EETH vs. USO

Last updated Jun 5, 2026

EETH (ProShares Ether Strategy ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EETH is a Cryptocurrency fund actively managed by ProShares, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. EETH is actively managed, while USO is passively managed. Over the past year, EETH returned -35.87% vs 97.20% for USO. At a correlation of -0.03, they often move in opposite directions. EETH charges 0.95%/yr vs 0.86%/yr for USO.

Performance

EETH vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ether Strategy ETF (EETH) 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, EETH achieves a -41.20% return, which is significantly lower than USO's 97.72% return.

EETH

• 1D: -1.45%
• 1M: -25.38%
• YTD: -41.20%
• 6M: -44.62%
• 1Y: -35.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

EETH vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EETH ProShares Ether Strategy ETF	-41.20%	-17.19%	33.29%	35.44%
USO United States Oil Fund LP	97.72%	-8.46%	13.35%	-16.05%

Correlation

The correlation between EETH and USO is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	-0.03

Return for Risk

EETH vs. USO — Risk / Return Rank

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

EETH

EETH Risk / Return Rank: 5
EETH Sharpe Ratio Rank: 5
EETH Sortino Ratio Rank: 5
EETH Omega Ratio Rank: 5
EETH Calmar Ratio Rank: 4
EETH Martin Ratio Rank: 5

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 68
USO Sortino Ratio Rank: 61
USO Omega Ratio Rank: 62
USO Calmar Ratio Rank: 86
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.

EETH vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ether Strategy ETF (EETH) 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.

	EETH	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	2.21	-2.73
Sortino ratio: Return per unit of downside risk	-0.44	2.80	-3.24
Omega ratio: Gain probability vs. loss probability	0.95	1.37	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.56	4.79	-5.35
Martin ratio: Return relative to average drawdown	-0.92	9.00	-9.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EETH vs. USO - Sharpe Ratio Comparison

The current EETH Sharpe Ratio is -0.52, which is lower than the USO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of EETH 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

	EETH	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	2.21	-2.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	-0.18	+0.11

Drawdowns

EETH vs. USO - Drawdown Comparison

The maximum EETH 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 EETH and USO.

Drawdown Indicators

	EETH	USO	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-98.19%	+31.33%
Max Drawdown (1Y) Largest decline over 1 year	-64.70%	-20.39%	-44.31%
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	-64.70%	-85.45%	+20.75%
Average Drawdown Average peak-to-trough decline	-29.51%	-75.30%	+45.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.97%	10.84%	+28.13%

Volatility

EETH vs. USO - Volatility Comparison

The current volatility for ProShares Ether Strategy ETF (EETH) is 9.70%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that EETH 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

	EETH	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.70%	14.97%	-5.27%
Volatility (6M) Calculated over the trailing 6-month period	45.46%	38.35%	+7.11%
Volatility (1Y) Calculated over the trailing 1-year period	68.71%	44.32%	+24.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.88%	36.09%	+32.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.88%	39.00%	+29.88%

EETH vs. USO - Expense Ratio Comparison

EETH has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

EETH vs. USO - Dividend Comparison

EETH's dividend yield for the trailing twelve months is around 90.35%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
EETH ProShares Ether Strategy ETF	90.35%	56.98%	10.82%	0.52%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EETH and USO in my portfolio?

EETH and USO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EETH or USO?

USO has higher volatility (14.97%) compared to EETH (9.70%). In terms of maximum drawdown, EETH dropped -66.86% vs USO's -98.19%.

Which ETF is better, EETH or USO?

On 1-year performance, USO leads with 97.20% vs -35.87% for EETH. On fees, USO is cheaper at 0.86% per year. On volatility, EETH has been the lower-risk option at 9.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EETH or USO?

Over the 1-year period, USO has performed better with a 97.20% return vs -35.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EETH or USO?

USO is cheaper with a 0.86% expense ratio, compared with 0.95% for EETH.

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

EETH has the higher dividend yield at 90.35%, compared with 0.00% for USO.

What is the main difference between EETH and USO?

EETH is categorized as Cryptocurrency, while USO is Oil & Gas. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for EETH and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.21 vs -0.52), 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.