FFLS vs. USO
FFLS (The Future Fund Long/Short ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - FFLS is a Long-Short fund actively managed by The Future Fund, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. FFLS is actively managed, while USO is passively managed. Over the past year, FFLS returned -0.45% vs 101.55% for USO. At a correlation of -0.04, they often move in opposite directions. FFLS charges 1.75%/yr vs 0.86%/yr for USO.
Performance
FFLS vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, FFLS achieves a -0.26% return, which is significantly lower than USO's 103.67% return.
FFLS
- 1D
- -0.63%
- 1M
- 2.89%
- YTD
- -0.26%
- 6M
- -0.66%
- 1Y
- -0.45%
- 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%
FFLS vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FFLS The Future Fund Long/Short ETF | -0.26% | 7.49% | 17.71% | 2.03% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | 2.48% |
Correlation
The correlation between FFLS and USO is -0.29, 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 | -0.29 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | -0.04 |
Over the past year, the inverse relationship between FFLS and USO has strengthened: their correlation has moved from -0.04 to -0.29, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FFLS vs. USO — Risk / Return Rank
FFLS
USO
FFLS vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Future Fund Long/Short ETF (FFLS) 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.
| FFLS | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -2.90 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.38 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 5.01 | -5.05 |
| Martin ratioReturn relative to average drawdown | -0.09 | 9.42 | -9.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FFLS | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.05 | 2.31 | -2.36 |
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 | 0.80 | -0.18 | +0.98 |
Drawdowns
FFLS vs. USO - Drawdown Comparison
The maximum FFLS drawdown since its inception was -11.05%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FFLS and USO.
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Drawdown Indicators
| FFLS | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.05% | -98.19% | +87.14% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -20.39% | +9.34% |
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 DrawdownCurrent decline from peak | -4.96% | -85.01% | +80.05% |
Average DrawdownAverage peak-to-trough decline | -3.09% | -75.30% | +72.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.07% | 10.82% | -5.75% |
Volatility
FFLS vs. USO - Volatility Comparison
The current volatility for The Future Fund Long/Short ETF (FFLS) is 3.54%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that FFLS 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
| FFLS | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.54% | 14.87% | -11.33% |
Volatility (6M)Calculated over the trailing 6-month period | 6.92% | 38.23% | -31.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.94% | 44.20% | -35.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 36.06% | -24.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 39.00% | -27.77% |
FFLS vs. USO - Expense Ratio Comparison
FFLS has a 1.75% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
FFLS vs. USO - Dividend Comparison
FFLS's dividend yield for the trailing twelve months is around 6.59%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FFLS The Future Fund Long/Short ETF | 6.59% | 6.58% | 3.34% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FFLS and USO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.87%) compared to FFLS (3.54%). In terms of maximum drawdown, FFLS dropped -11.05% vs USO's -98.19%.
On 1-year performance, USO leads with 101.55% vs -0.45% for FFLS. On fees, USO is cheaper at 0.86% per year. On volatility, FFLS has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USO has performed better with a 101.55% return vs -0.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 1.75% for FFLS.
FFLS has the higher dividend yield at 6.59%, compared with 0.00% for USO.
FFLS is categorized as Long-Short, while USO is Oil & Gas. They also come from different issuers: The Future Fund and USCF. Their fees differ too: 1.75% for FFLS and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs -0.05), 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.
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