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BWZ vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BWZ vs. USO

Last updated Jun 3, 2026

BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, BWZ returned -0.44%/yr vs 3.80%/yr for USO. At a 0.13 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.86%/yr for USO.

Performance

BWZ vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BWZ achieves a -0.10% return, which is significantly lower than USO's 98.48% return. Over the past 10 years, BWZ has underperformed USO with an annualized return of -0.44%, while USO has yielded a comparatively higher 3.80% annualized return.

BWZ

1D
0.18%
1M
-0.63%
YTD
-0.10%
6M
1.00%
1Y
-0.05%
3Y*
2.76%
5Y*
-1.78%
10Y*
-0.44%

USO

1D
1.31%
1M
-3.87%
YTD
98.48%
6M
95.54%
1Y
97.37%
3Y*
28.86%
5Y*
23.92%
10Y*
3.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BWZ vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BWZ
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF		-0.10%10.47%-5.31%2.97%-10.56%-6.85%6.47%0.99%-3.36%10.18%
USO
United States Oil Fund LP		98.48%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between BWZ and USO is -0.34, 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

-0.34

Correlation (3Y)
Calculated over the trailing 3-year period

-0.12

Correlation (5Y)
Calculated over the trailing 5-year period

-0.00

Correlation (10Y)
Calculated over the trailing 10-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Feb 2, 2009

0.13

The correlation between BWZ and USO shifts across timeframes, from -0.34 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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SPDR Bloomberg Barclays Short Term International Treasury Bond ETF

United States Oil Fund LP

Often compared with BWZ:
BWZ vs. ISHGBWZ vs. BWXBWZ vs. FLIABWZ vs. FEMBBWZ vs. GEMDBWZ vs. BNDXBWZ vs. SCHP
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

BWZ vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BWZ
BWZ Risk / Return Rank: 99
Overall Rank
BWZ Sharpe Ratio Rank: 99
Sharpe Ratio Rank
BWZ Sortino Ratio Rank: 88
Sortino Ratio Rank
BWZ Omega Ratio Rank: 88
Omega Ratio Rank
BWZ Calmar Ratio Rank: 1010
Calmar Ratio Rank
BWZ Martin Ratio Rank: 1010
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
USO Sortino Ratio Rank: 5959
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8888
Calmar Ratio Rank
USO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

BWZ vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) 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.

BWZUSODifference

Sharpe ratio

Return per unit of total volatility

-0.01

2.22

-2.23

Sortino ratio

Return per unit of downside risk

0.04

2.81

-2.78

Omega ratio

Gain probability vs. loss probability

1.00

1.37

-0.37

Calmar ratio

Return relative to maximum drawdown

0.13

5.12

-4.99

Martin ratio

Return relative to average drawdown

0.31

9.66

-9.35

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWZ vs. USO - Sharpe Ratio Comparison

The current BWZ Sharpe Ratio is -0.01, which is lower than the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of BWZ 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.

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Sharpe Ratios by Period

BWZUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.01

2.22

-2.23

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.24

0.67

-0.90

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.06

0.10

-0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.02

-0.18

+0.16

Drawdowns

BWZ vs. USO - Drawdown Comparison

The maximum BWZ drawdown since its inception was -34.23%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for BWZ and USO.

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Drawdown Indicators

BWZUSODifference

Max Drawdown

Largest peak-to-trough decline

-34.23%

-98.19%

+63.96%

Max Drawdown (1Y)

Largest decline over 1 year

-5.15%

-20.39%

+15.24%

Max Drawdown (3Y)

Largest decline over 3 years

-8.60%

-26.05%

+17.45%

Max Drawdown (5Y)

Largest decline over 5 years

-23.58%

-36.23%

+12.65%

Max Drawdown (10Y)

Largest decline over 10 years

-24.90%

-86.75%

+61.85%

Current Drawdown

Current decline from peak

-21.99%

-85.39%

+63.40%

Average Drawdown

Average peak-to-trough decline

-16.10%

-75.30%

+59.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.24%

10.81%

-8.57%

Volatility

BWZ vs. USO - Volatility Comparison

The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.79%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that BWZ 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

BWZUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.79%

15.03%

-13.24%

Volatility (6M)

Calculated over the trailing 6-month period

4.95%

38.18%

-33.23%

Volatility (1Y)

Calculated over the trailing 1-year period

6.95%

44.26%

-37.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.60%

36.04%

-28.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.95%

39.00%

-32.05%

BWZ vs. USO - Expense Ratio Comparison

BWZ has a 0.35% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

BWZ vs. USO - Dividend Comparison

BWZ's dividend yield for the trailing twelve months is around 2.08%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BWZ
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF		2.08%2.05%2.47%1.63%0.44%0.60%0.13%0.43%1.10%0.40%0.13%0.06%
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

BWZ and USO have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (15.03%) compared to BWZ (1.79%). In terms of maximum drawdown, BWZ dropped -34.23% vs USO's -98.19%.

On 10-year performance, USO leads with 3.80% vs -0.44% for BWZ. On fees, BWZ is cheaper at 0.35% per year. On volatility, BWZ has been the lower-risk option at 1.79%. 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 3.80% return vs -0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BWZ is cheaper with a 0.35% expense ratio, compared with 0.86% for USO.

BWZ has the higher dividend yield at 2.08%, compared with 0.00% for USO.

BWZ is categorized as International Government Bonds, while USO is Oil & Gas. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, 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 BWZ and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.22 vs -0.01), 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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