PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FNX vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNX vs. USO

Last updated Jun 3, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and USO (United States Oil Fund LP) are both exchange-traded funds - FNX is a Mid Cap Blend Equities fund tracking the NASDAQ AlphaDEX Mid Cap Core 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, FNX returned 11.92%/yr vs 3.80%/yr for USO. At a 0.30 correlation, their price movements are largely independent. FNX charges 0.60%/yr vs 0.86%/yr for USO.

Performance

FNX vs. USO - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, FNX achieves a 12.02% return, which is significantly lower than USO's 98.48% return. Over the past 10 years, FNX has outperformed USO with an annualized return of 11.92%, while USO has yielded a comparatively lower 3.80% annualized return.

FNX

1D
0.82%
1M
1.97%
YTD
12.02%
6M
13.02%
1Y
28.41%
3Y*
17.06%
5Y*
8.39%
10Y*
11.92%

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)

FNX vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNX
First Trust Mid Cap Core AlphaDEX Fund		12.02%9.87%12.21%20.39%-13.57%25.05%16.04%26.97%-11.23%17.66%
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 FNX and USO is -0.23, 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

-0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.03

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

0.15

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

0.23

Correlation (All Time)
Calculated using the full available price history since May 11, 2007

0.30

The correlation between FNX and USO shifts across timeframes, from -0.23 (1 year) to 0.30 (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 Mid Cap Core AlphaDEX Fund

United States Oil Fund LP

Often compared with FNX:
FNX vs. FNCMXFNX vs. MDYFNX vs. FLQMFNX vs. AVMVFNX vs. SPYFNX vs. VOFNX vs. VOE
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

FNX vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNX
FNX Risk / Return Rank: 5454
Overall Rank
FNX Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
FNX Sortino Ratio Rank: 5353
Sortino Ratio Rank
FNX Omega Ratio Rank: 4848
Omega Ratio Rank
FNX Calmar Ratio Rank: 6060
Calmar Ratio Rank
FNX 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.

FNX vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) 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.

FNXUSODifference

Sharpe ratio

Return per unit of total volatility

1.77

2.22

-0.45

Sortino ratio

Return per unit of downside risk

2.59

2.81

-0.23

Omega ratio

Gain probability vs. loss probability

1.31

1.37

-0.07

Calmar ratio

Return relative to maximum drawdown

3.06

5.12

-2.06

Martin ratio

Return relative to average drawdown

10.55

9.66

+0.89

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

FNX vs. USO - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.77, which is comparable to the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of FNX 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.

Loading charts...

Sharpe Ratios by Period

FNXUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.77

2.22

-0.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.67

-0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.10

+0.45

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

-0.18

+0.60

Drawdowns

FNX vs. USO - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FNX and USO.

Loading charts...

Drawdown Indicators

FNXUSODifference

Max Drawdown

Largest peak-to-trough decline

-57.11%

-98.19%

+41.08%

Max Drawdown (1Y)

Largest decline over 1 year

-9.24%

-20.39%

+11.15%

Max Drawdown (3Y)

Largest decline over 3 years

-24.97%

-26.05%

+1.08%

Max Drawdown (5Y)

Largest decline over 5 years

-24.97%

-36.23%

+11.26%

Max Drawdown (10Y)

Largest decline over 10 years

-43.95%

-86.75%

+42.80%

Current Drawdown

Current decline from peak

-0.59%

-85.39%

+84.80%

Average Drawdown

Average peak-to-trough decline

-8.41%

-75.30%

+66.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

10.81%

-8.13%

Volatility

FNX vs. USO - Volatility Comparison

The current volatility for First Trust Mid Cap Core AlphaDEX Fund (FNX) is 4.74%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that FNX 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.

Loading charts...

Volatility by Period

FNXUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.74%

15.03%

-10.29%

Volatility (6M)

Calculated over the trailing 6-month period

11.45%

38.18%

-26.73%

Volatility (1Y)

Calculated over the trailing 1-year period

16.11%

44.26%

-28.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.50%

36.04%

-15.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.97%

39.00%

-17.03%

FNX vs. USO - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

FNX vs. USO - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.83%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FNX
First Trust Mid Cap Core AlphaDEX Fund		0.83%0.88%1.26%1.11%1.19%0.94%1.04%1.21%1.01%0.90%1.07%1.07%
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

FNX and USO have a correlation of -0.23, 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 FNX (4.74%). In terms of maximum drawdown, FNX dropped -57.11% vs USO's -98.19%.

On 10-year performance, FNX leads with 11.92% vs 3.80% for USO. On fees, FNX is cheaper at 0.60% per year. On volatility, FNX has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FNX has performed better with a 11.92% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FNX is cheaper with a 0.60% expense ratio, compared with 0.86% for USO.

FNX has the higher dividend yield at 0.83%, compared with 0.00% for USO.

FNX is categorized as Mid Cap Blend Equities, while USO is Oil & Gas. FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: First Trust and USCF. Their fees differ too: 0.60% for FNX and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.22 vs 1.77), 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

Find the right allocation for FNX and USO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer