EPRF vs. USO
EPRF (Innovator S&P High Quality Preferred ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EPRF is a Preferred Stock/Convertible Bonds fund tracking the S&P U.S. High Quality Preferred Stock Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, EPRF returned -2.02%/yr vs 19.41%/yr for USO. At a 0.09 correlation, their price movements are largely independent. EPRF charges 0.47%/yr vs 0.86%/yr for USO.
Performance
EPRF vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, EPRF achieves a -2.15% return, which is significantly lower than USO's 72.50% return.
EPRF
- 1D
- -0.06%
- 1M
- -0.76%
- 6M
- -4.59%
- YTD
- -2.15%
- 1Y
- -1.05%
- 3Y*
- 3.16%
- 5Y*
- -2.02%
- 10Y*
- —
USO
- 1D
- -1.71%
- 1M
- 3.32%
- 6M
- 67.72%
- YTD
- 72.50%
- 1Y
- 58.66%
- 3Y*
- 21.46%
- 5Y*
- 19.41%
- 10Y*
- 3.26%
EPRF vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | -2.15% | 2.69% | 3.46% | 9.43% | -20.68% | 1.37% | 7.38% | 19.54% | -5.58% | -0.39% |
USO United States Oil Fund LP | 72.50% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 26.42% |
Correlation
The correlation between EPRF and USO is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 2017 | 0.09 |
The correlation between EPRF and USO shifts across timeframes, from -0.20 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EPRF vs. USO — Risk / Return Rank
EPRF
USO
EPRF vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator S&P High Quality Preferred ETF (EPRF) 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.
| EPRF | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -2.13 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.24 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 1.81 | -1.94 |
| Martin ratioReturn relative to average drawdown | -0.23 | 4.80 | -5.03 |
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Drawdowns
EPRF vs. USO - Drawdown Comparison
The maximum EPRF drawdown since its inception was -26.82%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EPRF and USO.
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Drawdown Indicators
| EPRF | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.82% | -98.19% | +71.37% |
Max Drawdown (1Y)Largest decline over 1 year | -8.59% | -32.49% | +23.90% |
Max Drawdown (3Y)Largest decline over 3 years | -12.29% | -32.49% | +20.20% |
Max Drawdown (5Y)Largest decline over 5 years | -25.23% | -36.23% | +11.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -10.84% | -87.31% | +76.47% |
Average DrawdownAverage peak-to-trough decline | -7.42% | -75.36% | +67.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.61% | 12.26% | -7.65% |
Volatility
EPRF vs. USO - Volatility Comparison
The current volatility for Innovator S&P High Quality Preferred ETF (EPRF) is 2.31%, while United States Oil Fund LP (USO) has a volatility of 14.21%. This indicates that EPRF 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
| EPRF | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 14.21% | -11.90% |
Volatility (6M)Calculated over the trailing 6-month period | 5.57% | 40.74% | -35.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.45% | 44.91% | -37.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.85% | 36.68% | -24.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.42% | 39.07% | -25.65% |
EPRF vs. USO - Expense Ratio Comparison
EPRF has a 0.47% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
EPRF vs. USO - Dividend Comparison
EPRF's dividend yield for the trailing twelve months is around 6.17%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | 6.17% | 6.03% | 6.13% | 5.71% | 5.67% | 4.70% | 4.92% | 5.01% | 5.27% | 2.59% |
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% |
Frequently Asked Questions
EPRF and USO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.21%) compared to EPRF (2.31%). In terms of maximum drawdown, EPRF dropped -26.82% vs USO's -98.19%.
On 5-year performance, USO leads with 19.41% vs -2.02% for EPRF. On fees, EPRF is cheaper at 0.47% per year. On volatility, EPRF has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 19.41% return vs -2.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EPRF is cheaper with a 0.47% expense ratio, compared with 0.86% for USO.
EPRF has the higher dividend yield at 6.17%, compared with 0.00% for USO.
EPRF is categorized as Preferred Stock/Convertible Bonds, while USO is Oil & Gas. EPRF tracks S&P U.S. High Quality Preferred Stock Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Innovator and USCF. Their fees differ too: 0.47% for EPRF and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.31 vs -0.14), 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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