CZA vs. USO
CZA (Invesco Zacks Mid-Cap ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - CZA is a Mid Cap Blend Equities fund tracking the Zacks Mid-Cap Core 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, CZA returned 10.75%/yr vs 5.64%/yr for USO. Their 0.25 correlation means their historical movements had little consistent relationship. CZA charges 0.69%/yr vs 0.86%/yr for USO.
Performance
CZA vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, CZA achieves a 13.62% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, CZA has outperformed USO with an annualized return of 10.75%, while USO has yielded a comparatively lower 5.64% annualized return.
CZA
- 1D
- 0.04%
- 1M
- 1.88%
- 6M
- 10.39%
- YTD
- 13.62%
- 1Y
- 21.77%
- 3Y*
- 13.10%
- 5Y*
- 7.84%
- 10Y*
- 10.75%
- ALL TIME*
- 9.79%
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) |
|---|---|---|---|
| $196.72K | $224.48K | $282.82K | |
| $968.42M | $871.56M | $931.57M |
CZA vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CZA Invesco Zacks Mid-Cap ETF | 13.62% | 8.31% | 12.14% | 7.00% | -5.91% | 27.42% | 0.35% | 32.27% | -8.89% | 21.90% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between CZA and USO is -0.29, 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. | -0.29 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2007 | 0.25 |
The correlation between CZA and USO shifts across timeframes, from -0.29 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CZA vs. USO — Risk / Return Rank
CZA
USO
CZA vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Mid-Cap ETF (CZA) 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.
| CZA | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.25 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 1.93 | +0.29 |
| Martin ratioReturn relative to average drawdown | 8.75 | 5.60 | +3.15 |
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Drawdowns
CZA vs. USO - Drawdown Comparison
The maximum CZA drawdown since its inception was -53.20%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CZA and USO.
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Drawdown Indicators
| CZA | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.20% | -98.19% | +44.99% |
Max Drawdown (1Y)Largest decline over 1 year | -9.21% | -32.49% | +23.28% |
Max Drawdown (3Y)Largest decline over 3 years | -18.92% | -32.49% | +13.57% |
Max Drawdown (5Y)Largest decline over 5 years | -18.92% | -36.23% | +17.31% |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | -86.75% | +40.57% |
Current DrawdownCurrent decline from peak | -0.87% | -86.26% | +85.39% |
Average DrawdownAverage peak-to-trough decline | -6.83% | -75.38% | +68.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 12.03% | -9.70% |
Volatility
CZA vs. USO - Volatility Comparison
The current volatility for Invesco Zacks Mid-Cap ETF (CZA) is 3.14%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that CZA 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
| CZA | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 17.73% | -14.59% |
Volatility (6M)Calculated over the trailing 6-month period | 9.20% | 42.79% | -33.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.57% | 46.91% | -34.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 37.06% | -20.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.20% | 39.29% | -20.09% |
CZA vs. USO - Expense Ratio Comparison
CZA has a 0.69% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
CZA vs. USO - Dividend Comparison
CZA's dividend yield for the trailing twelve months is around 1.37%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CZA Invesco Zacks Mid-Cap ETF | 1.37% | 1.56% | 1.27% | 1.36% | 1.71% | 0.89% | 1.42% | 1.40% | 1.27% | 1.10% | 1.87% | 1.37% |
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
CZA and USO have a correlation of -0.29, 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 CZA (3.14%). In terms of maximum drawdown, CZA dropped -53.20% vs USO's -98.19%.
On 10-year performance, CZA leads with 10.75% vs 5.64% for USO. On fees, CZA is cheaper at 0.69% per year. On volatility, CZA has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CZA has performed better with a 10.75% return vs 5.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CZA is cheaper with a 0.69% expense ratio, compared with 0.86% for USO.
CZA has the higher dividend yield at 1.37%, compared with 0.00% for USO.
CZA is categorized as Mid Cap Blend Equities, while USO is Oil & Gas. CZA tracks Zacks Mid-Cap Core Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.69% for CZA and 0.86% for USO.
CZA currently has the higher Sharpe Ratio (1.62 vs 1.34), 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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