COPZ vs. USO

Last updated Jun 26, 2026

COPZ (Defiance Daily Target 2X Long Copper ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - COPZ is a Copper fund actively managed by Defiance, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. COPZ is actively managed, while USO is passively managed. At a correlation of -0.44, they often move in opposite directions. COPZ charges 0.95%/yr vs 0.86%/yr for USO.

Performance

COPZ vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long Copper ETF (COPZ) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

COPZ

• 1D: 1.24%
• 1M: -27.83%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: 2.84%
• 1M: -20.21%
• YTD: 58.05%
• 6M: 55.71%
• 1Y: 49.11%
• 3Y*: 20.34%
• 5Y*: 16.82%
• 10Y*: 2.02%

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

COPZ vs. USO - Yearly Performance Comparison

	2026 (YTD)
COPZ Defiance Daily Target 2X Long Copper ETF	-35.00%
USO United States Oil Fund LP	44.34%

Correlation

The correlation between COPZ and USO is -0.44, 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 (All Time) Calculated using the full available price history since Feb 18, 2026	-0.44

Return for Risk

COPZ vs. USO — Risk / Return Rank

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

COPZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USO

USO Risk / Return Rank: 36
USO Sharpe Ratio Rank: 35
USO Sortino Ratio Rank: 38
USO Omega Ratio Rank: 37
USO Calmar Ratio Rank: 36
USO Martin Ratio Rank: 35

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.

COPZ vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long Copper ETF (COPZ) 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.

	COPZ	USO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.13	—
Sortino ratio: Return per unit of downside risk	—	1.77	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.62	—
Martin ratio: Return relative to average drawdown	—	4.76	—

Drawdowns

COPZ vs. USO - Drawdown Comparison

The maximum COPZ drawdown since its inception was -49.79%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for COPZ and USO.

Drawdown Indicators

	COPZ	USO	Difference
Max Drawdown Largest peak-to-trough decline	-49.79%	-98.19%	+48.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-30.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-30.51%	—
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	-46.29%	-88.37%	+42.08%
Average Drawdown Average peak-to-trough decline	-29.27%	-75.32%	+46.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.34%	—

Volatility

Volatility by Period

	COPZ	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.83%	—
Volatility (6M) Calculated over the trailing 6-month period	—	39.67%	—
Volatility (1Y) Calculated over the trailing 1-year period	110.71%	43.65%	+67.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.71%	36.40%	+74.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.71%	39.04%	+71.67%

COPZ vs. USO - Expense Ratio Comparison

COPZ has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

COPZ vs. USO - Dividend Comparison

Neither COPZ nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both COPZ and USO in my portfolio?

COPZ and USO have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, COPZ or USO?

On fees, USO is cheaper at 0.86% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COPZ or USO?

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

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

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

What is the main difference between COPZ and USO?

COPZ is categorized as Copper, while USO is Oil & Gas. They also come from different issuers: Defiance and USCF. Their fees differ too: 0.95% for COPZ and 0.86% for USO.