CDX vs. USO
CDX (Simplify High Yield ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. CDX is actively managed, while USO is passively managed. Over the past 3 years, CDX returned 7.17%/yr vs 20.97%/yr for USO. Their -0.04 correlation means they have often moved in opposite directions in the past. CDX charges 0.25%/yr vs 0.86%/yr for USO.
Performance
CDX vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, CDX achieves a -3.00% return, which is significantly lower than USO's 86.77% return.
CDX
- 1D
- 0.10%
- 1M
- -0.57%
- 6M
- -3.06%
- YTD
- -3.00%
- 1Y
- -3.26%
- 3Y*
- 7.17%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.85%
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) |
|---|---|---|---|
| $2.23M | $2.17M | $2.98M | |
| $968.42M | $871.56M | $931.57M |
CDX vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CDX Simplify High Yield ETF | -3.00% | 9.51% | 7.71% | 12.74% | -8.26% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 5.65% |
Correlation
The correlation between CDX and USO is -0.26, 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. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | -0.04 |
Over the past year, the inverse relationship between CDX and USO has strengthened: their correlation has moved from -0.04 to -0.26, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CDX vs. USO — Risk / Return Rank
CDX
USO
CDX vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield ETF (CDX) 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.
| CDX | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.25 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 1.93 | -2.53 |
| Martin ratioReturn relative to average drawdown | -1.44 | 5.60 | -7.04 |
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Drawdowns
CDX vs. USO - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CDX and USO.
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Drawdown Indicators
| CDX | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -98.19% | +84.95% |
Max Drawdown (1Y)Largest decline over 1 year | -5.37% | -32.49% | +27.12% |
Max Drawdown (3Y)Largest decline over 3 years | -8.97% | -32.49% | +23.52% |
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 | -7.94% | -86.26% | +78.32% |
Average DrawdownAverage peak-to-trough decline | -4.44% | -75.38% | +70.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 12.03% | -9.79% |
Volatility
CDX vs. USO - Volatility Comparison
The current volatility for Simplify High Yield ETF (CDX) is 2.02%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that CDX 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
| CDX | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.02% | 17.73% | -15.71% |
Volatility (6M)Calculated over the trailing 6-month period | 5.16% | 42.79% | -37.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.98% | 46.91% | -40.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 37.06% | -26.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 39.29% | -28.32% |
CDX vs. USO - Expense Ratio Comparison
CDX has a 0.25% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
CDX vs. USO - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.33%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CDX Simplify High Yield ETF | 8.33% | 7.18% | 12.60% | 5.26% | 7.51% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CDX and USO have a correlation of -0.26, 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 CDX (2.02%). In terms of maximum drawdown, CDX dropped -13.24% vs USO's -98.19%.
On 3-year performance, USO leads with 20.97% vs 7.17% for CDX. On fees, CDX is cheaper at 0.25% per year. On volatility, CDX has been the lower-risk option at 2.02%. 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 20.97% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.25% expense ratio, compared with 0.86% for USO.
CDX has the higher dividend yield at 8.33%, compared with 0.00% for USO.
CDX is categorized as High Yield Bonds, while USO is Oil & Gas. They also come from different issuers: Simplify and USCF. Their fees differ too: 0.25% for CDX and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs -0.54), 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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