BPH vs. USO

Last updated Aug 2, 2026

BPH (BP p.l.c. ADRhedged ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - BPH is a Energy Equities fund actively managed by Precidian, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. BPH is actively managed, while USO is passively managed. Their 0.80 correlation means they have sometimes moved together and sometimes differently. BPH charges 0.19%/yr vs 0.86%/yr for USO.

Performance

BPH vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BP p.l.c. ADRhedged ETF (BPH) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BPH

• 1D: 2.00%
• 1M: 18.84%
• 6M: —
• YTD: —
• 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)
BPH BP p.l.c. ADRhedged ETF	$53.46K	$52.99K	$51.54K
USO United States Oil Fund LP	$968.42M	$871.56M	$931.57M

BPH vs. USO - Yearly Performance Comparison

	2026 (YTD)
BPH BP p.l.c. ADRhedged ETF	5.67%
USO United States Oil Fund LP	-8.34%

Correlation

The correlation between BPH and USO is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 26, 2026	0.80

Return for Risk

BPH vs. USO — Risk / Return Rank

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

BPH

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.

BPH vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BP p.l.c. ADRhedged ETF (BPH) 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.

	BPH	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

BPH vs. USO - Drawdown Comparison

The maximum BPH drawdown since its inception was -15.58%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for BPH and USO.

Drawdown Indicators

	BPH	USO	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-98.19%	+82.61%
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	0.00%	-86.26%	+86.26%
Average Drawdown Average peak-to-trough decline	-5.64%	-75.38%	+69.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.03%	—

Volatility

Volatility by Period

	BPH	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	28.58%	46.91%	-18.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.58%	37.06%	-8.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.58%	39.29%	-10.71%

BPH vs. USO - Expense Ratio Comparison

BPH has a 0.19% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

BPH vs. USO - Dividend Comparison

BPH's dividend yield for the trailing twelve months is around 0.48%, while USO has not paid dividends to shareholders.

Position	TTM
BPH BP p.l.c. ADRhedged ETF	0.48%
USO United States Oil Fund LP	0.00%

Frequently Asked Questions

Can I hold both BPH and USO in my portfolio?

BPH and USO have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BPH or USO?

On fees, BPH is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BPH or USO?

BPH is cheaper with a 0.19% expense ratio, compared with 0.86% for USO.

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

BPH has the higher dividend yield at 0.48%, compared with 0.00% for USO.

What is the main difference between BPH and USO?

BPH is categorized as Energy Equities, while USO is Oil & Gas. They also come from different issuers: Precidian and USCF. Their fees differ too: 0.19% for BPH and 0.86% for USO.