ETHU vs. USO

Last updated Jun 4, 2026

ETHU (Volatility Shares 2x Ether ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - ETHU is a Cryptocurrency fund actively managed by Volatility Shares, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. ETHU is actively managed, while USO is passively managed. Over the past year, ETHU returned -75.44% vs 101.55% for USO. At a correlation of -0.02, they often move in opposite directions. ETHU charges 0.94%/yr vs 0.86%/yr for USO.

Performance

ETHU vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Ether ETF (ETHU) 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, ETHU achieves a -71.31% return, which is significantly lower than USO's 103.67% return.

ETHU

• 1D: -11.44%
• 1M: -43.11%
• YTD: -71.31%
• 6M: -75.18%
• 1Y: -75.44%
• 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)

ETHU vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-71.31%	-64.38%	-49.29%
USO United States Oil Fund LP	103.67%	-8.46%	6.27%

Correlation

The correlation between ETHU 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 5, 2024	-0.02

Return for Risk

ETHU vs. USO — Risk / Return Rank

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

ETHU

ETHU Risk / Return Rank: 4
ETHU Sharpe Ratio Rank: 4
ETHU Sortino Ratio Rank: 5
ETHU Omega Ratio Rank: 5
ETHU Calmar Ratio Rank: 2
ETHU 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.

ETHU vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) 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.

	ETHU	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	2.31	-2.86
Sortino ratio: Return per unit of downside risk	-0.48	2.89	-3.37
Omega ratio: Gain probability vs. loss probability	0.95	1.38	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.83	5.01	-5.83
Martin ratio: Return relative to average drawdown	-1.21	9.42	-10.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHU vs. USO - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.55, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of ETHU 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

	ETHU	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	2.31	-2.86
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	-0.37

Drawdowns

ETHU vs. USO - Drawdown Comparison

The maximum ETHU drawdown since its inception was -95.03%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for ETHU and USO.

Drawdown Indicators

	ETHU	USO	Difference
Max Drawdown Largest peak-to-trough decline	-95.03%	-98.19%	+3.16%
Max Drawdown (1Y) Largest decline over 1 year	-91.56%	-20.39%	-71.17%
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	-95.03%	-85.01%	-10.02%
Average Drawdown Average peak-to-trough decline	-69.40%	-75.30%	+5.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.34%	10.82%	+51.52%

Volatility

ETHU vs. USO - Volatility Comparison

Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 20.46% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that ETHU'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

	ETHU	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.46%	14.87%	+5.59%
Volatility (6M) Calculated over the trailing 6-month period	93.82%	38.23%	+55.59%
Volatility (1Y) Calculated over the trailing 1-year period	137.60%	44.20%	+93.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.09%	36.06%	+107.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.09%	39.00%	+104.09%

ETHU vs. USO - Expense Ratio Comparison

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

Dividends

ETHU vs. USO - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 5.01%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
ETHU Volatility Shares 2x Ether ETF	5.01%	2.31%	0.41%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHU and USO in my portfolio?

ETHU 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, ETHU or USO?

ETHU has higher volatility (20.46%) compared to USO (14.87%). In terms of maximum drawdown, ETHU dropped -95.03% vs USO's -98.19%.

Which ETF is better, ETHU or USO?

On 1-year performance, USO leads with 101.55% vs -75.44% for ETHU. 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, ETHU or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs -75.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHU or USO?

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

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

ETHU has the higher dividend yield at 5.01%, compared with 0.00% for USO.

What is the main difference between ETHU and USO?

ETHU is categorized as Cryptocurrency, while USO is Oil & Gas. They also come from different issuers: Volatility Shares and USCF. Their fees differ too: 0.94% for ETHU and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs -0.55), 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.