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DWX vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DWX vs. USO

Last updated Jun 5, 2026

DWX (SPDR S&P International Dividend ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - DWX is a Foreign Large Cap Equities fund tracking the S&P International Dividend Opportunities 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, DWX returned 7.19%/yr vs 3.57%/yr for USO. At a 0.34 correlation, their price movements are largely independent. DWX charges 0.45%/yr vs 0.86%/yr for USO.

Performance

DWX vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Dividend ETF (DWX) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DWX achieves a 6.53% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, DWX has outperformed USO with an annualized return of 7.19%, while USO has yielded a comparatively lower 3.57% annualized return.

DWX

1D
0.28%
1M
-0.11%
YTD
6.53%
6M
8.92%
1Y
16.08%
3Y*
15.25%
5Y*
7.19%
10Y*
7.19%

USO

1D
-2.92%
1M
-5.15%
YTD
97.72%
6M
91.54%
1Y
97.20%
3Y*
28.78%
5Y*
23.67%
10Y*
3.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DWX vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DWX
SPDR S&P International Dividend ETF		6.53%31.62%2.56%14.74%-12.99%10.56%-5.10%20.26%-11.11%18.91%
USO
United States Oil Fund LP		97.72%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between DWX and USO is -0.30, 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

-0.30

Correlation (3Y)
Calculated over the trailing 3-year period

-0.11

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

0.18

Correlation (All Time)
Calculated using the full available price history since Feb 20, 2008

0.34

The correlation between DWX and USO shifts across timeframes, from -0.30 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P International Dividend ETF

United States Oil Fund LP

Often compared with DWX:
DWX vs. SCHDDWX vs. VYMIDWX vs. IDVDWX vs. PIDDWX vs. BKIEDWX vs. SPYDWX vs. IQDF
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

DWX vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DWX
DWX Risk / Return Rank: 4242
Overall Rank
DWX Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
DWX Sortino Ratio Rank: 4242
Sortino Ratio Rank
DWX Omega Ratio Rank: 4444
Omega Ratio Rank
DWX Calmar Ratio Rank: 3939
Calmar Ratio Rank
DWX Martin Ratio Rank: 3939
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6161
Sortino Ratio Rank
USO Omega Ratio Rank: 6262
Omega Ratio Rank
USO Calmar Ratio Rank: 8686
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
Martin Ratio Rank
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.

DWX vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Dividend ETF (DWX) 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.

DWXUSODifference
Sharpe ratioReturn per unit of total volatility
1.50
2.21

-0.71

Sortino ratioReturn per unit of downside risk
2.10
2.80

-0.70

Omega ratioGain probability vs. loss probability

1.27

1.37

-0.09

Calmar ratioReturn relative to maximum drawdown

1.88

4.79

-2.91

Martin ratioReturn relative to average drawdown

6.10

9.00

-2.90

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DWX vs. USO - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.50, which is lower than the USO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of DWX 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.

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Sharpe Ratios by Period

DWXUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.50

2.21

-0.71

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

0.66

-0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.48

0.09

+0.39

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

-0.18

+0.30

Drawdowns

DWX vs. USO - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for DWX and USO.

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Drawdown Indicators

DWXUSODifference

Max Drawdown

Largest peak-to-trough decline

-66.86%

-98.19%

+31.33%

Max Drawdown (1Y)

Largest decline over 1 year

-8.59%

-20.39%

+11.80%

Max Drawdown (3Y)

Largest decline over 3 years

-10.65%

-26.05%

+15.40%

Max Drawdown (5Y)

Largest decline over 5 years

-26.96%

-36.23%

+9.27%

Max Drawdown (10Y)

Largest decline over 10 years

-36.05%

-86.75%

+50.70%

Current Drawdown

Current decline from peak

-3.85%

-85.45%

+81.60%

Average Drawdown

Average peak-to-trough decline

-14.13%

-75.30%

+61.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.64%

10.84%

-8.20%

Volatility

DWX vs. USO - Volatility Comparison

The current volatility for SPDR S&P International Dividend ETF (DWX) is 2.76%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that DWX 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

DWXUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.76%

14.97%

-12.21%

Volatility (6M)

Calculated over the trailing 6-month period

8.66%

38.35%

-29.69%

Volatility (1Y)

Calculated over the trailing 1-year period

10.77%

44.32%

-33.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.20%

36.09%

-23.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.09%

39.00%

-23.91%

DWX vs. USO - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

DWX vs. USO - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 4.19%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
DWX
SPDR S&P International Dividend ETF		4.19%4.44%4.31%4.12%4.68%3.89%3.84%4.40%5.06%3.85%5.25%5.81%
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

DWX and USO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (14.97%) compared to DWX (2.76%). In terms of maximum drawdown, DWX dropped -66.86% vs USO's -98.19%.

On 10-year performance, DWX leads with 7.19% vs 3.57% for USO. On fees, DWX is cheaper at 0.45% per year. On volatility, DWX has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DWX has performed better with a 7.19% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DWX is cheaper with a 0.45% expense ratio, compared with 0.86% for USO.

DWX has the higher dividend yield at 4.19%, compared with 0.00% for USO.

DWX is categorized as Foreign Large Cap Equities, while USO is Oil & Gas. DWX tracks S&P International Dividend Opportunities Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: State Street and USCF. Their fees differ too: 0.45% for DWX and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.21 vs 1.50), 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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