CANC vs. USO
CANC (Tema Oncology ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - CANC is a Health & Biotech Equities fund actively managed by Tema, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. CANC is actively managed, while USO is passively managed. Over the past 3 years, CANC returned 102.33%/yr vs 20.97%/yr for USO. Their -0.00 correlation means they have often moved in opposite directions in the past. CANC charges 0.75%/yr vs 0.86%/yr for USO.
Performance
CANC vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, CANC achieves a 16.92% return, which is significantly lower than USO's 86.77% return.
CANC
- 1D
- -1.72%
- 1M
- -2.95%
- 6M
- 13.52%
- YTD
- 16.92%
- 1Y
- 56.68%
- 3Y*
- 102.33%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -9.07%
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) |
|---|---|---|---|
| $1.11M | $1.31M | $1.24M | |
| $968.42M | $871.56M | $931.57M |
CANC vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CANC Tema Oncology ETF | 16.92% | 42.92% | -5.37% | 510.51% | -85.34% | -55.35% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 3.90% |
Correlation
The correlation between CANC and USO is -0.29, 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. | -0.29 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | -0.00 |
Over the past year, the inverse relationship between CANC and USO has strengthened: their correlation has moved from -0.00 to -0.29, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CANC vs. USO — Risk / Return Rank
CANC
USO
CANC vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tema Oncology ETF (CANC) 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.
| CANC | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.25 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 6.14 | 1.93 | +4.21 |
| Martin ratioReturn relative to average drawdown | 16.53 | 5.60 | +10.93 |
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Drawdowns
CANC vs. USO - Drawdown Comparison
The maximum CANC drawdown since its inception was -97.53%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CANC and USO.
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Drawdown Indicators
| CANC | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.53% | -98.19% | +0.66% |
Max Drawdown (1Y)Largest decline over 1 year | -9.30% | -32.49% | +23.19% |
Max Drawdown (3Y)Largest decline over 3 years | -28.04% | -32.49% | +4.45% |
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 | -51.53% | -86.26% | +34.73% |
Average DrawdownAverage peak-to-trough decline | -72.46% | -75.38% | +2.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 12.03% | -8.58% |
Volatility
CANC vs. USO - Volatility Comparison
The current volatility for Tema Oncology ETF (CANC) is 6.06%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that CANC 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
| CANC | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.06% | 17.73% | -11.67% |
Volatility (6M)Calculated over the trailing 6-month period | 16.24% | 42.79% | -26.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.78% | 46.91% | -24.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 275.54% | 37.06% | +238.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 275.54% | 39.29% | +236.25% |
CANC vs. USO - Expense Ratio Comparison
CANC has a 0.75% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
CANC vs. USO - Dividend Comparison
CANC's dividend yield for the trailing twelve months is around 0.05%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CANC Tema Oncology ETF | 0.05% | 0.06% | 3.00% | 0.56% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CANC and USO have a correlation of -0.29, 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 CANC (6.06%). In terms of maximum drawdown, CANC dropped -97.53% vs USO's -98.19%.
On 3-year performance, CANC leads with 102.33% vs 20.97% for USO. On fees, CANC is cheaper at 0.75% per year. On volatility, CANC has been the lower-risk option at 6.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CANC has performed better with a 102.33% return vs 20.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CANC is cheaper with a 0.75% expense ratio, compared with 0.86% for USO.
CANC has the higher dividend yield at 0.05%, compared with 0.00% for USO.
CANC is categorized as Health & Biotech Equities, while USO is Oil & Gas. They also come from different issuers: Tema and USCF. Their fees differ too: 0.75% for CANC and 0.86% for USO.
CANC currently has the higher Sharpe Ratio (2.51 vs 1.34), 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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