FLYU vs. USO
FLYU (MicroSectors Travel 3X Leveraged ETNs) and USO (United States Oil Fund LP) are both exchange-traded funds - FLYU is a Leveraged Equities fund tracking the MerQube MicroSectors U.S. Travel Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, FLYU returned 0.98%/yr vs 20.97%/yr for USO. Their -0.04 correlation means they have often moved in opposite directions in the past. FLYU charges 0.95%/yr vs 0.86%/yr for USO.
Performance
FLYU vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, FLYU achieves a -14.35% return, which is significantly lower than USO's 86.77% return.
FLYU
- 1D
- -2.10%
- 1M
- -9.79%
- 6M
- -1.73%
- YTD
- -14.35%
- 1Y
- -4.05%
- 3Y*
- 0.98%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.94%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $41.17K | $39.32K | $61.70K | |
| $968.42M | $871.56M | $931.57M |
FLYU vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLYU MicroSectors Travel 3X Leveraged ETNs | -14.35% | -2.29% | 33.00% | 111.16% | -19.09% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | -16.59% |
Correlation
The correlation between FLYU and USO is -0.43, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.43 |
Correlation (3Y) Balances recent behavior with more history. | -0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | -0.04 |
Over the past year, the inverse relationship between FLYU and USO has strengthened: their correlation has moved from -0.04 to -0.43, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FLYU vs. USO — Risk / Return Rank
FLYU
USO
FLYU vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel 3X Leveraged ETNs (FLYU) 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.
| FLYU | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.25 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 1.93 | -2.13 |
| Martin ratioReturn relative to average drawdown | -0.41 | 5.60 | -6.01 |
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Drawdowns
FLYU vs. USO - Drawdown Comparison
The maximum FLYU drawdown since its inception was -69.00%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FLYU and USO.
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Drawdown Indicators
| FLYU | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.00% | -98.19% | +29.19% |
Max Drawdown (1Y)Largest decline over 1 year | -52.33% | -32.49% | -19.84% |
Max Drawdown (3Y)Largest decline over 3 years | -69.00% | -32.49% | -36.51% |
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 | -32.06% | -86.26% | +54.20% |
Average DrawdownAverage peak-to-trough decline | -26.65% | -75.38% | +48.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.23% | 12.03% | +14.20% |
Volatility
FLYU vs. USO - Volatility Comparison
MicroSectors Travel 3X Leveraged ETNs (FLYU) has a higher volatility of 21.04% compared to United States Oil Fund LP (USO) at 17.73%. This indicates that FLYU's price experiences larger fluctuations and is considered to be riskier 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
| FLYU | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.04% | 17.73% | +3.31% |
Volatility (6M)Calculated over the trailing 6-month period | 61.81% | 42.79% | +19.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.03% | 46.91% | +29.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.98% | 37.06% | +45.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.98% | 39.29% | +43.69% |
FLYU vs. USO - Expense Ratio Comparison
FLYU has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
FLYU vs. USO - Dividend Comparison
Neither FLYU nor USO has paid dividends to shareholders.
Frequently Asked Questions
FLYU and USO have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYU has higher volatility (21.04%) compared to USO (17.73%). In terms of maximum drawdown, FLYU dropped -69.00% vs USO's -98.19%.
On 3-year performance, USO leads with 20.97% vs 0.98% for FLYU. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 17.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 20.97% return vs 0.98%. 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 0.95% for FLYU.
FLYU and USO have nearly identical dividend yields, around 0.00%.
FLYU is categorized as Leveraged Equities, while USO is Oil & Gas. FLYU tracks MerQube MicroSectors U.S. Travel Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: REX and USCF. Their fees differ too: 0.95% for FLYU and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs -0.14), 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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