COMT vs. USO
COMT (iShares GSCI Commodity Dynamic Roll Strategy ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - COMT is a Commodities fund tracking the S&P GSCI Dynamic Roll (USD) Total Return Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, COMT returned 8.89%/yr vs 5.42%/yr for USO. Their correlation of 0.87 means they have usually moved in the same direction. COMT charges 0.48%/yr vs 0.86%/yr for USO.
Performance
COMT vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, COMT achieves a 33.14% return, which is significantly lower than USO's 97.64% return. Over the past 10 years, COMT has outperformed USO with an annualized return of 8.89%, while USO has yielded a comparatively lower 5.42% annualized return.
COMT
- 1D
- -0.12%
- 1M
- 8.15%
- 6M
- 24.14%
- YTD
- 33.14%
- 1Y
- 36.27%
- 3Y*
- 11.70%
- 5Y*
- 12.15%
- 10Y*
- 8.89%
- ALL TIME*
- 3.55%
USO
- 1D
- -2.01%
- 1M
- 25.05%
- 6M
- 84.84%
- YTD
- 97.64%
- 1Y
- 82.62%
- 3Y*
- 24.31%
- 5Y*
- 22.54%
- 10Y*
- 5.42%
- ALL TIME*
- -6.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.60M | $11.19M | $14.65M | |
| $1.02B | $802.47M | $996.79M |
COMT vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 33.14% | 6.07% | 5.96% | -6.56% | 19.45% | 36.88% | -18.66% | 10.81% | -6.67% | 11.70% |
USO United States Oil Fund LP | 97.64% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between COMT and USO is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2014 | 0.87 |
The correlation between COMT and USO has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.
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Return for Risk
COMT vs. USO — Risk / Return Rank
COMT
USO
COMT vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) 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.
| COMT | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.30 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 2.46 | -0.47 |
| Martin ratioReturn relative to average drawdown | 6.40 | 6.41 | -0.01 |
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Drawdowns
COMT vs. USO - Drawdown Comparison
The maximum COMT drawdown since its inception was -51.89%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for COMT and USO.
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Drawdown Indicators
| COMT | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.89% | -98.19% | +46.30% |
Max Drawdown (1Y)Largest decline over 1 year | -17.57% | -32.49% | +14.92% |
Max Drawdown (3Y)Largest decline over 3 years | -17.57% | -32.49% | +14.92% |
Max Drawdown (5Y)Largest decline over 5 years | -29.00% | -36.23% | +7.23% |
Max Drawdown (10Y)Largest decline over 10 years | -39.22% | -86.75% | +47.53% |
Current DrawdownCurrent decline from peak | -9.27% | -85.46% | +76.19% |
Average DrawdownAverage peak-to-trough decline | -23.93% | -75.37% | +51.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.46% | 12.47% | -7.01% |
Volatility
COMT vs. USO - Volatility Comparison
The current volatility for iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) is 4.67%, while United States Oil Fund LP (USO) has a volatility of 13.60%. This indicates that COMT 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
| COMT | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 13.60% | -8.93% |
Volatility (6M)Calculated over the trailing 6-month period | 19.58% | 41.19% | -21.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.55% | 45.56% | -24.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.07% | 36.67% | -15.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.85% | 39.13% | -20.28% |
COMT vs. USO - Expense Ratio Comparison
COMT has a 0.48% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
COMT vs. USO - Dividend Comparison
COMT's dividend yield for the trailing twelve months is around 5.81%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 5.81% | 7.74% | 4.90% | 5.19% | 29.79% | 17.79% | 0.36% | 2.61% | 11.65% | 5.16% | 0.52% | 1.44% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, COMT and USO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
USO has higher volatility (13.60%) compared to COMT (4.67%). In terms of maximum drawdown, COMT dropped -51.89% vs USO's -98.19%.
On 10-year performance, COMT leads with 8.89% vs 5.42% for USO. On fees, COMT is cheaper at 0.48% per year. On volatility, COMT has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, COMT has performed better with a 8.89% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COMT is cheaper with a 0.48% expense ratio, compared with 0.86% for USO.
COMT has the higher dividend yield at 5.81%, compared with 0.00% for USO.
COMT is categorized as Commodities, while USO is Oil & Gas. COMT tracks S&P GSCI Dynamic Roll (USD) Total Return Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.48% for COMT and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.76 vs 1.62), 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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