CAAA vs. USO

Last updated Aug 2, 2026

CAAA (First Trust Commercial Mortgage Opportunities ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - CAAA is a Intermediate Core-Plus Bond fund actively managed by First Trust, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. CAAA is actively managed, while USO is passively managed. Over the past year, CAAA returned 3.64% vs 66.76% for USO. Their -0.24 correlation means they have often moved in opposite directions in the past. CAAA charges 0.55%/yr vs 0.86%/yr for USO.

Performance

CAAA vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Commercial Mortgage Opportunities ETF (CAAA) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAAA achieves a 0.73% return, which is significantly lower than USO's 86.77% return.

CAAA

• 1D: -0.15%
• 1M: -0.49%
• 6M: 0.49%
• YTD: 0.73%
• 1Y: 3.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.52%

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)
CAAA First Trust Commercial Mortgage Opportunities ETF	$96.11K	$88.92K	$151.98K
USO United States Oil Fund LP	$968.42M	$871.56M	$931.57M

CAAA vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAAA First Trust Commercial Mortgage Opportunities ETF	0.73%	8.03%	4.65%
USO United States Oil Fund LP	86.77%	-8.46%	2.30%

Correlation

The correlation between CAAA and USO is -0.32, 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.	-0.32
Correlation (All Time) Calculated using the full available price history since Feb 28, 2024	-0.24

Return for Risk

CAAA vs. USO — Risk / Return Rank

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

CAAA

CAAA Risk / Return Rank: 54
CAAA Sharpe Ratio Rank: 55
CAAA Sortino Ratio Rank: 57
CAAA Omega Ratio Rank: 52
CAAA Calmar Ratio Rank: 55
CAAA Martin Ratio Rank: 49

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.

CAAA vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Commercial Mortgage Opportunities ETF (CAAA) 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.

	CAAA	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.34	-0.02
Sortino ratio: Return per unit of downside risk	1.97	1.99	-0.02
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.95	1.93	+0.02
Martin ratio: Return relative to average drawdown	5.64	5.60	+0.04

CAAA vs. USO - Sharpe Ratio Comparison

The current CAAA Sharpe Ratio is 1.32, which is comparable to the USO Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of CAAA 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.

Drawdowns

CAAA vs. USO - Drawdown Comparison

The maximum CAAA drawdown since its inception was -2.24%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CAAA and USO.

Drawdown Indicators

	CAAA	USO	Difference
Max Drawdown Largest peak-to-trough decline	-2.24%	-98.19%	+95.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	-32.49%	+30.41%
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	-0.87%	-86.26%	+85.39%
Average Drawdown Average peak-to-trough decline	-0.57%	-75.38%	+74.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	12.03%	-11.31%

Volatility

CAAA vs. USO - Volatility Comparison

The current volatility for First Trust Commercial Mortgage Opportunities ETF (CAAA) is 0.75%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that CAAA 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.

Volatility by Period

	CAAA	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	17.73%	-16.98%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	42.79%	-40.47%
Volatility (1Y) Calculated over the trailing 1-year period	3.08%	46.91%	-43.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.19%	37.06%	-33.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.19%	39.29%	-36.10%

CAAA vs. USO - Expense Ratio Comparison

CAAA has a 0.55% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

CAAA vs. USO - Dividend Comparison

CAAA's dividend yield for the trailing twelve months is around 5.03%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
CAAA First Trust Commercial Mortgage Opportunities ETF	5.03%	6.09%	4.01%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAAA and USO in my portfolio?

CAAA and USO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAAA or USO?

USO has higher volatility (17.73%) compared to CAAA (0.75%). In terms of maximum drawdown, CAAA dropped -2.24% vs USO's -98.19%.

Which ETF is better, CAAA or USO?

On 1-year performance, USO leads with 66.76% vs 3.64% for CAAA. On fees, CAAA is cheaper at 0.55% per year. On volatility, CAAA has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAAA or USO?

Over the 1-year period, USO has performed better with a 66.76% return vs 3.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAAA or USO?

CAAA is cheaper with a 0.55% expense ratio, compared with 0.86% for USO.

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

CAAA has the higher dividend yield at 5.03%, compared with 0.00% for USO.

What is the main difference between CAAA and USO?

CAAA is categorized as Intermediate Core-Plus Bond, while USO is Oil & Gas. They also come from different issuers: First Trust and USCF. Their fees differ too: 0.55% for CAAA and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (1.34 vs 1.32), 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.