FETH vs. USO

Last updated Jun 4, 2026

FETH (Fidelity Ethereum Fund) and USO (United States Oil Fund LP) are both exchange-traded funds - FETH is a Cryptocurrency fund tracking the Fidelity Ethereum Reference Rate Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, FETH returned -31.75% vs 101.55% for USO. At a correlation of -0.01, they often move in opposite directions. FETH charges 0.00%/yr vs 0.86%/yr for USO.

Performance

FETH vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Ethereum Fund (FETH) 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, FETH achieves a -39.45% return, which is significantly lower than USO's 103.67% return.

FETH

• 1D: -5.78%
• 1M: -23.67%
• YTD: -39.45%
• 6M: -42.77%
• 1Y: -31.75%
• 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)

FETH vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FETH Fidelity Ethereum Fund	-39.45%	-11.37%	-3.61%
USO United States Oil Fund LP	103.67%	-8.46%	-1.40%

Correlation

The correlation between FETH 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 Jul 24, 2024	-0.01

Return for Risk

FETH vs. USO — Risk / Return Rank

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

FETH

FETH Risk / Return Rank: 5
FETH Sharpe Ratio Rank: 5
FETH Sortino Ratio Rank: 5
FETH Omega Ratio Rank: 5
FETH Calmar Ratio Rank: 4
FETH Martin Ratio Rank: 5

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.

FETH vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Ethereum Fund (FETH) 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.

	FETH	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	2.31	-2.78
Sortino ratio: Return per unit of downside risk	-0.32	2.89	-3.21
Omega ratio: Gain probability vs. loss probability	0.97	1.38	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.51	5.01	-5.51
Martin ratio: Return relative to average drawdown	-0.84	9.42	-10.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FETH vs. USO - Sharpe Ratio Comparison

The current FETH Sharpe Ratio is -0.47, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FETH 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

	FETH	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.47	2.31	-2.78
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	-0.41	-0.18	-0.24

Drawdowns

FETH vs. USO - Drawdown Comparison

The maximum FETH drawdown since its inception was -64.00%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FETH and USO.

Drawdown Indicators

	FETH	USO	Difference
Max Drawdown Largest peak-to-trough decline	-64.00%	-98.19%	+34.19%
Max Drawdown (1Y) Largest decline over 1 year	-62.95%	-20.39%	-42.56%
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	-62.95%	-85.01%	+22.06%
Average Drawdown Average peak-to-trough decline	-32.73%	-75.30%	+42.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.82%	10.82%	+27.00%

Volatility

FETH vs. USO - Volatility Comparison

The current volatility for Fidelity Ethereum Fund (FETH) is 9.99%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that FETH 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

	FETH	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.99%	14.87%	-4.88%
Volatility (6M) Calculated over the trailing 6-month period	46.01%	38.23%	+7.78%
Volatility (1Y) Calculated over the trailing 1-year period	68.50%	44.20%	+24.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.27%	36.06%	+36.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.27%	39.00%	+33.27%

FETH vs. USO - Expense Ratio Comparison

FETH has a 0.00% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

FETH vs. USO - Dividend Comparison

Neither FETH nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FETH and USO in my portfolio?

FETH 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, FETH or USO?

USO has higher volatility (14.87%) compared to FETH (9.99%). In terms of maximum drawdown, FETH dropped -64.00% vs USO's -98.19%.

Which ETF is better, FETH or USO?

On 1-year performance, USO leads with 101.55% vs -31.75% for FETH. On fees, FETH is cheaper at 0.00% per year. On volatility, FETH has been the lower-risk option at 9.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FETH or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs -31.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FETH or USO?

FETH is cheaper with a 0.00% expense ratio, compared with 0.86% for USO.

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

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

What is the main difference between FETH and USO?

FETH is categorized as Cryptocurrency, while USO is Oil & Gas. FETH tracks Fidelity Ethereum Reference Rate Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Fidelity and USCF. Their fees differ too: 0.00% for FETH and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs -0.47), 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.