FXL vs. USO
FXL (First Trust Technology AlphaDEX Fund) and USO (United States Oil Fund LP) are both exchange-traded funds - FXL is a Technology Equities fund tracking the StrataQuant Technology 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, FXL returned 21.15%/yr vs 4.07%/yr for USO. At a 0.22 correlation, their price movements are largely independent. FXL charges 0.61%/yr vs 0.86%/yr for USO.
Performance
FXL vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, FXL achieves a 31.98% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, FXL has outperformed USO with an annualized return of 21.15%, while USO has yielded a comparatively lower 4.07% annualized return.
FXL
- 1D
- -0.88%
- 1M
- 17.50%
- YTD
- 31.98%
- 6M
- 30.18%
- 1Y
- 48.07%
- 3Y*
- 26.93%
- 5Y*
- 13.48%
- 10Y*
- 21.15%
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%
FXL vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXL First Trust Technology AlphaDEX Fund | 31.98% | 13.29% | 16.13% | 40.50% | -30.44% | 18.20% | 54.20% | 38.66% | 2.72% | 35.82% |
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 FXL 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 | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since May 11, 2007 | 0.22 |
The correlation between FXL and USO shifts across timeframes, from -0.23 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXL vs. USO — Risk / Return Rank
FXL
USO
FXL vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Technology AlphaDEX Fund (FXL) 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.
| FXL | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.38 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 5.01 | -1.45 |
| Martin ratioReturn relative to average drawdown | 11.95 | 9.42 | +2.53 |
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
| FXL | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.16 | 2.31 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | 0.68 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | 0.10 | +0.73 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | -0.18 | +0.73 |
Drawdowns
FXL vs. USO - Drawdown Comparison
The maximum FXL drawdown since its inception was -61.41%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FXL and USO.
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Drawdown Indicators
| FXL | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.41% | -98.19% | +36.78% |
Max Drawdown (1Y)Largest decline over 1 year | -13.56% | -20.39% | +6.83% |
Max Drawdown (3Y)Largest decline over 3 years | -28.27% | -26.05% | -2.22% |
Max Drawdown (5Y)Largest decline over 5 years | -38.49% | -36.23% | -2.26% |
Max Drawdown (10Y)Largest decline over 10 years | -38.49% | -86.75% | +48.26% |
Current DrawdownCurrent decline from peak | -0.88% | -85.01% | +84.13% |
Average DrawdownAverage peak-to-trough decline | -11.37% | -75.30% | +63.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.03% | 10.82% | -6.79% |
Volatility
FXL vs. USO - Volatility Comparison
The current volatility for First Trust Technology AlphaDEX Fund (FXL) is 7.61%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that FXL 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
| FXL | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.61% | 14.87% | -7.26% |
Volatility (6M)Calculated over the trailing 6-month period | 17.47% | 38.23% | -20.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.42% | 44.20% | -21.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.12% | 36.06% | -10.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.28% | 39.00% | -13.72% |
FXL vs. USO - Expense Ratio Comparison
FXL has a 0.61% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
FXL vs. USO - Dividend Comparison
Neither FXL nor USO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXL First Trust Technology AlphaDEX Fund | 0.00% | 0.01% | 0.11% | 0.41% | 0.34% | 0.11% | 0.04% | 0.37% | 0.32% | 0.27% | 1.12% | 0.36% |
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
FXL 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 (14.87%) compared to FXL (7.61%). In terms of maximum drawdown, FXL dropped -61.41% vs USO's -98.19%.
On 10-year performance, FXL leads with 21.15% vs 4.07% for USO. On fees, FXL is cheaper at 0.61% per year. On volatility, FXL has been the lower-risk option at 7.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXL has performed better with a 21.15% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXL is cheaper with a 0.61% expense ratio, compared with 0.86% for USO.
FXL and USO have nearly identical dividend yields, around 0.00%.
FXL is categorized as Technology Equities, while USO is Oil & Gas. FXL tracks StrataQuant Technology Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: First Trust and USCF. Their fees differ too: 0.61% for FXL and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs 2.16), 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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