DVSP vs. USO

Last updated Jun 24, 2026

DVSP (WEBs SPY Defined Volatility ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - DVSP is a Large Cap Blend Equities fund tracking the Syntax Defined Volatility US Large Cap 500 Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, DVSP returned 27.52% vs 45.61% for USO. At a correlation of -0.11, they often move in opposite directions. DVSP charges 0.89%/yr vs 0.86%/yr for USO.

Performance

DVSP vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WEBs SPY Defined Volatility ETF (DVSP) 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, DVSP achieves a 4.43% return, which is significantly lower than USO's 60.87% return.

DVSP

• 1D: -1.57%
• 1M: -3.09%
• YTD: 4.43%
• 6M: 2.58%
• 1Y: 27.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: -1.27%
• 1M: -21.05%
• YTD: 60.87%
• 6M: 58.26%
• 1Y: 45.61%
• 3Y*: 21.25%
• 5Y*: 17.42%
• 10Y*: 2.01%

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

DVSP vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DVSP WEBs SPY Defined Volatility ETF	4.43%	15.57%	-5.64%
USO United States Oil Fund LP	60.87%	-8.46%	2.51%

Correlation

The correlation between DVSP and USO is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since Dec 17, 2024	-0.11

The correlation between DVSP and USO shifts across timeframes, from -0.25 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DVSP vs. USO — Risk / Return Rank

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

DVSP

DVSP Risk / Return Rank: 40
DVSP Sharpe Ratio Rank: 41
DVSP Sortino Ratio Rank: 37
DVSP Omega Ratio Rank: 38
DVSP Calmar Ratio Rank: 38
DVSP Martin Ratio Rank: 44

USO

USO Risk / Return Rank: 32
USO Sharpe Ratio Rank: 30
USO Sortino Ratio Rank: 33
USO Omega Ratio Rank: 32
USO Calmar Ratio Rank: 35
USO Martin Ratio Rank: 32

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.

DVSP vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs SPY Defined Volatility ETF (DVSP) 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.

	DVSP	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.05	+0.27
Sortino ratio: Return per unit of downside risk	1.79	1.68	+0.11
Omega ratio: Gain probability vs. loss probability	1.23	1.21	+0.02
Calmar ratio: Return relative to maximum drawdown	1.78	1.68	+0.10
Martin ratio: Return relative to average drawdown	6.68	4.57	+2.11

DVSP vs. USO - Sharpe Ratio Comparison

The current DVSP Sharpe Ratio is 1.33, which is comparable to the USO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of DVSP 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.

Drawdowns

DVSP vs. USO - Drawdown Comparison

The maximum DVSP drawdown since its inception was -22.71%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for DVSP and USO.

Drawdown Indicators

	DVSP	USO	Difference
Max Drawdown Largest peak-to-trough decline	-22.71%	-98.19%	+75.48%
Max Drawdown (1Y) Largest decline over 1 year	-15.56%	-27.26%	+11.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.26%	—
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	-6.24%	-88.16%	+81.92%
Average Drawdown Average peak-to-trough decline	-5.53%	-75.31%	+69.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	10.02%	-5.89%

Volatility

DVSP vs. USO - Volatility Comparison

The current volatility for WEBs SPY Defined Volatility ETF (DVSP) is 7.77%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that DVSP 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.

Volatility by Period

	DVSP	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	11.79%	-4.02%
Volatility (6M) Calculated over the trailing 6-month period	15.89%	39.34%	-23.45%
Volatility (1Y) Calculated over the trailing 1-year period	20.91%	44.35%	-23.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.24%	36.32%	-14.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.24%	39.02%	-16.78%

DVSP vs. USO - Expense Ratio Comparison

DVSP has a 0.89% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

DVSP vs. USO - Dividend Comparison

DVSP's dividend yield for the trailing twelve months is around 0.27%, while USO has not paid dividends to shareholders.

Position	TTM	2025
DVSP WEBs SPY Defined Volatility ETF	0.27%	0.28%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both DVSP and USO in my portfolio?

DVSP and USO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVSP or USO?

USO has higher volatility (11.79%) compared to DVSP (7.77%). In terms of maximum drawdown, DVSP dropped -22.71% vs USO's -98.19%.

Which ETF is better, DVSP or USO?

On 1-year performance, USO leads with 45.61% vs 27.52% for DVSP. On fees, USO is cheaper at 0.86% per year. On volatility, DVSP has been the lower-risk option at 7.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVSP or USO?

Over the 1-year period, USO has performed better with a 45.61% return vs 27.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVSP or USO?

USO is cheaper with a 0.86% expense ratio, compared with 0.89% for DVSP.

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

DVSP has the higher dividend yield at 0.27%, compared with 0.00% for USO.

What is the main difference between DVSP and USO?

DVSP is categorized as Large Cap Blend Equities, while USO is Oil & Gas. DVSP tracks Syntax Defined Volatility US Large Cap 500 Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: WEBs and USCF. Their fees differ too: 0.89% for DVSP and 0.86% for USO.

Which has better risk-adjusted returns?

DVSP currently has the higher Sharpe Ratio (1.33 vs 1.05), 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.