CANC vs. USO

Last updated Jun 3, 2026

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 107.71%/yr vs 28.86%/yr for USO. At a 0.01 correlation, their price movements are largely independent. CANC charges 0.75%/yr vs 0.86%/yr for USO.

Performance

CANC vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Oncology ETF (CANC) 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, CANC achieves a 4.74% return, which is significantly lower than USO's 98.48% return.

CANC

• 1D: -2.40%
• 1M: -2.10%
• YTD: 4.74%
• 6M: 5.93%
• 1Y: 49.25%
• 3Y*: 107.71%
• 5Y*: —
• 10Y*: —

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)

CANC vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CANC Tema Oncology ETF	4.74%	42.92%	-5.37%	510.51%	-85.34%	-51.82%
USO United States Oil Fund LP	98.48%	-8.46%	13.35%	-4.94%	28.97%	3.42%

Correlation

The correlation between CANC and USO is -0.33, 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	-0.33
Correlation (3Y) Calculated over the trailing 3-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.01

The correlation between CANC and USO shifts across timeframes, from -0.33 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CANC vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CANC

CANC Risk / Return Rank: 70
CANC Sharpe Ratio Rank: 63
CANC Sortino Ratio Rank: 65
CANC Omega Ratio Rank: 55
CANC Calmar Ratio Rank: 90
CANC Martin Ratio Rank: 78

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 66
USO Sortino Ratio Rank: 59
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 88
USO Martin Ratio Rank: 55

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.

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.

	CANC	USO	Difference
Sharpe ratio Return per unit of total volatility	2.14	2.22	-0.08
Sortino ratio Return per unit of downside risk	3.05	2.81	+0.23
Omega ratio Gain probability vs. loss probability	1.35	1.37	-0.03
Calmar ratio Return relative to maximum drawdown	5.75	5.12	+0.63
Martin ratio Return relative to average drawdown	15.57	9.66	+5.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CANC vs. USO - Sharpe Ratio Comparison

The current CANC Sharpe Ratio is 2.14, which is comparable to the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of CANC 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.

Sharpe Ratios by Period

	CANC	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.22	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	-0.18	+0.14

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.

Drawdown Indicators

	CANC	USO	Difference
Max Drawdown Largest peak-to-trough decline	-97.53%	-98.19%	+0.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-20.39%	+11.72%
Max Drawdown (3Y) Largest decline over 3 years	-30.27%	-26.05%	-4.22%
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	-56.58%	-85.39%	+28.81%
Average Drawdown Average peak-to-trough decline	-73.20%	-75.30%	+2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	10.81%	-7.61%

Volatility

CANC vs. USO - Volatility Comparison

The current volatility for Tema Oncology ETF (CANC) is 6.55%, while United States Oil Fund LP (USO) has a volatility of 15.03%. 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.

Volatility by Period

	CANC	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	15.03%	-8.48%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	38.18%	-21.39%
Volatility (1Y) Calculated over the trailing 1-year period	23.11%	44.26%	-21.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	280.39%	36.04%	+244.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	280.39%	39.00%	+241.39%

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

Can I hold both CANC and USO in my portfolio?

CANC and USO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CANC or USO?

USO has higher volatility (15.03%) compared to CANC (6.55%). In terms of maximum drawdown, CANC dropped -97.53% vs USO's -98.19%.

Which ETF is better, CANC or USO?

On 3-year performance, CANC leads with 107.71% vs 28.86% for USO. On fees, CANC is cheaper at 0.75% per year. On volatility, CANC has been the lower-risk option at 6.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CANC or USO?

Over the 3-year period, CANC has performed better with a 107.71% return vs 28.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CANC or USO?

CANC is cheaper with a 0.75% expense ratio, compared with 0.86% for USO.

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

CANC has the higher dividend yield at 0.05%, compared with 0.00% for USO.

What is the main difference between CANC and 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.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.22 vs 2.14), 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.