DLLL vs. USO

Last updated Jun 4, 2026

DLLL (GraniteShares 2x Long DELL Daily ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - DLLL is a Leveraged Equities fund tracking the Dell Technologies Inc. (DELL), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, DLLL returned 850.63% vs 101.55% for USO. At a correlation of -0.01, they often move in opposite directions. DLLL charges 1.50%/yr vs 0.86%/yr for USO.

Performance

DLLL vs. USO - Performance Comparison

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

Returns By Period

In the year-to-date period, DLLL achieves a 757.76% return, which is significantly higher than USO's 103.67% return.

DLLL

• 1D: -6.45%
• 1M: 245.92%
• YTD: 757.76%
• 6M: 648.38%
• 1Y: 850.63%
• 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%

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

DLLL vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
DLLL GraniteShares 2x Long DELL Daily ETF	757.76%	-3.72%
USO United States Oil Fund LP	103.67%	-9.46%

Correlation

The correlation between DLLL and USO is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	-0.01

Return for Risk

DLLL vs. USO — Risk / Return Rank

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

DLLL

DLLL Risk / Return Rank: 95
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 91
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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.

DLLL vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long DELL Daily ETF (DLLL) 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.

	DLLL	USO	Difference
Sharpe ratio: Return per unit of total volatility	6.65	2.31	+4.34
Sortino ratio: Return per unit of downside risk	4.81	2.89	+1.92
Omega ratio: Gain probability vs. loss probability	1.60	1.38	+0.21
Calmar ratio: Return relative to maximum drawdown	15.02	5.01	+10.02
Martin ratio: Return relative to average drawdown	31.34	9.42	+21.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DLLL vs. USO - Sharpe Ratio Comparison

The current DLLL Sharpe Ratio is 6.65, which is higher than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of DLLL and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DLLL	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.65	2.31	+4.34
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	3.16	-0.18	+3.33

Drawdowns

DLLL vs. USO - Drawdown Comparison

The maximum DLLL drawdown since its inception was -68.58%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for DLLL and USO.

Drawdown Indicators

	DLLL	USO	Difference
Max Drawdown Largest peak-to-trough decline	-68.58%	-98.19%	+29.61%
Max Drawdown (1Y) Largest decline over 1 year	-57.19%	-20.39%	-36.80%
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 Drawdown Current decline from peak	-18.86%	-85.01%	+66.15%
Average Drawdown Average peak-to-trough decline	-25.91%	-75.30%	+49.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.36%	10.82%	+16.54%

Volatility

DLLL vs. USO - Volatility Comparison

GraniteShares 2x Long DELL Daily ETF (DLLL) has a higher volatility of 69.39% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that DLLL'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.

Volatility by Period

	DLLL	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	69.39%	14.87%	+54.52%
Volatility (6M) Calculated over the trailing 6-month period	102.08%	38.23%	+63.85%
Volatility (1Y) Calculated over the trailing 1-year period	129.28%	44.20%	+85.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	130.55%	36.06%	+94.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	130.55%	39.00%	+91.55%

DLLL vs. USO - Expense Ratio Comparison

DLLL has a 1.50% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

DLLL vs. USO - Dividend Comparison

Neither DLLL nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DLLL and USO in my portfolio?

DLLL and USO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLLL or USO?

DLLL has higher volatility (69.39%) compared to USO (14.87%). In terms of maximum drawdown, DLLL dropped -68.58% vs USO's -98.19%.

Which ETF is better, DLLL or USO?

On 1-year performance, DLLL leads with 850.63% vs 101.55% for USO. 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.

Which ETF has performed better, DLLL or USO?

Over the 1-year period, DLLL has performed better with a 850.63% return vs 101.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DLLL or USO?

USO is cheaper with a 0.86% expense ratio, compared with 1.50% for DLLL.

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

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

What is the main difference between DLLL and USO?

DLLL is categorized as Leveraged Equities, while USO is Oil & Gas. DLLL tracks Dell Technologies Inc. (DELL), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: GraniteShares and USCF. Their fees differ too: 1.50% for DLLL and 0.86% for USO.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (6.65 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.