CAMX vs. USO
CAMX (Cambiar Aggressive Value ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - CAMX is a Large Cap Value Equities fund actively managed by Cambiar Funds, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. CAMX is actively managed, while USO is passively managed. Over the past 3 years, CAMX returned 13.99%/yr vs 29.98%/yr for USO. At a 0.07 correlation, their price movements are largely independent. CAMX charges 0.59%/yr vs 0.86%/yr for USO.
Performance
CAMX vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, CAMX achieves a 8.60% return, which is significantly lower than USO's 103.67% return.
CAMX
- 1D
- -0.41%
- 1M
- 1.71%
- YTD
- 8.60%
- 6M
- 8.13%
- 1Y
- 15.32%
- 3Y*
- 13.99%
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
CAMX vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CAMX Cambiar Aggressive Value ETF | 8.60% | 9.49% | 12.50% | 9.71% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.10% |
Correlation
The correlation between CAMX and USO is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2023 | 0.07 |
The correlation between CAMX and USO shifts across timeframes, from -0.27 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CAMX vs. USO — Risk / Return Rank
CAMX
USO
CAMX vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambiar Aggressive Value ETF (CAMX) 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.
| CAMX | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.38 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 5.01 | -3.70 |
| Martin ratioReturn relative to average drawdown | 4.26 | 9.42 | -5.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CAMX | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.12 | 2.31 | -1.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | -0.18 | +1.03 |
Drawdowns
CAMX vs. USO - Drawdown Comparison
The maximum CAMX drawdown since its inception was -15.71%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CAMX and USO.
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Drawdown Indicators
| CAMX | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.71% | -98.19% | +82.48% |
Max Drawdown (1Y)Largest decline over 1 year | -11.79% | -20.39% | +8.60% |
Max Drawdown (3Y)Largest decline over 3 years | -15.71% | -26.05% | +10.34% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -1.06% | -85.01% | +83.95% |
Average DrawdownAverage peak-to-trough decline | -2.76% | -75.30% | +72.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 10.82% | -7.22% |
Volatility
CAMX vs. USO - Volatility Comparison
The current volatility for Cambiar Aggressive Value ETF (CAMX) is 3.70%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that CAMX 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
| CAMX | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.70% | 14.87% | -11.17% |
Volatility (6M)Calculated over the trailing 6-month period | 10.46% | 38.23% | -27.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.80% | 44.20% | -30.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.45% | 36.06% | -21.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.45% | 39.00% | -24.55% |
CAMX vs. USO - Expense Ratio Comparison
CAMX has a 0.59% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
CAMX vs. USO - Dividend Comparison
CAMX's dividend yield for the trailing twelve months is around 1.67%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CAMX Cambiar Aggressive Value ETF | 1.67% | 1.81% | 1.33% | 0.55% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CAMX and USO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.87%) compared to CAMX (3.70%). In terms of maximum drawdown, CAMX dropped -15.71% vs USO's -98.19%.
On 3-year performance, USO leads with 29.98% vs 13.99% for CAMX. On fees, CAMX is cheaper at 0.59% per year. On volatility, CAMX has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 29.98% return vs 13.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CAMX is cheaper with a 0.59% expense ratio, compared with 0.86% for USO.
CAMX has the higher dividend yield at 1.67%, compared with 0.00% for USO.
CAMX is categorized as Large Cap Value Equities, while USO is Oil & Gas. They also come from different issuers: Cambiar Funds and USCF. Their fees differ too: 0.59% for CAMX and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs 1.12), 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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