CPXR vs. USO
CPXR (USCF Daily Target 2X Copper Index ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - CPXR is a Leveraged Commodities fund tracking the SummerHaven Copper Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, CPXR returned 37.97% vs 101.55% for USO. At a correlation of -0.01, they often move in opposite directions. CPXR charges 1.20%/yr vs 0.86%/yr for USO.
Performance
CPXR vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, CPXR achieves a 21.61% return, which is significantly lower than USO's 103.67% return.
CPXR
- 1D
- -5.10%
- 1M
- 21.98%
- YTD
- 21.61%
- 6M
- 34.31%
- 1Y
- 37.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
CPXR vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPXR USCF Daily Target 2X Copper Index ETF | 21.61% | 36.03% |
USO United States Oil Fund LP | 103.67% | -14.01% |
Correlation
The correlation between CPXR and USO is -0.12, 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 | -0.12 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025 | -0.01 |
The correlation between CPXR and USO shifts across timeframes, from -0.12 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CPXR vs. USO — Risk / Return Rank
CPXR
USO
CPXR vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USCF Daily Target 2X Copper Index ETF (CPXR) 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.
| CPXR | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.38 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | 5.01 | -4.21 |
| Martin ratioReturn relative to average drawdown | 1.47 | 9.42 | -7.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPXR | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 2.31 | -1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | -0.18 | +0.83 |
Drawdowns
CPXR vs. USO - Drawdown Comparison
The maximum CPXR drawdown since its inception was -47.87%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CPXR and USO.
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Drawdown Indicators
| CPXR | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.87% | -98.19% | +50.32% |
Max Drawdown (1Y)Largest decline over 1 year | -47.87% | -20.39% | -27.48% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.05% | — |
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 | -5.10% | -85.01% | +79.91% |
Average DrawdownAverage peak-to-trough decline | -19.88% | -75.30% | +55.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.94% | 10.82% | +15.12% |
Volatility
CPXR vs. USO - Volatility Comparison
USCF Daily Target 2X Copper Index ETF (CPXR) has a higher volatility of 18.75% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that CPXR'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.
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Volatility by Period
| CPXR | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.75% | 14.87% | +3.88% |
Volatility (6M)Calculated over the trailing 6-month period | 45.26% | 38.23% | +7.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.77% | 44.20% | +24.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.61% | 36.06% | +32.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.61% | 39.00% | +29.61% |
CPXR vs. USO - Expense Ratio Comparison
CPXR has a 1.20% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
CPXR vs. USO - Dividend Comparison
CPXR's dividend yield for the trailing twelve months is around 0.58%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CPXR USCF Daily Target 2X Copper Index ETF | 0.58% | 0.70% |
USO United States Oil Fund LP | 0.00% | 0.00% |
Frequently Asked Questions
CPXR and USO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPXR has higher volatility (18.75%) compared to USO (14.87%). In terms of maximum drawdown, CPXR dropped -47.87% vs USO's -98.19%.
On 1-year performance, USO leads with 101.55% vs 37.97% for CPXR. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USO has performed better with a 101.55% return vs 37.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 1.20% for CPXR.
CPXR has the higher dividend yield at 0.58%, compared with 0.00% for USO.
CPXR is categorized as Leveraged Commodities, while USO is Oil & Gas. CPXR tracks SummerHaven Copper Index, while USO tracks Front Month Light Sweet Crude Oil. Their fees differ too: 1.20% for CPXR and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs 0.55), 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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