ESPO vs. USO
ESPO (VanEck Vectors Video Gaming and eSports ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - ESPO is a Large Cap Growth Equities fund tracking the MVIS Global Video Gaming and eSports 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, ESPO returned 6.23%/yr vs 24.41%/yr for USO. At a 0.11 correlation, their price movements are largely independent. ESPO charges 0.55%/yr vs 0.86%/yr for USO.
Performance
ESPO vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, ESPO achieves a -13.31% return, which is significantly lower than USO's 103.67% return.
ESPO
- 1D
- -2.20%
- 1M
- -1.23%
- YTD
- -13.31%
- 6M
- -16.99%
- 1Y
- -11.55%
- 3Y*
- 19.46%
- 5Y*
- 6.23%
- 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%
ESPO vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ESPO VanEck Vectors Video Gaming and eSports ETF | -13.31% | 25.79% | 47.61% | 33.64% | -34.71% | -2.13% | 83.93% | 42.36% | -12.57% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -34.82% |
Correlation
The correlation between ESPO and USO is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018 | 0.11 |
The correlation between ESPO and USO shifts across timeframes, from -0.28 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ESPO vs. USO — Risk / Return Rank
ESPO
USO
ESPO vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Video Gaming and eSports ETF (ESPO) 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.
| ESPO | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.93 | ||
| Sortino ratioReturn per unit of downside risk | -3.64 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.38 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 5.01 | -5.42 |
| Martin ratioReturn relative to average drawdown | -0.76 | 9.42 | -10.17 |
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
| ESPO | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.62 | 2.31 | -2.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.68 | -0.43 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | -0.18 | +0.81 |
Drawdowns
ESPO vs. USO - Drawdown Comparison
The maximum ESPO drawdown since its inception was -50.99%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for ESPO and USO.
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Drawdown Indicators
| ESPO | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.99% | -98.19% | +47.20% |
Max Drawdown (1Y)Largest decline over 1 year | -27.81% | -20.39% | -7.42% |
Max Drawdown (3Y)Largest decline over 3 years | -27.81% | -26.05% | -1.76% |
Max Drawdown (5Y)Largest decline over 5 years | -48.33% | -36.23% | -12.10% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -25.66% | -85.01% | +59.35% |
Average DrawdownAverage peak-to-trough decline | -15.03% | -75.30% | +60.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.30% | 10.82% | +4.48% |
Volatility
ESPO vs. USO - Volatility Comparison
The current volatility for VanEck Vectors Video Gaming and eSports ETF (ESPO) is 5.00%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that ESPO 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
| ESPO | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 14.87% | -9.87% |
Volatility (6M)Calculated over the trailing 6-month period | 14.58% | 38.23% | -23.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.85% | 44.20% | -25.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.12% | 36.06% | -10.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.75% | 39.00% | -13.25% |
ESPO vs. USO - Expense Ratio Comparison
ESPO has a 0.55% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
ESPO vs. USO - Dividend Comparison
ESPO's dividend yield for the trailing twelve months is around 1.44%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ESPO VanEck Vectors Video Gaming and eSports ETF | 1.44% | 1.24% | 0.44% | 0.96% | 0.91% | 3.36% | 0.12% | 0.22% | 0.04% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ESPO and USO have a correlation of -0.28, 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 ESPO (5.00%). In terms of maximum drawdown, ESPO dropped -50.99% vs USO's -98.19%.
On 5-year performance, USO leads with 24.41% vs 6.23% for ESPO. On fees, ESPO is cheaper at 0.55% per year. On volatility, ESPO has been the lower-risk option at 5.00%. 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 24.41% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ESPO is cheaper with a 0.55% expense ratio, compared with 0.86% for USO.
ESPO has the higher dividend yield at 1.44%, compared with 0.00% for USO.
ESPO is categorized as Large Cap Growth Equities, while USO is Oil & Gas. ESPO tracks MVIS Global Video Gaming and eSports Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: VanEck and USCF. Their fees differ too: 0.55% for ESPO and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs -0.62), 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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