CARU vs. USO

Last updated Jul 15, 2026

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 -13.52%/yr vs 21.22%/yr for USO. At a correlation of -0.04, they often move in opposite directions. CARU charges 0.95%/yr vs 0.86%/yr for USO.

Performance

CARU vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry 3X Leveraged ETN (CARU) 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, CARU achieves a -25.64% return, which is significantly lower than USO's 73.76% return.

CARU

• 1D: 1.71%
• 1M: -1.32%
• 6M: -33.82%
• YTD: -25.64%
• 1Y: -21.92%
• 3Y*: -13.52%
• 5Y*: —
• 10Y*: —

USO

• 1D: 2.02%
• 1M: -4.19%
• 6M: 63.54%
• YTD: 73.76%
• 1Y: 58.91%
• 3Y*: 21.22%
• 5Y*: 19.63%
• 10Y*: 3.17%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CARU vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARU Max Auto Industry 3X Leveraged ETN	-25.64%	7.29%	23.44%	-9.74%
USO United States Oil Fund LP	73.76%	-8.46%	13.35%	8.73%

Correlation

The correlation between CARU and USO is -0.29, 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	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	-0.04

Over the past year, the inverse relationship between CARU and USO has strengthened: their correlation has moved from -0.04 to -0.29, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

CARU vs. USO — Risk / Return Rank

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

CARU

CARU Risk / Return Rank: 7
CARU Sharpe Ratio Rank: 6
CARU Sortino Ratio Rank: 8
CARU Omega Ratio Rank: 8
CARU Calmar Ratio Rank: 6
CARU Martin Ratio Rank: 5

USO

USO Risk / Return Rank: 46
USO Sharpe Ratio Rank: 47
USO Sortino Ratio Rank: 49
USO Omega Ratio Rank: 48
USO Calmar Ratio Rank: 45
USO Martin Ratio Rank: 39

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.

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 ratio: Return per unit of total volatility	-0.31	1.32	-1.63
Sortino ratio: Return per unit of downside risk	0.00	1.99	-1.99
Omega ratio: Gain probability vs. loss probability	1.00	1.25	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.43	1.82	-2.26
Martin ratio: Return relative to average drawdown	-0.81	4.88	-5.69

CARU vs. USO - Sharpe Ratio Comparison

The current CARU Sharpe Ratio is -0.31, which is lower than the USO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of CARU 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

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.

Drawdown Indicators

	CARU	USO	Difference
Max Drawdown Largest 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	-66.44%	-32.49%	-33.95%
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	-41.28%	-87.21%	+45.93%
Average Drawdown Average peak-to-trough decline	-36.06%	-75.35%	+39.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.03%	12.11%	+14.92%

Volatility

CARU vs. USO - Volatility Comparison

Max Auto Industry 3X Leveraged ETN (CARU) has a higher volatility of 21.49% compared to United States Oil Fund LP (USO) at 14.67%. 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.

Volatility by Period

	CARU	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.49%	14.67%	+6.82%
Volatility (6M) Calculated over the trailing 6-month period	53.47%	40.75%	+12.72%
Volatility (1Y) Calculated over the trailing 1-year period	70.46%	44.93%	+25.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.09%	36.68%	+43.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.09%	39.08%	+41.01%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CARU and USO in my portfolio?

CARU 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.

Which is riskier, CARU or USO?

CARU has higher volatility (21.49%) compared to USO (14.67%). In terms of maximum drawdown, CARU dropped -66.44% vs USO's -98.19%.

Which ETF is better, CARU or USO?

On 3-year performance, USO leads with 21.22% vs -13.52% for CARU. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARU or USO?

Over the 3-year period, USO has performed better with a 21.22% return vs -13.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARU or USO?

USO is cheaper with a 0.86% expense ratio, compared with 0.95% for CARU.

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

CARU and USO have nearly identical dividend yields, around 0.00%.

What is the main difference between CARU and USO?

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.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (1.32 vs -0.31), 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.