EPSV vs. USO

Last updated Jun 4, 2026

EPSV (Harbor SMID Cap Value ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EPSV is a Small Cap Value Equities fund actively managed by Harbor, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. EPSV is actively managed, while USO is passively managed. Over the past year, EPSV returned 46.19% vs 101.55% for USO. At a correlation of -0.17, they often move in opposite directions. EPSV charges 0.88%/yr vs 0.86%/yr for USO.

Performance

EPSV vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor SMID Cap Value ETF (EPSV) 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, EPSV achieves a 26.42% return, which is significantly lower than USO's 103.67% return.

EPSV

• 1D: -0.04%
• 1M: 7.26%
• YTD: 26.42%
• 6M: 26.98%
• 1Y: 46.19%
• 3Y*: —
• 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%

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

EPSV vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
EPSV Harbor SMID Cap Value ETF	26.42%	20.91%
USO United States Oil Fund LP	103.67%	8.05%

Correlation

The correlation between EPSV and USO is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since May 5, 2025	-0.17

Return for Risk

EPSV vs. USO — Risk / Return Rank

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

EPSV

EPSV Risk / Return Rank: 83
EPSV Sharpe Ratio Rank: 81
EPSV Sortino Ratio Rank: 83
EPSV Omega Ratio Rank: 77
EPSV Calmar Ratio Rank: 88
EPSV Martin Ratio Rank: 86

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
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.

EPSV vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor SMID Cap Value ETF (EPSV) 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.

	EPSV	USO	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.31	+0.31
Sortino ratio: Return per unit of downside risk	3.68	2.89	+0.79
Omega ratio: Gain probability vs. loss probability	1.46	1.38	+0.07
Calmar ratio: Return relative to maximum drawdown	5.19	5.01	+0.19
Martin ratio: Return relative to average drawdown	18.03	9.42	+8.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPSV vs. USO - Sharpe Ratio Comparison

The current EPSV Sharpe Ratio is 2.62, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of EPSV 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

	EPSV	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.31	+0.31
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	2.66	-0.18	+2.84

Drawdowns

EPSV vs. USO - Drawdown Comparison

The maximum EPSV drawdown since its inception was -8.93%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EPSV and USO.

Drawdown Indicators

	EPSV	USO	Difference
Max Drawdown Largest peak-to-trough decline	-8.93%	-98.19%	+89.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-20.39%	+11.46%
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	-0.04%	-85.01%	+84.97%
Average Drawdown Average peak-to-trough decline	-1.67%	-75.30%	+73.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	10.82%	-8.25%

Volatility

EPSV vs. USO - Volatility Comparison

The current volatility for Harbor SMID Cap Value ETF (EPSV) is 6.05%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that EPSV 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

	EPSV	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	14.87%	-8.82%
Volatility (6M) Calculated over the trailing 6-month period	12.80%	38.23%	-25.43%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	44.20%	-26.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.14%	36.06%	-17.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	39.00%	-20.86%

EPSV vs. USO - Expense Ratio Comparison

EPSV has a 0.88% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

EPSV vs. USO - Dividend Comparison

EPSV's dividend yield for the trailing twelve months is around 2.28%, while USO has not paid dividends to shareholders.

Position	TTM	2025
EPSV Harbor SMID Cap Value ETF	2.28%	2.88%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPSV and USO in my portfolio?

EPSV and USO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPSV or USO?

USO has higher volatility (14.87%) compared to EPSV (6.05%). In terms of maximum drawdown, EPSV dropped -8.93% vs USO's -98.19%.

Which ETF is better, EPSV or USO?

On 1-year performance, USO leads with 101.55% vs 46.19% for EPSV. On fees, USO is cheaper at 0.86% per year. On volatility, EPSV has been the lower-risk option at 6.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPSV or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs 46.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPSV or USO?

USO is cheaper with a 0.86% expense ratio, compared with 0.88% for EPSV.

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

EPSV has the higher dividend yield at 2.28%, compared with 0.00% for USO.

What is the main difference between EPSV and USO?

EPSV is categorized as Small Cap Value Equities, while USO is Oil & Gas. They also come from different issuers: Harbor and USCF. Their fees differ too: 0.88% for EPSV and 0.86% for USO.

Which has better risk-adjusted returns?

EPSV currently has the higher Sharpe Ratio (2.62 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.