EVTR vs. USO

Last updated Jun 25, 2026

EVTR (Eaton Vance Total Return Bond ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EVTR is a Intermediate Core-Plus Bond fund actively managed by Eaton Vance, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. EVTR is actively managed, while USO is passively managed. Over the past year, EVTR returned 5.16% vs 45.60% for USO. At a correlation of -0.29, they often move in opposite directions. EVTR charges 0.32%/yr vs 0.86%/yr for USO.

Performance

EVTR vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Total Return Bond ETF (EVTR) 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, EVTR achieves a 1.01% return, which is significantly lower than USO's 53.69% return.

EVTR

• 1D: 0.49%
• 1M: 1.22%
• YTD: 1.01%
• 6M: 0.97%
• 1Y: 5.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: -4.47%
• 1M: -24.57%
• YTD: 53.69%
• 6M: 51.41%
• 1Y: 45.60%
• 3Y*: 19.41%
• 5Y*: 16.16%
• 10Y*: 1.54%

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

EVTR vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EVTR Eaton Vance Total Return Bond ETF	1.01%	8.10%	4.03%
USO United States Oil Fund LP	53.69%	-8.46%	-1.47%

Correlation

The correlation between EVTR and USO is -0.45, 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	-0.45
Correlation (All Time) Calculated using the full available price history since Mar 25, 2024	-0.29

The correlation between EVTR and USO shifts across timeframes, from -0.45 (1 year) to -0.29 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EVTR vs. USO — Risk / Return Rank

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

EVTR

EVTR Risk / Return Rank: 42
EVTR Sharpe Ratio Rank: 44
EVTR Sortino Ratio Rank: 46
EVTR Omega Ratio Rank: 42
EVTR Calmar Ratio Rank: 40
EVTR Martin Ratio Rank: 38

USO

USO Risk / Return Rank: 33
USO Sharpe Ratio Rank: 31
USO Sortino Ratio Rank: 34
USO Omega Ratio Rank: 33
USO Calmar Ratio Rank: 32
USO Martin Ratio Rank: 32

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.

EVTR vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Total Return Bond ETF (EVTR) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EVTR	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.05	+0.35
Sortino ratio: Return per unit of downside risk	2.07	1.68	+0.39
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	1.81	1.50	+0.31
Martin ratio: Return relative to average drawdown	5.45	4.49	+0.96

EVTR vs. USO - Sharpe Ratio Comparison

The current EVTR Sharpe Ratio is 1.40, which is higher than the USO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of EVTR 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.

Drawdowns

EVTR vs. USO - Drawdown Comparison

The maximum EVTR drawdown since its inception was -4.08%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EVTR and USO.

Drawdown Indicators

	EVTR	USO	Difference
Max Drawdown Largest peak-to-trough decline	-4.08%	-98.19%	+94.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-30.51%	+27.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.51%	—
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	-0.74%	-88.69%	+87.95%
Average Drawdown Average peak-to-trough decline	-0.97%	-75.32%	+74.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	10.18%	-9.23%

Volatility

EVTR vs. USO - Volatility Comparison

The current volatility for Eaton Vance Total Return Bond ETF (EVTR) is 1.31%, while United States Oil Fund LP (USO) has a volatility of 12.26%. This indicates that EVTR 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

	EVTR	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	12.26%	-10.95%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	39.65%	-36.69%
Volatility (1Y) Calculated over the trailing 1-year period	3.72%	43.82%	-40.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.32%	36.38%	-32.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.32%	39.04%	-34.72%

EVTR vs. USO - Expense Ratio Comparison

EVTR has a 0.32% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

EVTR vs. USO - Dividend Comparison

EVTR's dividend yield for the trailing twelve months is around 4.65%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
EVTR Eaton Vance Total Return Bond ETF	4.65%	4.51%	4.26%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EVTR and USO in my portfolio?

EVTR and USO have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVTR or USO?

USO has higher volatility (12.26%) compared to EVTR (1.31%). In terms of maximum drawdown, EVTR dropped -4.08% vs USO's -98.19%.

Which ETF is better, EVTR or USO?

On 1-year performance, USO leads with 45.60% vs 5.16% for EVTR. On fees, EVTR is cheaper at 0.32% per year. On volatility, EVTR has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVTR or USO?

Over the 1-year period, USO has performed better with a 45.60% return vs 5.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVTR or USO?

EVTR is cheaper with a 0.32% expense ratio, compared with 0.86% for USO.

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

EVTR has the higher dividend yield at 4.65%, compared with 0.00% for USO.

What is the main difference between EVTR and USO?

EVTR is categorized as Intermediate Core-Plus Bond, while USO is Oil & Gas. They also come from different issuers: Eaton Vance and USCF. Their fees differ too: 0.32% for EVTR and 0.86% for USO.

Which has better risk-adjusted returns?

EVTR currently has the higher Sharpe Ratio (1.40 vs 1.05), 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.