EIPX vs. USO
EIPX (FT Energy Income Partners Strategy ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EIPX is a Energy Equities fund actively managed by First Trust, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. EIPX is actively managed, while USO is passively managed. Over the past 3 years, EIPX returned 21.12%/yr vs 29.98%/yr for USO. A 0.51 correlation means they provide meaningful diversification when combined. EIPX charges 0.95%/yr vs 0.86%/yr for USO.
Performance
EIPX vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, EIPX achieves a 21.96% return, which is significantly lower than USO's 103.67% return.
EIPX
- 1D
- 0.19%
- 1M
- -2.12%
- YTD
- 21.96%
- 6M
- 19.46%
- 1Y
- 30.04%
- 3Y*
- 21.12%
- 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%
EIPX vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EIPX FT Energy Income Partners Strategy ETF | 21.96% | 11.44% | 19.11% | 10.74% | 0.56% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | -4.34% |
Correlation
The correlation between EIPX and USO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2022 | 0.51 |
The correlation between EIPX and USO has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.
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Return for Risk
EIPX vs. USO — Risk / Return Rank
EIPX
USO
EIPX vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Energy Income Partners Strategy ETF (EIPX) 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.
| EIPX | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.38 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 7.32 | 5.01 | +2.32 |
| Martin ratioReturn relative to average drawdown | 20.31 | 9.42 | +10.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EIPX | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.71 | 2.31 | +0.40 |
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 | 1.20 | -0.18 | +1.37 |
Drawdowns
EIPX vs. USO - Drawdown Comparison
The maximum EIPX drawdown since its inception was -15.43%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EIPX and USO.
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Drawdown Indicators
| EIPX | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.43% | -98.19% | +82.76% |
Max Drawdown (1Y)Largest decline over 1 year | -4.12% | -20.39% | +16.27% |
Max Drawdown (3Y)Largest decline over 3 years | -15.43% | -26.05% | +10.62% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -2.58% | -85.01% | +82.43% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -75.30% | +73.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.49% | 10.82% | -9.33% |
Volatility
EIPX vs. USO - Volatility Comparison
The current volatility for FT Energy Income Partners Strategy ETF (EIPX) is 4.01%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that EIPX 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
| EIPX | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.01% | 14.87% | -10.86% |
Volatility (6M)Calculated over the trailing 6-month period | 8.50% | 38.23% | -29.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.17% | 44.20% | -33.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.06% | 36.06% | -21.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.06% | 39.00% | -23.94% |
EIPX vs. USO - Expense Ratio Comparison
EIPX has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
EIPX vs. USO - Dividend Comparison
EIPX's dividend yield for the trailing twelve months is around 2.68%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
EIPX FT Energy Income Partners Strategy ETF | 2.68% | 3.23% | 3.27% | 3.48% | 0.34% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EIPX and USO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.87%) compared to EIPX (4.01%). In terms of maximum drawdown, EIPX dropped -15.43% vs USO's -98.19%.
On 3-year performance, USO leads with 29.98% vs 21.12% for EIPX. On fees, USO is cheaper at 0.86% per year. On volatility, EIPX has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 29.98% return vs 21.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for EIPX.
EIPX has the higher dividend yield at 2.68%, compared with 0.00% for USO.
EIPX is categorized as Energy Equities, while USO is Oil & Gas. They also come from different issuers: First Trust and USCF. Their fees differ too: 0.95% for EIPX and 0.86% for USO.
EIPX currently has the higher Sharpe Ratio (2.71 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.
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