CSM vs. USO
CSM (Proshares Large Cap Core Plus) and USO (United States Oil Fund LP) are both exchange-traded funds - CSM is a Long-Short fund tracking the Credit Suisse 130/30 Large-Cap 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, CSM returned 14.36%/yr vs 4.07%/yr for USO. At a 0.29 correlation, their price movements are largely independent. CSM charges 0.45%/yr vs 0.86%/yr for USO.
Performance
CSM vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, CSM achieves a 8.62% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, CSM has outperformed USO with an annualized return of 14.36%, while USO has yielded a comparatively lower 4.07% annualized return.
CSM
- 1D
- -0.84%
- 1M
- 4.86%
- YTD
- 8.62%
- 6M
- 9.99%
- 1Y
- 28.48%
- 3Y*
- 22.04%
- 5Y*
- 13.38%
- 10Y*
- 14.36%
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%
CSM vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 8.62% | 21.84% | 22.09% | 23.50% | -18.27% | 33.13% | 10.94% | 29.26% | -7.88% | 22.52% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between CSM and USO is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2009 | 0.29 |
The correlation between CSM and USO shifts across timeframes, from -0.33 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CSM vs. USO — Risk / Return Rank
CSM
USO
CSM vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) 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.
| CSM | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.38 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.04 | 5.01 | -1.96 |
| Martin ratioReturn relative to average drawdown | 13.25 | 9.42 | +3.83 |
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
| CSM | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.40 | 2.31 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | 0.68 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | 0.10 | +0.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | -0.18 | +1.03 |
Drawdowns
CSM vs. USO - Drawdown Comparison
The maximum CSM drawdown since its inception was -36.11%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CSM and USO.
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Drawdown Indicators
| CSM | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.11% | -98.19% | +62.08% |
Max Drawdown (1Y)Largest decline over 1 year | -9.40% | -20.39% | +10.99% |
Max Drawdown (3Y)Largest decline over 3 years | -18.30% | -26.05% | +7.75% |
Max Drawdown (5Y)Largest decline over 5 years | -23.82% | -36.23% | +12.41% |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | -86.75% | +50.64% |
Current DrawdownCurrent decline from peak | -1.18% | -85.01% | +83.83% |
Average DrawdownAverage peak-to-trough decline | -4.04% | -75.30% | +71.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 10.82% | -8.67% |
Volatility
CSM vs. USO - Volatility Comparison
The current volatility for Proshares Large Cap Core Plus (CSM) is 2.85%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that CSM 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
| CSM | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.85% | 14.87% | -12.02% |
Volatility (6M)Calculated over the trailing 6-month period | 8.81% | 38.23% | -29.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.95% | 44.20% | -32.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.11% | 36.06% | -18.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 39.00% | -20.62% |
CSM vs. USO - Expense Ratio Comparison
CSM has a 0.45% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
CSM vs. USO - Dividend Comparison
CSM's dividend yield for the trailing twelve months is around 1.01%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 1.01% | 1.04% | 1.06% | 1.17% | 1.37% | 0.78% | 1.21% | 1.41% | 1.54% | 1.28% | 1.49% | 1.67% |
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
CSM and USO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.87%) compared to CSM (2.85%). In terms of maximum drawdown, CSM dropped -36.11% vs USO's -98.19%.
On 10-year performance, CSM leads with 14.36% vs 4.07% for USO. On fees, CSM is cheaper at 0.45% per year. On volatility, CSM has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CSM has performed better with a 14.36% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSM is cheaper with a 0.45% expense ratio, compared with 0.86% for USO.
CSM has the higher dividend yield at 1.01%, compared with 0.00% for USO.
CSM is categorized as Long-Short, while USO is Oil & Gas. CSM tracks Credit Suisse 130/30 Large-Cap Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.45% for CSM and 0.86% for USO.
CSM currently has the higher Sharpe Ratio (2.40 vs 2.31), 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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