GCAD vs. USO

Last updated Jun 24, 2026

GCAD (Gabelli Commercial Aerospace & Defense ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - GCAD is a Aerospace & Defense fund actively managed by Gabelli, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. GCAD is actively managed, while USO is passively managed. Over the past 3 years, GCAD returned 34.17%/yr vs 21.25%/yr for USO. At a 0.05 correlation, their price movements are largely independent. GCAD charges 0.00%/yr vs 0.86%/yr for USO.

Performance

GCAD vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Commercial Aerospace & Defense ETF (GCAD) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCAD achieves a 17.90% return, which is significantly lower than USO's 60.87% return.

GCAD

• 1D: -0.80%
• 1M: 4.43%
• YTD: 17.90%
• 6M: 15.75%
• 1Y: 37.12%
• 3Y*: 34.17%
• 5Y*: —
• 10Y*: —

USO

• 1D: -1.27%
• 1M: -21.05%
• YTD: 60.87%
• 6M: 58.26%
• 1Y: 45.61%
• 3Y*: 21.25%
• 5Y*: 17.42%
• 10Y*: 2.01%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GCAD vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GCAD Gabelli Commercial Aerospace & Defense ETF	17.90%	39.28%	26.61%	17.37%
USO United States Oil Fund LP	60.87%	-8.46%	13.35%	-1.46%

Correlation

The correlation between GCAD and USO is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jan 4, 2023	0.05

The correlation between GCAD and USO shifts across timeframes, from -0.17 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GCAD vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GCAD

GCAD Risk / Return Rank: 57
GCAD Sharpe Ratio Rank: 59
GCAD Sortino Ratio Rank: 65
GCAD Omega Ratio Rank: 56
GCAD Calmar Ratio Rank: 54
GCAD Martin Ratio Rank: 53

USO

USO Risk / Return Rank: 32
USO Sharpe Ratio Rank: 30
USO Sortino Ratio Rank: 33
USO Omega Ratio Rank: 32
USO Calmar Ratio Rank: 35
USO Martin Ratio Rank: 32

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.

GCAD vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Commercial Aerospace & Defense ETF (GCAD) 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.

	GCAD	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.05	+0.78
Sortino ratio: Return per unit of downside risk	2.76	1.68	+1.08
Omega ratio: Gain probability vs. loss probability	1.32	1.21	+0.12
Calmar ratio: Return relative to maximum drawdown	2.49	1.68	+0.81
Martin ratio: Return relative to average drawdown	8.52	4.57	+3.94

GCAD vs. USO - Sharpe Ratio Comparison

The current GCAD Sharpe Ratio is 1.83, which is higher than the USO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of GCAD 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.

Drawdowns

GCAD vs. USO - Drawdown Comparison

The maximum GCAD drawdown since its inception was -16.14%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GCAD and USO.

Drawdown Indicators

	GCAD	USO	Difference
Max Drawdown Largest peak-to-trough decline	-16.14%	-98.19%	+82.05%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	-27.26%	+12.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	-27.26%	+11.12%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-2.79%	-88.16%	+85.37%
Average Drawdown Average peak-to-trough decline	-3.01%	-75.31%	+72.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	10.02%	-5.65%

Volatility

GCAD vs. USO - Volatility Comparison

The current volatility for Gabelli Commercial Aerospace & Defense ETF (GCAD) is 8.50%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that GCAD 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.

Volatility by Period

	GCAD	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	11.79%	-3.29%
Volatility (6M) Calculated over the trailing 6-month period	17.61%	39.34%	-21.73%
Volatility (1Y) Calculated over the trailing 1-year period	20.36%	44.35%	-23.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.76%	36.32%	-17.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	39.02%	-20.26%

GCAD vs. USO - Expense Ratio Comparison

GCAD has a 0.00% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

GCAD vs. USO - Dividend Comparison

GCAD's dividend yield for the trailing twelve months is around 1.75%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GCAD Gabelli Commercial Aerospace & Defense ETF	1.75%	2.06%	4.94%	3.62%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GCAD and USO in my portfolio?

GCAD and USO have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCAD or USO?

USO has higher volatility (11.79%) compared to GCAD (8.50%). In terms of maximum drawdown, GCAD dropped -16.14% vs USO's -98.19%.

Which ETF is better, GCAD or USO?

On 3-year performance, GCAD leads with 34.17% vs 21.25% for USO. On fees, GCAD is cheaper at 0.00% per year. On volatility, GCAD has been the lower-risk option at 8.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GCAD or USO?

Over the 3-year period, GCAD has performed better with a 34.17% return vs 21.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GCAD or USO?

GCAD is cheaper with a 0.00% expense ratio, compared with 0.86% for USO.

Which ETF pays a higher dividend yield, GCAD or USO?

GCAD has the higher dividend yield at 1.75%, compared with 0.00% for USO.

What is the main difference between GCAD and USO?

GCAD is categorized as Aerospace & Defense, while USO is Oil & Gas. They also come from different issuers: Gabelli and USCF. Their fees differ too: 0.00% for GCAD and 0.86% for USO.

Which has better risk-adjusted returns?

GCAD currently has the higher Sharpe Ratio (1.83 vs 1.05), 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.