BOND vs. USO
BOND (PIMCO Active Bond ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - BOND is a Intermediate Core-Plus Bond fund actively managed by PIMCO, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. BOND is actively managed, while USO is passively managed. Over the past 10 years, BOND returned 2.21%/yr vs 3.57%/yr for USO. At a correlation of -0.13, they often move in opposite directions. BOND charges 0.54%/yr vs 0.86%/yr for USO.
Performance
BOND vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, BOND achieves a 0.66% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, BOND has underperformed USO with an annualized return of 2.21%, while USO has yielded a comparatively higher 3.57% annualized return.
BOND
- 1D
- 0.19%
- 1M
- 0.35%
- YTD
- 0.66%
- 6M
- 0.84%
- 1Y
- 6.19%
- 3Y*
- 5.08%
- 5Y*
- 0.54%
- 10Y*
- 2.21%
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%
BOND vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | 0.66% | 8.39% | 2.77% | 6.48% | -14.57% | -0.77% | 7.80% | 8.54% | 0.08% | 4.76% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between BOND and USO is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2012 | -0.13 |
Over the past year, the inverse relationship between BOND and USO has strengthened: their correlation has moved from -0.13 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BOND vs. USO — Risk / Return Rank
BOND
USO
BOND vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Active Bond ETF (BOND) 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.
| BOND | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.37 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 4.79 | -2.73 |
| Martin ratioReturn relative to average drawdown | 6.56 | 9.00 | -2.44 |
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
| BOND | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | 2.21 | -0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.66 | -0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.09 | +0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | -0.18 | +0.81 |
Drawdowns
BOND vs. USO - Drawdown Comparison
The maximum BOND drawdown since its inception was -19.71%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for BOND and USO.
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Drawdown Indicators
| BOND | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.71% | -98.19% | +78.48% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -20.39% | +17.38% |
Max Drawdown (3Y)Largest decline over 3 years | -6.12% | -26.05% | +19.93% |
Max Drawdown (5Y)Largest decline over 5 years | -19.71% | -36.23% | +16.52% |
Max Drawdown (10Y)Largest decline over 10 years | -19.71% | -86.75% | +67.04% |
Current DrawdownCurrent decline from peak | -1.39% | -85.45% | +84.06% |
Average DrawdownAverage peak-to-trough decline | -3.50% | -75.30% | +71.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 10.84% | -9.89% |
Volatility
BOND vs. USO - Volatility Comparison
The current volatility for PIMCO Active Bond ETF (BOND) is 1.41%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that BOND 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
| BOND | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 14.97% | -13.56% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 38.35% | -35.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.97% | 44.32% | -40.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.76% | 36.09% | -30.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.09% | 39.00% | -33.91% |
BOND vs. USO - Expense Ratio Comparison
BOND has a 0.54% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
BOND vs. USO - Dividend Comparison
BOND's dividend yield for the trailing twelve months is around 5.18%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | 5.18% | 5.11% | 5.02% | 4.06% | 3.44% | 2.58% | 2.66% | 3.38% | 3.18% | 2.87% | 2.85% | 4.14% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BOND and USO have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to BOND (1.41%). In terms of maximum drawdown, BOND dropped -19.71% vs USO's -98.19%.
On 10-year performance, USO leads with 3.57% vs 2.21% for BOND. On fees, BOND is cheaper at 0.54% per year. On volatility, BOND has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USO has performed better with a 3.57% return vs 2.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BOND is cheaper with a 0.54% expense ratio, compared with 0.86% for USO.
BOND has the higher dividend yield at 5.18%, compared with 0.00% for USO.
BOND is categorized as Intermediate Core-Plus Bond, while USO is Oil & Gas. They also come from different issuers: PIMCO and USCF. Their fees differ too: 0.54% for BOND and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs 1.58), 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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