.39%	—
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	-1.00%	-85.45%	+84.45%
Average Drawdown Average peak-to-trough decline	-1.05%	-75.30%	+74.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.84%	—

Volatility

Volatility by Period

	BCPL	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.97%	—
Volatility (6M) Calculated over the trailing 6-month period	—	38.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.02%	44.32%	-40.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.02%	36.09%	-32.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.02%	39.00%	-34.98%

BCPL vs. USO - Expense Ratio Comparison

BCPL has a 0.40% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

BCPL vs. USO - Dividend Comparison

BCPL's dividend yield for the trailing twelve months is around 1.56%, while USO has not paid dividends to shareholders.

Position	TTM
BCPL BNY Mellon Core Plus ETF	1.56%
USO United States Oil Fund LP	0.00%

Frequently Asked Questions

Can I hold both BCPL and USO in my portfolio?

BCPL and USO have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCPL or USO?

On fees, BCPL is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BCPL or USO?

BCPL is cheaper with a 0.40% expense ratio, compared with 0.86% for USO.

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

BCPL has the higher dividend yield at 1.56%, compared with 0.00% for USO.

What is the main difference between BCPL and USO?

BCPL is categorized as Intermediate Core-Plus Bond, while USO is Oil & Gas. They also come from different issuers: BNY Mellon and USCF. Their fees differ too: 0.40% for BCPL and 0.86% for USO.