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BYLD vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BYLD vs. USO

Last updated Jun 3, 2026

BYLD (iShares Yield Optimized Bond ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized 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, BYLD returned 3.03%/yr vs 3.80%/yr for USO. At a correlation of -0.00, they often move in opposite directions. BYLD charges 0.17%/yr vs 0.86%/yr for USO.

Performance

BYLD vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Yield Optimized Bond ETF (BYLD) 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, BYLD achieves a 1.41% return, which is significantly lower than USO's 98.48% return. Over the past 10 years, BYLD has underperformed USO with an annualized return of 3.03%, while USO has yielded a comparatively higher 3.80% annualized return.

BYLD

1D
0.08%
1M
0.49%
YTD
1.41%
6M
1.62%
1Y
7.32%
3Y*
6.56%
5Y*
2.32%
10Y*
3.03%

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)

BYLD vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BYLD
iShares Yield Optimized Bond ETF		1.41%8.41%4.17%8.30%-10.33%-1.25%4.25%12.79%-1.50%4.75%
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 BYLD and USO is -0.41, 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

-0.41

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

-0.17

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

-0.09

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

-0.01

Correlation (All Time)
Calculated using the full available price history since Apr 25, 2014

-0.00

Over the past year, the inverse relationship between BYLD and USO has strengthened: their correlation has moved from -0.00 to -0.41, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Yield Optimized Bond ETF

United States Oil Fund LP

Often compared with BYLD:
BYLD vs. IGEBBYLD vs. FBNDBYLD vs. BONDBYLD vs. TOTLBYLD vs. BNDBYLD vs. USHYBYLD vs. AGG
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

BYLD vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BYLD
BYLD Risk / Return Rank: 5757
Overall Rank
BYLD Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
BYLD Sortino Ratio Rank: 6161
Sortino Ratio Rank
BYLD Omega Ratio Rank: 5959
Omega Ratio Rank
BYLD Calmar Ratio Rank: 5252
Calmar Ratio Rank
BYLD Martin Ratio Rank: 6060
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.

BYLD vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Yield Optimized Bond ETF (BYLD) 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.

BYLDUSODifference

Sharpe ratio

Return per unit of total volatility

1.93

2.22

-0.29

Sortino ratio

Return per unit of downside risk

2.88

2.81

+0.07

Omega ratio

Gain probability vs. loss probability

1.36

1.37

-0.01

Calmar ratio

Return relative to maximum drawdown

2.64

5.12

-2.48

Martin ratio

Return relative to average drawdown

10.73

9.66

+1.07

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

BYLD vs. USO - Sharpe Ratio Comparison

The current BYLD Sharpe Ratio is 1.93, which is comparable to the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of BYLD 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

BYLDUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.93

2.22

-0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.45

0.67

-0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

0.10

+0.46

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

-0.18

+0.75

Drawdowns

BYLD vs. USO - Drawdown Comparison

The maximum BYLD drawdown since its inception was -14.75%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for BYLD and USO.

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Drawdown Indicators

BYLDUSODifference

Max Drawdown

Largest peak-to-trough decline

-14.75%

-98.19%

+83.44%

Max Drawdown (1Y)

Largest decline over 1 year

-2.71%

-20.39%

+17.68%

Max Drawdown (3Y)

Largest decline over 3 years

-3.94%

-26.05%

+22.11%

Max Drawdown (5Y)

Largest decline over 5 years

-14.65%

-36.23%

+21.58%

Max Drawdown (10Y)

Largest decline over 10 years

-14.75%

-86.75%

+72.00%

Current Drawdown

Current decline from peak

-0.16%

-85.39%

+85.23%

Average Drawdown

Average peak-to-trough decline

-2.51%

-75.30%

+72.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.67%

10.81%

-10.14%

Volatility

BYLD vs. USO - Volatility Comparison

The current volatility for iShares Yield Optimized Bond ETF (BYLD) is 1.44%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that BYLD 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

BYLDUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.44%

15.03%

-13.59%

Volatility (6M)

Calculated over the trailing 6-month period

2.96%

38.18%

-35.22%

Volatility (1Y)

Calculated over the trailing 1-year period

3.82%

44.26%

-40.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.20%

36.04%

-30.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.43%

39.00%

-33.57%

BYLD vs. USO - Expense Ratio Comparison

BYLD has a 0.17% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

BYLD vs. USO - Dividend Comparison

BYLD's dividend yield for the trailing twelve months is around 5.80%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BYLD
iShares Yield Optimized Bond ETF		5.80%5.32%5.31%4.45%3.39%2.18%3.41%3.67%4.22%3.22%3.14%3.37%
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

BYLD and USO have a correlation of -0.41, 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 BYLD (1.44%). In terms of maximum drawdown, BYLD dropped -14.75% vs USO's -98.19%.

On 10-year performance, USO leads with 3.80% vs 3.03% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.44%. 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 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BYLD is cheaper with a 0.17% expense ratio, compared with 0.86% for USO.

BYLD has the higher dividend yield at 5.80%, compared with 0.00% for USO.

BYLD is categorized as Intermediate Core-Plus Bond, while USO is Oil & Gas. BYLD tracks Morningstar U.S. Bond Market Yield-Optimized Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.17% for BYLD and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.22 vs 1.93), 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.

Portfolio Optimizer

Find the right allocation for BYLD and USO

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