GDX vs. USO
GDX (VanEck Gold Miners ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners 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, GDX returned 13.98%/yr vs 4.07%/yr for USO. At a 0.23 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.86%/yr for USO.
Performance
GDX vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -0.90% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, GDX has outperformed USO with an annualized return of 13.98%, while USO has yielded a comparatively lower 4.07% annualized return.
GDX
- 1D
- -3.46%
- 1M
- -0.76%
- YTD
- -0.90%
- 6M
- 5.62%
- 1Y
- 61.27%
- 3Y*
- 41.00%
- 5Y*
- 18.69%
- 10Y*
- 13.98%
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%
GDX vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -0.90% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
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 GDX and USO is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since May 23, 2006 | 0.23 |
The correlation between GDX and USO shifts across timeframes, from -0.20 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GDX vs. USO — Risk / Return Rank
GDX
USO
GDX vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) 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.
| GDX | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.38 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 5.01 | -3.01 |
| Martin ratioReturn relative to average drawdown | 5.13 | 9.42 | -4.29 |
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
| GDX | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.35 | 2.31 | -0.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.68 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.10 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | -0.18 | +0.30 |
Drawdowns
GDX vs. USO - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GDX and USO.
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Drawdown Indicators
| GDX | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -98.19% | +17.85% |
Max Drawdown (1Y)Largest decline over 1 year | -30.84% | -20.39% | -10.45% |
Max Drawdown (3Y)Largest decline over 3 years | -30.84% | -26.05% | -4.79% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -36.23% | -10.28% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -86.75% | +36.96% |
Current DrawdownCurrent decline from peak | -26.62% | -85.01% | +58.39% |
Average DrawdownAverage peak-to-trough decline | -40.43% | -75.30% | +34.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.99% | 10.82% | +1.17% |
Volatility
GDX vs. USO - Volatility Comparison
VanEck Gold Miners ETF (GDX) and United States Oil Fund LP (USO) have volatilities of 15.40% and 14.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.40% | 14.87% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 37.50% | 38.23% | -0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.49% | 44.20% | +1.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.39% | 36.06% | +0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.18% | 39.00% | -1.82% |
GDX vs. USO - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
GDX vs. USO - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.74%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.74% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
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
GDX and USO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (15.40%) compared to USO (14.87%). In terms of maximum drawdown, GDX dropped -80.34% vs USO's -98.19%.
On 10-year performance, GDX leads with 13.98% vs 4.07% for USO. On fees, GDX is cheaper at 0.51% per year. On volatility, USO has been the lower-risk option at 14.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 13.98% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.86% for USO.
GDX has the higher dividend yield at 0.74%, compared with 0.00% for USO.
GDX is categorized as Gold, while USO is Oil & Gas. GDX tracks NYSE MarketVector Global Gold Miners Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: VanEck and USCF. Their fees differ too: 0.51% for GDX and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs 1.35), 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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