ETHT vs. USO

Last updated Jun 4, 2026

ETHT (ProShares Ultra Ether ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - ETHT is a Cryptocurrency fund tracking the Bloomberg Ethereum Index (200%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, ETHT returned -76.37% vs 101.55% for USO. At a correlation of -0.01, they often move in opposite directions. ETHT charges 0.94%/yr vs 0.86%/yr for USO.

Performance

ETHT vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) 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, ETHT achieves a -72.39% return, which is significantly lower than USO's 103.67% return.

ETHT

• 1D: -11.32%
• 1M: -43.48%
• YTD: -72.39%
• 6M: -76.21%
• 1Y: -76.37%
• 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)

ETHT vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-72.39%	-64.86%	-41.68%
USO United States Oil Fund LP	103.67%	-8.46%	3.46%

Correlation

The correlation between ETHT 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 Jun 10, 2024	-0.01

Return for Risk

ETHT vs. USO — Risk / Return Rank

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

ETHT

ETHT Risk / Return Rank: 3
ETHT Sharpe Ratio Rank: 4
ETHT Sortino Ratio Rank: 4
ETHT Omega Ratio Rank: 5
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 3

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.

ETHT vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Ether ETF (ETHT) 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.

	ETHT	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	2.31	-2.87
Sortino ratio: Return per unit of downside risk	-0.54	2.89	-3.43
Omega ratio: Gain probability vs. loss probability	0.94	1.38	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.83	5.01	-5.84
Martin ratio: Return relative to average drawdown	-1.22	9.42	-10.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHT vs. USO - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.56, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of ETHT 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

	ETHT	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	2.31	-2.87
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	-0.54	-0.18	-0.36

Drawdowns

ETHT vs. USO - Drawdown Comparison

The maximum ETHT drawdown since its inception was -94.34%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for ETHT and USO.

Drawdown Indicators

	ETHT	USO	Difference
Max Drawdown Largest peak-to-trough decline	-94.34%	-98.19%	+3.85%
Max Drawdown (1Y) Largest decline over 1 year	-91.91%	-20.39%	-71.52%
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	-94.34%	-85.01%	-9.33%
Average Drawdown Average peak-to-trough decline	-64.82%	-75.30%	+10.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.48%	10.82%	+51.66%

Volatility

ETHT vs. USO - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 20.43% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that ETHT's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHT	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.43%	14.87%	+5.56%
Volatility (6M) Calculated over the trailing 6-month period	92.88%	38.23%	+54.65%
Volatility (1Y) Calculated over the trailing 1-year period	136.57%	44.20%	+92.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.90%	36.06%	+106.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.90%	39.00%	+103.90%

ETHT vs. USO - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

ETHT vs. USO - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 17.20%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
ETHT ProShares Ultra Ether ETF	17.20%	4.57%	0.02%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHT and USO in my portfolio?

ETHT 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, ETHT or USO?

ETHT has higher volatility (20.43%) compared to USO (14.87%). In terms of maximum drawdown, ETHT dropped -94.34% vs USO's -98.19%.

Which ETF is better, ETHT or USO?

On 1-year performance, USO leads with 101.55% vs -76.37% for ETHT. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs -76.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHT or USO?

USO is cheaper with a 0.86% expense ratio, compared with 0.94% for ETHT.

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

ETHT has the higher dividend yield at 17.20%, compared with 0.00% for USO.

What is the main difference between ETHT and USO?

ETHT is categorized as Cryptocurrency, while USO is Oil & Gas. ETHT tracks Bloomberg Ethereum Index (200%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.94% for ETHT and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs -0.56), 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.