BWX vs. USO
BWX (State Street SPDR Bloomberg International Treasury Bond ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury ex-US Capped Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, BWX returned -1.57%/yr vs 5.64%/yr for USO. Their 0.08 correlation means their historical movements had little consistent relationship. BWX charges 0.35%/yr vs 0.86%/yr for USO.
Performance
BWX vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -2.47% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, BWX has underperformed USO with an annualized return of -1.57%, while USO has yielded a comparatively higher 5.64% annualized return.
BWX
- 1D
- -0.23%
- 1M
- 0.18%
- 6M
- -3.80%
- YTD
- -2.47%
- 1Y
- -3.12%
- 3Y*
- 0.83%
- 5Y*
- -4.46%
- 10Y*
- -1.57%
- ALL TIME*
- 0.47%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.57M | $8.76M | $11.82M | |
| $968.42M | $871.56M | $931.57M |
BWX vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | -2.47% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between BWX and USO is -0.45, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.45 |
Correlation (3Y) Balances recent behavior with more history. | -0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.08 |
The correlation between BWX and USO shifts across timeframes, from -0.45 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BWX vs. USO — Risk / Return Rank
BWX
USO
BWX vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg International Treasury Bond ETF (BWX) 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.
| BWX | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.23 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.25 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 1.93 | -2.16 |
| Martin ratioReturn relative to average drawdown | -0.48 | 5.60 | -6.07 |
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Drawdowns
BWX vs. USO - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for BWX and USO.
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Drawdown Indicators
| BWX | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -98.19% | +64.14% |
Max Drawdown (1Y)Largest decline over 1 year | -6.53% | -32.49% | +25.96% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -32.49% | +22.27% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -36.23% | +5.45% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -86.75% | +52.70% |
Current DrawdownCurrent decline from peak | -24.42% | -86.26% | +61.84% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -75.38% | +65.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 12.03% | -8.78% |
Volatility
BWX vs. USO - Volatility Comparison
The current volatility for State Street SPDR Bloomberg International Treasury Bond ETF (BWX) is 1.99%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that BWX 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
| BWX | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 17.73% | -15.74% |
Volatility (6M)Calculated over the trailing 6-month period | 5.95% | 42.79% | -36.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.54% | 46.91% | -39.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.72% | 37.06% | -27.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.65% | 39.29% | -30.64% |
BWX vs. USO - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
BWX vs. USO - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.41%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | 2.20% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
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% |
Frequently Asked Questions
BWX and USO have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (17.73%) compared to BWX (1.99%). In terms of maximum drawdown, BWX dropped -34.05% vs USO's -98.19%.
On 10-year performance, USO leads with 5.64% vs -1.57% for BWX. On fees, BWX is cheaper at 0.35% per year. On volatility, BWX has been the lower-risk option at 1.99%. 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 5.64% return vs -1.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX is cheaper with a 0.35% expense ratio, compared with 0.86% for USO.
BWX has the higher dividend yield at 2.20%, compared with 0.00% for USO.
BWX is categorized as International Government Bonds, while USO is Oil & Gas. BWX tracks Bloomberg Global Treasury ex-US Capped Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: State Street and USCF. Their fees differ too: 0.35% for BWX and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs -0.21), 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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