BOEU vs. USO

Last updated Jun 4, 2026

BOEU (Direxion Daily BA Bull 2X Shares) and USO (United States Oil Fund LP) are both exchange-traded funds - BOEU is a Leveraged Equities fund actively managed by Direxion, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. BOEU is actively managed, while USO is passively managed. Over the past year, BOEU returned -20.69% vs 101.55% for USO. At a correlation of -0.17, they often move in opposite directions. BOEU charges 0.97%/yr vs 0.86%/yr for USO.

Performance

BOEU vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily BA Bull 2X Shares (BOEU) 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, BOEU achieves a -13.65% return, which is significantly lower than USO's 103.67% return.

BOEU

• 1D: -6.22%
• 1M: -10.91%
• YTD: -13.65%
• 6M: -1.79%
• 1Y: -20.69%
• 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)

BOEU vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
BOEU Direxion Daily BA Bull 2X Shares	-13.65%	38.59%
USO United States Oil Fund LP	103.67%	1.63%

Correlation

The correlation between BOEU and USO is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since Apr 24, 2025	-0.17

Return for Risk

BOEU vs. USO — Risk / Return Rank

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

BOEU

BOEU Risk / Return Rank: 6
BOEU Sharpe Ratio Rank: 6
BOEU Sortino Ratio Rank: 7
BOEU Omega Ratio Rank: 7
BOEU Calmar Ratio Rank: 5
BOEU Martin Ratio Rank: 5

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.

BOEU vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily BA Bull 2X Shares (BOEU) 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.

	BOEU	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	2.31	-2.64
Sortino ratio: Return per unit of downside risk	-0.08	2.89	-2.97
Omega ratio: Gain probability vs. loss probability	0.99	1.38	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.45	5.01	-5.46
Martin ratio: Return relative to average drawdown	-0.93	9.42	-10.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOEU vs. USO - Sharpe Ratio Comparison

The current BOEU Sharpe Ratio is -0.33, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of BOEU 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

	BOEU	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.33	2.31	-2.64
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	0.28	-0.18	+0.46

Drawdowns

BOEU vs. USO - Drawdown Comparison

The maximum BOEU drawdown since its inception was -46.03%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for BOEU and USO.

Drawdown Indicators

	BOEU	USO	Difference
Max Drawdown Largest peak-to-trough decline	-46.03%	-98.19%	+52.16%
Max Drawdown (1Y) Largest decline over 1 year	-46.03%	-20.39%	-25.64%
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	-35.12%	-85.01%	+49.89%
Average Drawdown Average peak-to-trough decline	-17.01%	-75.30%	+58.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.30%	10.82%	+11.48%

Volatility

BOEU vs. USO - Volatility Comparison

Direxion Daily BA Bull 2X Shares (BOEU) has a higher volatility of 22.00% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that BOEU's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOEU	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.00%	14.87%	+7.13%
Volatility (6M) Calculated over the trailing 6-month period	48.68%	38.23%	+10.45%
Volatility (1Y) Calculated over the trailing 1-year period	63.43%	44.20%	+19.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.02%	36.06%	+25.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.02%	39.00%	+23.02%

BOEU vs. USO - Expense Ratio Comparison

BOEU has a 0.97% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

BOEU vs. USO - Dividend Comparison

BOEU's dividend yield for the trailing twelve months is around 2.17%, while USO has not paid dividends to shareholders.

Position	TTM	2025
BOEU Direxion Daily BA Bull 2X Shares	2.17%	1.44%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both BOEU and USO in my portfolio?

BOEU and USO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOEU or USO?

BOEU has higher volatility (22.00%) compared to USO (14.87%). In terms of maximum drawdown, BOEU dropped -46.03% vs USO's -98.19%.

Which ETF is better, BOEU or USO?

On 1-year performance, USO leads with 101.55% vs -20.69% for BOEU. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOEU or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs -20.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOEU or USO?

USO is cheaper with a 0.86% expense ratio, compared with 0.97% for BOEU.

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

BOEU has the higher dividend yield at 2.17%, compared with 0.00% for USO.

What is the main difference between BOEU and USO?

BOEU is categorized as Leveraged Equities, while USO is Oil & Gas. They also come from different issuers: Direxion and USCF. Their fees differ too: 0.97% for BOEU and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs -0.33), 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.