ETHA vs. USO

Last updated Jun 5, 2026

ETHA (iShares Ethereum Trust ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - ETHA is a Cryptocurrency fund tracking the CME CF Ether Dollar Reference Rate - New York Variant, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, ETHA returned -32.65% vs 97.20% for USO. At a correlation of -0.01, they often move in opposite directions. ETHA charges 0.25%/yr vs 0.86%/yr for USO.

Performance

ETHA vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ethereum Trust ETF (ETHA) 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, ETHA achieves a -40.30% return, which is significantly lower than USO's 97.72% return.

ETHA

• 1D: -1.40%
• 1M: -25.20%
• YTD: -40.30%
• 6M: -43.67%
• 1Y: -32.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: -2.92%
• 1M: -5.15%
• YTD: 97.72%
• 6M: 91.54%
• 1Y: 97.20%
• 3Y*: 28.78%
• 5Y*: 23.67%
• 10Y*: 3.57%

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

ETHA vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHA iShares Ethereum Trust ETF	-40.30%	-11.31%	-3.62%
USO United States Oil Fund LP	97.72%	-8.46%	-1.40%

Correlation

The correlation between ETHA and USO is -0.09, 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	-0.09
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	-0.01

Return for Risk

ETHA vs. USO — Risk / Return Rank

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

ETHA

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

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 68
USO Sortino Ratio Rank: 61
USO Omega Ratio Rank: 62
USO Calmar Ratio Rank: 86
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.

ETHA vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.

	ETHA	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	2.21	-2.68
Sortino ratio: Return per unit of downside risk	-0.34	2.80	-3.14
Omega ratio: Gain probability vs. loss probability	0.96	1.37	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.52	4.79	-5.31
Martin ratio: Return relative to average drawdown	-0.86	9.00	-9.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHA vs. USO - Sharpe Ratio Comparison

The current ETHA Sharpe Ratio is -0.48, which is lower than the USO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of ETHA 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

	ETHA	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	2.21	-2.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-0.18	-0.24

Drawdowns

ETHA vs. USO - Drawdown Comparison

The maximum ETHA drawdown since its inception was -64.02%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for ETHA and USO.

Drawdown Indicators

	ETHA	USO	Difference
Max Drawdown Largest peak-to-trough decline	-64.02%	-98.19%	+34.17%
Max Drawdown (1Y) Largest decline over 1 year	-63.41%	-20.39%	-43.02%
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	-63.41%	-85.45%	+22.04%
Average Drawdown Average peak-to-trough decline	-32.71%	-75.30%	+42.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.94%	10.84%	+27.10%

Volatility

ETHA vs. USO - Volatility Comparison

The current volatility for iShares Ethereum Trust ETF (ETHA) is 9.93%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that ETHA 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

	ETHA	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.93%	14.97%	-5.04%
Volatility (6M) Calculated over the trailing 6-month period	45.48%	38.35%	+7.13%
Volatility (1Y) Calculated over the trailing 1-year period	68.51%	44.32%	+24.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.46%	36.09%	+36.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.46%	39.00%	+33.46%

ETHA vs. USO - Expense Ratio Comparison

ETHA has a 0.25% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

ETHA vs. USO - Dividend Comparison

Neither ETHA nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHA and USO in my portfolio?

ETHA and USO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHA or USO?

USO has higher volatility (14.97%) compared to ETHA (9.93%). In terms of maximum drawdown, ETHA dropped -64.02% vs USO's -98.19%.

Which ETF is better, ETHA or USO?

On 1-year performance, USO leads with 97.20% vs -32.65% for ETHA. On fees, ETHA is cheaper at 0.25% per year. On volatility, ETHA has been the lower-risk option at 9.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHA or USO?

Over the 1-year period, USO has performed better with a 97.20% return vs -32.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHA or USO?

ETHA is cheaper with a 0.25% expense ratio, compared with 0.86% for USO.

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

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

What is the main difference between ETHA and USO?

ETHA is categorized as Cryptocurrency, while USO is Oil & Gas. ETHA tracks CME CF Ether Dollar Reference Rate - New York Variant, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.25% for ETHA and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.21 vs -0.48), 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.