CARU vs. USO
CARU (Max Auto Industry 3X Leveraged ETN) and USO (United States Oil Fund LP) are both exchange-traded funds - CARU is a Leveraged Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, CARU returned -8.94%/yr vs 18.29%/yr for USO. Their -0.05 correlation means they have often moved in opposite directions in the past. CARU charges 0.95%/yr vs 0.86%/yr for USO.
Performance
CARU vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, CARU achieves a -24.98% return, which is significantly lower than USO's 76.58% return.
CARU
- 1D
- 3.40%
- 1M
- -4.68%
- 6M
- -23.35%
- YTD
- -24.98%
- 1Y
- -12.14%
- 3Y*
- -8.94%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -3.46%
USO
- 1D
- -5.46%
- 1M
- 17.45%
- 6M
- 62.11%
- YTD
- 76.58%
- 1Y
- 57.66%
- 3Y*
- 18.29%
- 5Y*
- 20.94%
- 10Y*
- 4.47%
- ALL TIME*
- -7.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $54.44K | $33.09K | $19.89K | |
| $981.29M | $906.75M | $905.81M |
CARU vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARU Max Auto Industry 3X Leveraged ETN | -24.98% | 7.29% | 23.44% | -9.74% |
USO United States Oil Fund LP | 76.58% | -8.46% | 13.35% | 8.73% |
Correlation
The correlation between CARU and USO is -0.31, 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. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | -0.05 |
Over the past year, the inverse relationship between CARU and USO has strengthened: their correlation has moved from -0.05 to -0.31, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CARU vs. USO — Risk / Return Rank
CARU
USO
CARU vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry 3X Leveraged ETN (CARU) 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.
| CARU | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.23 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 1.78 | -2.02 |
| Martin ratioReturn relative to average drawdown | -0.43 | 5.23 | -5.66 |
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Drawdowns
CARU vs. USO - Drawdown Comparison
The maximum CARU drawdown since its inception was -66.44%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CARU and USO.
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Drawdown Indicators
| CARU | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -98.19% | +31.75% |
Max Drawdown (1Y)Largest decline over 1 year | -50.87% | -32.49% | -18.38% |
Max Drawdown (3Y)Largest decline over 3 years | -59.03% | -32.49% | -26.54% |
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 | -40.76% | -87.01% | +46.25% |
Average DrawdownAverage peak-to-trough decline | -36.15% | -75.38% | +39.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.31% | 11.24% | +17.07% |
Volatility
CARU vs. USO - Volatility Comparison
Max Auto Industry 3X Leveraged ETN (CARU) has a higher volatility of 23.85% compared to United States Oil Fund LP (USO) at 18.95%. This indicates that CARU's price experiences larger fluctuations and is considered to be riskier 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
| CARU | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.85% | 18.95% | +4.90% |
Volatility (6M)Calculated over the trailing 6-month period | 54.89% | 43.21% | +11.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.88% | 47.21% | +24.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.17% | 37.13% | +43.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.17% | 39.32% | +40.85% |
CARU vs. USO - Expense Ratio Comparison
CARU has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
CARU vs. USO - Dividend Comparison
Neither CARU nor USO has paid dividends to shareholders.
Frequently Asked Questions
CARU and USO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARU has higher volatility (23.85%) compared to USO (18.95%). In terms of maximum drawdown, CARU dropped -66.44% vs USO's -98.19%.
On 3-year performance, USO leads with 18.29% vs -8.94% for CARU. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 18.95%. 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 18.29% return vs -8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for CARU.
CARU and USO have nearly identical dividend yields, around 0.00%.
CARU is categorized as Leveraged Equities, while USO is Oil & Gas. CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Max and USCF. Their fees differ too: 0.95% for CARU and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.23 vs -0.17), 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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