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FEP vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEP vs. USO

Last updated Jun 3, 2026

FEP (First Trust Europe AlphaDEX Fund) and USO (United States Oil Fund LP) are both exchange-traded funds - FEP is a Europe Equities fund tracking the Defined Europe Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, FEP returned 10.37%/yr vs 3.80%/yr for USO. At a 0.23 correlation, their price movements are largely independent. FEP charges 0.80%/yr vs 0.86%/yr for USO.

Performance

FEP vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Europe AlphaDEX Fund (FEP) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FEP achieves a 11.01% return, which is significantly lower than USO's 98.48% return. Over the past 10 years, FEP has outperformed USO with an annualized return of 10.37%, while USO has yielded a comparatively lower 3.80% annualized return.

FEP

1D
0.44%
1M
2.53%
YTD
11.01%
6M
16.91%
1Y
30.38%
3Y*
25.14%
5Y*
9.81%
10Y*
10.37%

USO

1D
1.31%
1M
-3.87%
YTD
98.48%
6M
95.54%
1Y
97.37%
3Y*
28.86%
5Y*
23.92%
10Y*
3.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FEP vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FEP
First Trust Europe AlphaDEX Fund		11.01%55.72%3.38%16.85%-22.97%17.03%4.12%24.83%-19.00%36.27%
USO
United States Oil Fund LP		98.48%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between FEP 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

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (10Y)
Calculated over the trailing 10-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Apr 27, 2011

0.23

The correlation between FEP and USO shifts across timeframes, from -0.30 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Europe AlphaDEX Fund

United States Oil Fund LP

Often compared with FEP:
FEP vs. DFEFEP vs. FEUZFEP vs. HEDJFEP vs. DWMFFEP vs. QYLDFEP vs. VGKFEP vs. DBEU
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

FEP vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEP
FEP Risk / Return Rank: 5353
Overall Rank
FEP Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
FEP Sortino Ratio Rank: 5151
Sortino Ratio Rank
FEP Omega Ratio Rank: 5252
Omega Ratio Rank
FEP Calmar Ratio Rank: 5353
Calmar Ratio Rank
FEP Martin Ratio Rank: 5858
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
USO Sortino Ratio Rank: 5959
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8888
Calmar Ratio Rank
USO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

FEP vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Europe AlphaDEX Fund (FEP) 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.

FEPUSODifference

Sharpe ratio

Return per unit of total volatility

1.83

2.22

-0.39

Sortino ratio

Return per unit of downside risk

2.50

2.81

-0.32

Omega ratio

Gain probability vs. loss probability

1.32

1.37

-0.05

Calmar ratio

Return relative to maximum drawdown

2.68

5.12

-2.44

Martin ratio

Return relative to average drawdown

10.42

9.66

+0.76

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEP vs. USO - Sharpe Ratio Comparison

The current FEP Sharpe Ratio is 1.83, which is comparable to the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of FEP 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.

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Sharpe Ratios by Period

FEPUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

2.22

-0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

0.67

-0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

0.10

+0.40

Sharpe Ratio (All Time)

Calculated using the full available price history

0.34

-0.18

+0.52

Drawdowns

FEP vs. USO - Drawdown Comparison

The maximum FEP drawdown since its inception was -46.05%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FEP and USO.

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Drawdown Indicators

FEPUSODifference

Max Drawdown

Largest peak-to-trough decline

-46.05%

-98.19%

+52.14%

Max Drawdown (1Y)

Largest decline over 1 year

-12.13%

-20.39%

+8.26%

Max Drawdown (3Y)

Largest decline over 3 years

-15.83%

-26.05%

+10.22%

Max Drawdown (5Y)

Largest decline over 5 years

-38.99%

-36.23%

-2.76%

Max Drawdown (10Y)

Largest decline over 10 years

-46.05%

-86.75%

+40.70%

Current Drawdown

Current decline from peak

-0.55%

-85.39%

+84.84%

Average Drawdown

Average peak-to-trough decline

-12.03%

-75.30%

+63.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

10.81%

-7.70%

Volatility

FEP vs. USO - Volatility Comparison

The current volatility for First Trust Europe AlphaDEX Fund (FEP) is 5.90%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that FEP 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.

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Volatility by Period

FEPUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.90%

15.03%

-9.13%

Volatility (6M)

Calculated over the trailing 6-month period

13.92%

38.18%

-24.26%

Volatility (1Y)

Calculated over the trailing 1-year period

16.77%

44.26%

-27.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.67%

36.04%

-16.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.73%

39.00%

-18.27%

FEP vs. USO - Expense Ratio Comparison

FEP has a 0.80% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

FEP vs. USO - Dividend Comparison

FEP's dividend yield for the trailing twelve months is around 2.95%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FEP
First Trust Europe AlphaDEX Fund		2.95%3.33%4.94%3.27%3.00%3.49%2.32%2.63%2.62%1.65%2.14%2.20%
USO
United States Oil Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FEP 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.

USO has higher volatility (15.03%) compared to FEP (5.90%). In terms of maximum drawdown, FEP dropped -46.05% vs USO's -98.19%.

On 10-year performance, FEP leads with 10.37% vs 3.80% for USO. On fees, FEP is cheaper at 0.80% per year. On volatility, FEP has been the lower-risk option at 5.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FEP has performed better with a 10.37% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FEP is cheaper with a 0.80% expense ratio, compared with 0.86% for USO.

FEP has the higher dividend yield at 2.95%, compared with 0.00% for USO.

FEP is categorized as Europe Equities, while USO is Oil & Gas. FEP tracks Defined Europe Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: First Trust and USCF. Their fees differ too: 0.80% for FEP and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.22 vs 1.83), 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.

Portfolio Optimizer

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