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GDXJ vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GDXJ vs. USO

Last updated Jun 4, 2026

GDXJ (VanEck Vectors Junior Gold Miners ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - GDXJ is a Materials fund tracking the MVIS Global Junior 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, GDXJ returned 13.07%/yr vs 4.07%/yr for USO. At a 0.20 correlation, their price movements are largely independent. GDXJ charges 0.54%/yr vs 0.86%/yr for USO.

Performance

GDXJ vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Junior Gold Miners ETF (GDXJ) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GDXJ achieves a -2.55% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, GDXJ has outperformed USO with an annualized return of 13.07%, while USO has yielded a comparatively lower 4.07% annualized return.

GDXJ

1D
-4.40%
1M
-1.95%
YTD
-2.55%
6M
6.26%
1Y
65.12%
3Y*
46.12%
5Y*
17.46%
10Y*
13.07%

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

GDXJ vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GDXJ
VanEck Vectors Junior Gold Miners ETF		-2.55%172.28%15.67%7.12%-14.53%-21.25%30.40%40.44%-11.02%8.22%
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 GDXJ and USO is -0.18, 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

-0.18

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

0.03

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

0.13

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

0.12

Correlation (All Time)
Calculated using the full available price history since Nov 12, 2009

0.20

The correlation between GDXJ and USO shifts across timeframes, from -0.18 (1 year) to 0.20 (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.

VanEck Vectors Junior Gold Miners ETF

United States Oil Fund LP

Often compared with GDXJ:
GDXJ vs. GDXGDXJ vs. GLDGDXJ vs. SILJGDXJ vs. GOLDGDXJ vs. SPYGDXJ vs. GLDMGDXJ vs. IAU
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

GDXJ vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDXJ
GDXJ Risk / Return Rank: 3535
Overall Rank
GDXJ Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
GDXJ Sortino Ratio Rank: 3232
Sortino Ratio Rank
GDXJ Omega Ratio Rank: 3535
Omega Ratio Rank
GDXJ Calmar Ratio Rank: 3939
Calmar Ratio Rank
GDXJ Martin Ratio Rank: 3232
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6060
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8787
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
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.

GDXJ vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Junior Gold Miners ETF (GDXJ) 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.

GDXJUSODifference
Sharpe ratioReturn per unit of total volatility
1.32
2.31

-1.00

Sortino ratioReturn per unit of downside risk
1.74
2.89

-1.15

Omega ratioGain probability vs. loss probability

1.24

1.38

-0.14

Calmar ratioReturn relative to maximum drawdown

1.99

5.01

-3.02

Martin ratioReturn relative to average drawdown

4.95

9.42

-4.47

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

GDXJ vs. USO - Sharpe Ratio Comparison

The current GDXJ Sharpe Ratio is 1.32, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of GDXJ 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.

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Sharpe Ratios by Period

GDXJUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.32

2.31

-1.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.68

-0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.30

0.10

+0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.06

-0.18

+0.23

Drawdowns

GDXJ vs. USO - Drawdown Comparison

The maximum GDXJ drawdown since its inception was -88.66%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GDXJ and USO.

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Drawdown Indicators

GDXJUSODifference

Max Drawdown

Largest peak-to-trough decline

-88.66%

-98.19%

+9.53%

Max Drawdown (1Y)

Largest decline over 1 year

-32.92%

-20.39%

-12.53%

Max Drawdown (3Y)

Largest decline over 3 years

-32.92%

-26.05%

-6.87%

Max Drawdown (5Y)

Largest decline over 5 years

-50.99%

-36.23%

-14.76%

Max Drawdown (10Y)

Largest decline over 10 years

-57.77%

-86.75%

+28.98%

Current Drawdown

Current decline from peak

-29.01%

-85.01%

+56.00%

Average Drawdown

Average peak-to-trough decline

-60.50%

-75.30%

+14.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.19%

10.82%

+2.37%

Volatility

GDXJ vs. USO - Volatility Comparison

VanEck Vectors Junior Gold Miners ETF (GDXJ) has a higher volatility of 16.66% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that GDXJ's price experiences larger fluctuations and is considered to be riskier 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

GDXJUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

16.66%

14.87%

+1.79%

Volatility (6M)

Calculated over the trailing 6-month period

41.34%

38.23%

+3.11%

Volatility (1Y)

Calculated over the trailing 1-year period

49.79%

44.20%

+5.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

41.10%

36.06%

+5.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.06%

39.00%

+5.06%

GDXJ vs. USO - Expense Ratio Comparison

GDXJ has a 0.54% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

GDXJ vs. USO - Dividend Comparison

GDXJ's dividend yield for the trailing twelve months is around 2.39%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GDXJ
VanEck Vectors Junior Gold Miners ETF		2.39%2.33%2.61%0.72%0.51%1.78%1.58%0.39%0.45%0.03%4.78%0.72%
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

GDXJ and USO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GDXJ has higher volatility (16.66%) compared to USO (14.87%). In terms of maximum drawdown, GDXJ dropped -88.66% vs USO's -98.19%.

On 10-year performance, GDXJ leads with 13.07% vs 4.07% for USO. On fees, GDXJ is cheaper at 0.54% 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, GDXJ has performed better with a 13.07% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GDXJ is cheaper with a 0.54% expense ratio, compared with 0.86% for USO.

GDXJ has the higher dividend yield at 2.39%, compared with 0.00% for USO.

GDXJ is categorized as Materials, while USO is Oil & Gas. GDXJ tracks MVIS Global Junior 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: 0.54% for GDXJ and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.31 vs 1.31), 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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