BDEC vs. USO
BDEC (Innovator U.S. Equity Buffer ETF - December) and USO (United States Oil Fund LP) are both exchange-traded funds - BDEC is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index December, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, BDEC returned 10.16%/yr vs 24.41%/yr for USO. At a 0.12 correlation, their price movements are largely independent. BDEC charges 0.79%/yr vs 0.86%/yr for USO.
Performance
BDEC vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, BDEC achieves a 7.48% return, which is significantly lower than USO's 103.67% return.
BDEC
- 1D
- -0.25%
- 1M
- 3.22%
- YTD
- 7.48%
- 6M
- 7.80%
- 1Y
- 21.54%
- 3Y*
- 15.01%
- 5Y*
- 10.16%
- 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%
BDEC vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BDEC Innovator U.S. Equity Buffer ETF - December | 7.48% | 14.96% | 12.71% | 19.86% | -9.42% | 15.45% | 13.39% | 2.40% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 9.77% |
Correlation
The correlation between BDEC 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 (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019 | 0.12 |
The correlation between BDEC and USO shifts across timeframes, from -0.32 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BDEC vs. USO — Risk / Return Rank
BDEC
USO
BDEC vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - December (BDEC) 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.
| BDEC | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.38 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 5.01 | -1.69 |
| Martin ratioReturn relative to average drawdown | 15.88 | 9.42 | +6.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BDEC | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.47 | 2.31 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 0.68 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.81 | -0.18 | +0.98 |
Drawdowns
BDEC vs. USO - Drawdown Comparison
The maximum BDEC drawdown since its inception was -25.60%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for BDEC and USO.
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Drawdown Indicators
| BDEC | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.60% | -98.19% | +72.59% |
Max Drawdown (1Y)Largest decline over 1 year | -6.52% | -20.39% | +13.87% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -26.05% | +12.10% |
Max Drawdown (5Y)Largest decline over 5 years | -16.44% | -36.23% | +19.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -0.25% | -85.01% | +84.76% |
Average DrawdownAverage peak-to-trough decline | -3.05% | -75.30% | +72.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 10.82% | -9.46% |
Volatility
BDEC vs. USO - Volatility Comparison
The current volatility for Innovator U.S. Equity Buffer ETF - December (BDEC) is 1.53%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that BDEC 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
| BDEC | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 14.87% | -13.34% |
Volatility (6M)Calculated over the trailing 6-month period | 6.34% | 38.23% | -31.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.78% | 44.20% | -35.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.96% | 36.06% | -24.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.27% | 39.00% | -24.73% |
BDEC vs. USO - Expense Ratio Comparison
BDEC has a 0.79% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
BDEC vs. USO - Dividend Comparison
Neither BDEC nor USO has paid dividends to shareholders.
Frequently Asked Questions
BDEC 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.
USO has higher volatility (14.87%) compared to BDEC (1.53%). In terms of maximum drawdown, BDEC dropped -25.60% vs USO's -98.19%.
On 5-year performance, USO leads with 24.41% vs 10.16% for BDEC. On fees, BDEC is cheaper at 0.79% per year. On volatility, BDEC has been the lower-risk option at 1.53%. 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 24.41% return vs 10.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDEC is cheaper with a 0.79% expense ratio, compared with 0.86% for USO.
BDEC and USO have nearly identical dividend yields, around 0.00%.
BDEC is categorized as Defined Outcome, while USO is Oil & Gas. BDEC tracks Cboe S&P 500 Buffer Protect Index December, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Innovator and USCF. Their fees differ too: 0.79% for BDEC and 0.86% for USO.
BDEC currently has the higher Sharpe Ratio (2.47 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.
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