BMNU vs. USO

Last updated Aug 1, 2026

BMNU (T-REX 2X Long BMNR Daily Target ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - BMNU is a Leveraged Equities fund actively managed by REX, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. BMNU is actively managed, while USO is passively managed. Their -0.08 correlation means they have often moved in opposite directions in the past. BMNU charges 1.50%/yr vs 0.86%/yr for USO.

Performance

BMNU vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long BMNR Daily Target ETF (BMNU) 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, BMNU achieves a -78.66% return, which is significantly lower than USO's 86.77% return.

BMNU

• 1D: -8.68%
• 1M: 32.42%
• 6M: -71.98%
• YTD: -78.66%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BMNU T-REX 2X Long BMNR Daily Target ETF	$40.53M	$40.79M	$125.50M
USO United States Oil Fund LP	$968.42M	$871.56M	$931.57M

BMNU vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
BMNU T-REX 2X Long BMNR Daily Target ETF	-78.66%	-80.88%
USO United States Oil Fund LP	86.77%	-10.17%

Correlation

The correlation between BMNU and USO is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025	-0.08

Return for Risk

BMNU vs. USO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BMNU

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

USO

USO Risk / Return Rank: 55
USO Sharpe Ratio Rank: 56
USO Sortino Ratio Rank: 59
USO Omega Ratio Rank: 57
USO Calmar Ratio Rank: 55
USO Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BMNU vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long BMNR Daily Target ETF (BMNU) 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.

	BMNU	USO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.34	—
Sortino ratio: Return per unit of downside risk	—	1.99	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	1.93	—
Martin ratio: Return relative to average drawdown	—	5.60	—

Drawdowns

BMNU vs. USO - Drawdown Comparison

The maximum BMNU drawdown since its inception was -98.29%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for BMNU and USO.

Drawdown Indicators

	BMNU	USO	Difference
Max Drawdown Largest peak-to-trough decline	-98.29%	-98.19%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	—	-32.49%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-32.49%	—
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	-97.40%	-86.26%	-11.14%
Average Drawdown Average peak-to-trough decline	-82.70%	-75.38%	-7.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.03%	—

Volatility

Volatility by Period

	BMNU	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.73%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.79%	—
Volatility (1Y) Calculated over the trailing 1-year period	183.45%	46.91%	+136.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	183.45%	37.06%	+146.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	183.45%	39.29%	+144.16%

BMNU vs. USO - Expense Ratio Comparison

BMNU has a 1.50% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

BMNU vs. USO - Dividend Comparison

Neither BMNU nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BMNU and USO in my portfolio?

BMNU and USO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMNU 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, BMNU or USO?

USO is cheaper with a 0.86% expense ratio, compared with 1.50% for BMNU.

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

BMNU and USO have nearly identical dividend yields, around 0.00%.

What is the main difference between BMNU and USO?

BMNU is categorized as Leveraged Equities, while USO is Oil & Gas. They also come from different issuers: REX and USCF. Their fees differ too: 1.50% for BMNU and 0.86% for USO.