CATF vs. USO

Last updated Aug 2, 2026

CATF (American Century California Municipal Bond ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - CATF is a Municipal Bonds fund actively managed by American Century, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. CATF is actively managed, while USO is passively managed. Over the past year, CATF returned 4.71% vs 57.66% for USO. Their -0.24 correlation means they have often moved in opposite directions in the past. CATF charges 0.27%/yr vs 0.86%/yr for USO.

Performance

CATF vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century California Municipal Bond ETF (CATF) 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, CATF achieves a 0.22% return, which is significantly lower than USO's 76.58% return.

CATF

• 1D: -0.20%
• 1M: -1.95%
• 6M: -0.76%
• YTD: 0.22%
• 1Y: 4.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.26%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CATF American Century California Municipal Bond ETF	$169.20K	$193.20K	$268.79K
USO United States Oil Fund LP	$981.29M	$906.75M	$905.81M

CATF vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CATF American Century California Municipal Bond ETF	0.22%	3.78%	0.62%
USO United States Oil Fund LP	76.58%	-8.46%	-6.29%

Correlation

The correlation between CATF 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 (All Time) Calculated using the full available price history since Jul 18, 2024	-0.24

Return for Risk

CATF vs. USO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CATF

CATF Risk / Return Rank: 67
CATF Sharpe Ratio Rank: 73
CATF Sortino Ratio Rank: 76
CATF Omega Ratio Rank: 79
CATF Calmar Ratio Rank: 55
CATF Martin Ratio Rank: 52

USO

USO Risk / Return Rank: 49
USO Sharpe Ratio Rank: 49
USO Sortino Ratio Rank: 52
USO Omega Ratio Rank: 50
USO Calmar Ratio Rank: 49
USO Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CATF vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century California Municipal Bond ETF (CATF) 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.

	CATF	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.23	+0.46
Sortino ratio: Return per unit of downside risk	2.46	1.87	+0.59
Omega ratio: Gain probability vs. loss probability	1.33	1.23	+0.10
Calmar ratio: Return relative to maximum drawdown	1.95	1.78	+0.17
Martin ratio: Return relative to average drawdown	6.16	5.23	+0.93

CATF vs. USO - Sharpe Ratio Comparison

The current CATF Sharpe Ratio is 1.69, which is higher than the USO Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of CATF 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

CATF vs. USO - Drawdown Comparison

The maximum CATF drawdown since its inception was -4.83%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CATF and USO.

Drawdown Indicators

	CATF	USO	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-98.19%	+93.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-32.49%	+29.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.49%	—
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	-2.24%	-87.01%	+84.77%
Average Drawdown Average peak-to-trough decline	-1.23%	-75.38%	+74.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	11.24%	-10.37%

Volatility

CATF vs. USO - Volatility Comparison

The current volatility for American Century California Municipal Bond ETF (CATF) is 0.99%, while United States Oil Fund LP (USO) has a volatility of 18.95%. This indicates that CATF 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

	CATF	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	18.95%	-17.96%
Volatility (6M) Calculated over the trailing 6-month period	2.42%	43.21%	-40.79%
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	47.21%	-44.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.25%	37.13%	-32.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	39.32%	-35.07%

CATF vs. USO - Expense Ratio Comparison

CATF has a 0.27% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

CATF vs. USO - Dividend Comparison

CATF's dividend yield for the trailing twelve months is around 3.58%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
CATF American Century California Municipal Bond ETF	3.35%	3.40%	1.32%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CATF and USO in my portfolio?

CATF 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.

Which is riskier, CATF or USO?

USO has higher volatility (18.95%) compared to CATF (0.99%). In terms of maximum drawdown, CATF dropped -4.83% vs USO's -98.19%.

Which ETF is better, CATF or USO?

On 1-year performance, USO leads with 57.66% vs 4.71% for CATF. On fees, CATF is cheaper at 0.27% per year. On volatility, CATF has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CATF or USO?

Over the 1-year period, USO has performed better with a 57.66% return vs 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CATF or USO?

CATF is cheaper with a 0.27% expense ratio, compared with 0.86% for USO.

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

CATF has the higher dividend yield at 3.35%, compared with 0.00% for USO.

What is the main difference between CATF and USO?

CATF is categorized as Municipal Bonds, while USO is Oil & Gas. They also come from different issuers: American Century and USCF. Their fees differ too: 0.27% for CATF and 0.86% for USO.

Which has better risk-adjusted returns?

CATF currently has the higher Sharpe Ratio (1.69 vs 1.23), 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.