BLOX vs. USO

Last updated Jun 5, 2026

BLOX (Nicholas Crypto Income ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - BLOX is a Cryptocurrency fund actively managed by Nicholas, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. BLOX is actively managed, while USO is passively managed. At a correlation of -0.10, they often move in opposite directions. BLOX charges 1.03%/yr vs 0.86%/yr for USO.

Performance

BLOX vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Crypto Income ETF (BLOX) 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, BLOX achieves a 15.59% return, which is significantly lower than USO's 97.72% return.

BLOX

• 1D: -0.80%
• 1M: 5.80%
• YTD: 15.59%
• 6M: 2.42%
• 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)

BLOX vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
BLOX Nicholas Crypto Income ETF	15.59%	9.24%
USO United States Oil Fund LP	97.72%	-15.97%

Correlation

The correlation between BLOX and USO is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 18, 2025	-0.10

Return for Risk

BLOX 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.

BLOX vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Crypto Income ETF (BLOX) 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

	BLOX	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	0.52	-0.18	+0.70

Drawdowns

BLOX vs. USO - Drawdown Comparison

The maximum BLOX drawdown since its inception was -47.09%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for BLOX and USO.

Drawdown Indicators

	BLOX	USO	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-98.19%	+51.10%
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	-20.09%	-85.45%	+65.36%
Average Drawdown Average peak-to-trough decline	-18.53%	-75.30%	+56.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.84%	—

Volatility

Volatility by Period

	BLOX	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	53.34%	44.32%	+9.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.34%	36.09%	+17.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.34%	39.00%	+14.34%

BLOX vs. USO - Expense Ratio Comparison

BLOX has a 1.03% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

BLOX vs. USO - Dividend Comparison

BLOX's dividend yield for the trailing twelve months is around 37.11%, while USO has not paid dividends to shareholders.

Position	TTM	2025
BLOX Nicholas Crypto Income ETF	37.11%	22.69%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both BLOX and USO in my portfolio?

BLOX and USO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BLOX or USO?

On fees, USO is cheaper at 0.86% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BLOX or USO?

USO is cheaper with a 0.86% expense ratio, compared with 1.03% for BLOX.

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

BLOX has the higher dividend yield at 37.11%, compared with 0.00% for USO.

What is the main difference between BLOX and USO?

BLOX is categorized as Cryptocurrency, while USO is Oil & Gas. They also come from different issuers: Nicholas and USCF. Their fees differ too: 1.03% for BLOX and 0.86% for USO.