FEBW vs. USO

Last updated Jun 23, 2026

FEBW (Allianzim U.S. Large Cap Buffer20 Feb ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - FEBW is a Options Trading fund actively managed by Allianz, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. FEBW is actively managed, while USO is passively managed. Over the past 3 years, FEBW returned 10.76%/yr vs 21.76%/yr for USO. At a correlation of -0.01, they often move in opposite directions. FEBW charges 0.74%/yr vs 0.86%/yr for USO.

Performance

FEBW vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) 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, FEBW achieves a 4.48% return, which is significantly lower than USO's 62.94% return.

FEBW

• 1D: -0.12%
• 1M: 0.34%
• YTD: 4.48%
• 6M: 4.67%
• 1Y: 13.16%
• 3Y*: 10.76%
• 5Y*: —
• 10Y*: —

USO

• 1D: -1.90%
• 1M: -20.03%
• YTD: 62.94%
• 6M: 61.61%
• 1Y: 35.58%
• 3Y*: 21.76%
• 5Y*: 17.78%
• 10Y*: 2.14%

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

FEBW vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FEBW Allianzim U.S. Large Cap Buffer20 Feb ETF	4.48%	9.63%	11.37%	11.26%
USO United States Oil Fund LP	62.94%	-8.46%	13.35%	-3.85%

Correlation

The correlation between FEBW and USO is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	-0.01

Over the past year, the inverse relationship between FEBW and USO has strengthened: their correlation has moved from -0.01 to -0.30, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

FEBW vs. USO — Risk / Return Rank

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

FEBW

FEBW Risk / Return Rank: 84
FEBW Sharpe Ratio Rank: 87
FEBW Sortino Ratio Rank: 90
FEBW Omega Ratio Rank: 91
FEBW Calmar Ratio Rank: 68
FEBW Martin Ratio Rank: 85

USO

USO Risk / Return Rank: 26
USO Sharpe Ratio Rank: 23
USO Sortino Ratio Rank: 26
USO Omega Ratio Rank: 26
USO Calmar Ratio Rank: 28
USO Martin Ratio Rank: 28

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.

FEBW vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) 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.

	FEBW	USO	Difference
Sharpe ratio: Return per unit of total volatility	2.73	0.81	+1.92
Sortino ratio: Return per unit of downside risk	3.97	1.38	+2.59
Omega ratio: Gain probability vs. loss probability	1.57	1.17	+0.40
Calmar ratio: Return relative to maximum drawdown	3.31	1.36	+1.95
Martin ratio: Return relative to average drawdown	17.02	3.61	+13.41

FEBW vs. USO - Sharpe Ratio Comparison

The current FEBW Sharpe Ratio is 2.73, which is higher than the USO Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of FEBW 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

FEBW vs. USO - Drawdown Comparison

The maximum FEBW drawdown since its inception was -8.82%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FEBW and USO.

Drawdown Indicators

	FEBW	USO	Difference
Max Drawdown Largest peak-to-trough decline	-8.82%	-98.19%	+89.37%
Max Drawdown (1Y) Largest decline over 1 year	-4.00%	-26.33%	+22.33%
Max Drawdown (3Y) Largest decline over 3 years	-8.82%	-26.33%	+17.51%
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	-0.27%	-88.01%	+87.74%
Average Drawdown Average peak-to-trough decline	-0.67%	-75.31%	+74.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	11.59%	-10.82%

Volatility

FEBW vs. USO - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) is 1.41%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that FEBW 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

	FEBW	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	11.79%	-10.38%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	39.34%	-35.35%
Volatility (1Y) Calculated over the trailing 1-year period	4.85%	44.41%	-39.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.30%	36.32%	-30.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.30%	39.05%	-32.75%

FEBW vs. USO - Expense Ratio Comparison

FEBW has a 0.74% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

FEBW vs. USO - Dividend Comparison

Neither FEBW nor USO has paid dividends to shareholders.

Position	TTM	2025	2024
FEBW Allianzim U.S. Large Cap Buffer20 Feb ETF	0.00%	0.00%	0.14%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEBW and USO in my portfolio?

FEBW and USO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEBW or USO?

USO has higher volatility (11.79%) compared to FEBW (1.41%). In terms of maximum drawdown, FEBW dropped -8.82% vs USO's -98.19%.

Which ETF is better, FEBW or USO?

On 3-year performance, USO leads with 21.76% vs 10.76% for FEBW. On fees, FEBW is cheaper at 0.74% per year. On volatility, FEBW has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEBW or USO?

Over the 3-year period, USO has performed better with a 21.76% return vs 10.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBW or USO?

FEBW is cheaper with a 0.74% expense ratio, compared with 0.86% for USO.

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

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

What is the main difference between FEBW and USO?

FEBW is categorized as Options Trading, while USO is Oil & Gas. They also come from different issuers: Allianz and USCF. Their fees differ too: 0.74% for FEBW and 0.86% for USO.

Which has better risk-adjusted returns?

FEBW currently has the higher Sharpe Ratio (2.73 vs 0.81), 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.