FTSL vs. USO
FTSL (First Trust Senior Loan Fund) and USO (United States Oil Fund LP) are both exchange-traded funds - FTSL is a High Yield Bonds fund actively managed by First Trust, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. FTSL is actively managed, while USO is passively managed. Over the past 10 years, FTSL returned 4.45%/yr vs 4.07%/yr for USO. At a 0.10 correlation, their price movements are largely independent. Both charge a 0.86% expense ratio.
Performance
FTSL vs. USO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FTSL achieves a 0.62% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, FTSL has outperformed USO with an annualized return of 4.45%, while USO has yielded a comparatively lower 4.07% annualized return.
FTSL
- 1D
- -0.02%
- 1M
- 0.20%
- YTD
- 0.62%
- 6M
- 0.99%
- 1Y
- 4.53%
- 3Y*
- 7.34%
- 5Y*
- 5.02%
- 10Y*
- 4.45%
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%
FTSL vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTSL First Trust Senior Loan Fund | 0.62% | 5.98% | 8.27% | 11.58% | -2.50% | 3.94% | 2.99% | 10.11% | -1.30% | 2.59% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between FTSL and USO is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since May 3, 2013 | 0.10 |
The correlation between FTSL and USO shifts across timeframes, from -0.22 (1 year) to 0.10 (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.
Return for Risk
FTSL vs. USO — Risk / Return Rank
FTSL
USO
FTSL vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Senior Loan Fund (FTSL) 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.
| FTSL | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.38 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 5.01 | -3.06 |
| Martin ratioReturn relative to average drawdown | 7.25 | 9.42 | -2.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FTSL | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.15 | 2.31 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.50 | 0.68 | +0.82 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | 0.10 | +0.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.85 | -0.18 | +1.03 |
Drawdowns
FTSL vs. USO - Drawdown Comparison
The maximum FTSL drawdown since its inception was -22.67%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FTSL and USO.
Loading charts...
Drawdown Indicators
| FTSL | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.67% | -98.19% | +75.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.33% | -20.39% | +18.06% |
Max Drawdown (3Y)Largest decline over 3 years | -2.66% | -26.05% | +23.39% |
Max Drawdown (5Y)Largest decline over 5 years | -6.96% | -36.23% | +29.27% |
Max Drawdown (10Y)Largest decline over 10 years | -22.67% | -86.75% | +64.08% |
Current DrawdownCurrent decline from peak | -0.03% | -85.01% | +84.98% |
Average DrawdownAverage peak-to-trough decline | -0.76% | -75.30% | +74.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 10.82% | -10.19% |
Volatility
FTSL vs. USO - Volatility Comparison
The current volatility for First Trust Senior Loan Fund (FTSL) is 0.36%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that FTSL 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
| FTSL | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.36% | 14.87% | -14.51% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 38.23% | -36.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.11% | 44.20% | -42.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.35% | 36.06% | -32.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.19% | 39.00% | -33.81% |
FTSL vs. USO - Expense Ratio Comparison
Both FTSL and USO have an expense ratio of 0.86%.
Dividends
FTSL vs. USO - Dividend Comparison
FTSL's dividend yield for the trailing twelve months is around 6.46%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTSL First Trust Senior Loan Fund | 6.46% | 6.59% | 7.56% | 7.59% | 4.77% | 3.17% | 3.48% | 4.44% | 4.29% | 3.64% | 3.70% | 3.95% |
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
FTSL and USO have a correlation of -0.22, 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 FTSL (0.36%). In terms of maximum drawdown, FTSL dropped -22.67% vs USO's -98.19%.
On 10-year performance, FTSL leads with 4.45% vs 4.07% for USO. Both ETFs have the same 0.86% expense ratio. On volatility, FTSL has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FTSL has performed better with a 4.45% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FTSL and USO have the same expense ratio: 0.86% per year.
FTSL has the higher dividend yield at 6.46%, compared with 0.00% for USO.
FTSL is categorized as High Yield Bonds, while USO is Oil & Gas. They also come from different issuers: First Trust and USCF.
USO currently has the higher Sharpe Ratio (2.31 vs 2.15), 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.
Find the right allocation for FTSL 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