ETH vs. USO

Last updated Jun 4, 2026

ETH (Grayscale Ethereum Staking Mini ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - ETH is a Cryptocurrency fund actively managed by Grayscale, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. ETH is actively managed, while USO is passively managed. Over the past year, ETH returned -30.84% vs 101.55% for USO. At a correlation of -0.01, they often move in opposite directions. ETH charges 0.15%/yr vs 0.86%/yr for USO.

Performance

ETH vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Staking Mini ETF (ETH) 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, ETH achieves a -38.95% return, which is significantly lower than USO's 103.67% return.

ETH

• 1D: -5.52%
• 1M: -23.42%
• YTD: -38.95%
• 6M: -42.17%
• 1Y: -30.84%
• 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)

ETH vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETH Grayscale Ethereum Staking Mini ETF	-38.95%	-10.89%	-3.70%
USO United States Oil Fund LP	103.67%	-8.46%	-1.40%

Correlation

The correlation between ETH and USO is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	-0.01

Return for Risk

ETH vs. USO — Risk / Return Rank

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

ETH

ETH Risk / Return Rank: 5
ETH Sharpe Ratio Rank: 5
ETH Sortino Ratio Rank: 6
ETH Omega Ratio Rank: 6
ETH Calmar Ratio Rank: 5
ETH Martin Ratio Rank: 5

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.

ETH vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Staking Mini ETF (ETH) 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.

	ETH	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	2.31	-2.76
Sortino ratio: Return per unit of downside risk	-0.29	2.89	-3.18
Omega ratio: Gain probability vs. loss probability	0.97	1.38	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.50	5.01	-5.50
Martin ratio: Return relative to average drawdown	-0.82	9.42	-10.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETH vs. USO - Sharpe Ratio Comparison

The current ETH Sharpe Ratio is -0.45, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of ETH 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

	ETH	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.45	2.31	-2.76
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	-0.41	-0.18	-0.23

Drawdowns

ETH vs. USO - Drawdown Comparison

The maximum ETH drawdown since its inception was -64.01%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for ETH and USO.

Drawdown Indicators

	ETH	USO	Difference
Max Drawdown Largest peak-to-trough decline	-64.01%	-98.19%	+34.18%
Max Drawdown (1Y) Largest decline over 1 year	-62.40%	-20.39%	-42.01%
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	-62.40%	-85.01%	+22.61%
Average Drawdown Average peak-to-trough decline	-32.58%	-75.30%	+42.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.50%	10.82%	+26.68%

Volatility

ETH vs. USO - Volatility Comparison

The current volatility for Grayscale Ethereum Staking Mini ETF (ETH) is 9.90%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that ETH 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

	ETH	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.90%	14.87%	-4.97%
Volatility (6M) Calculated over the trailing 6-month period	46.02%	38.23%	+7.79%
Volatility (1Y) Calculated over the trailing 1-year period	68.34%	44.20%	+24.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.26%	36.06%	+36.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.26%	39.00%	+33.26%

ETH vs. USO - Expense Ratio Comparison

ETH has a 0.15% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

ETH vs. USO - Dividend Comparison

Neither ETH nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETH and USO in my portfolio?

ETH 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, ETH or USO?

USO has higher volatility (14.87%) compared to ETH (9.90%). In terms of maximum drawdown, ETH dropped -64.01% vs USO's -98.19%.

Which ETF is better, ETH or USO?

On 1-year performance, USO leads with 101.55% vs -30.84% for ETH. On fees, ETH is cheaper at 0.15% per year. On volatility, ETH has been the lower-risk option at 9.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETH or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs -30.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETH or USO?

ETH is cheaper with a 0.15% expense ratio, compared with 0.86% for USO.

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

ETH and USO have nearly identical dividend yields, around 0.00%.

What is the main difference between ETH and USO?

ETH is categorized as Cryptocurrency, while USO is Oil & Gas. They also come from different issuers: Grayscale and USCF. Their fees differ too: 0.15% for ETH and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs -0.45), 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.