GJUL vs. USO

Last updated Jun 4, 2026

GJUL (FT Cboe Vest U.S. Equity Moderate Buffer ETF - July) and USO (United States Oil Fund LP) are both exchange-traded funds - GJUL is a Options Trading fund actively managed by FT Vest, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. GJUL is actively managed, while USO is passively managed. Over the past year, GJUL returned 15.22% vs 101.55% for USO. At a correlation of -0.08, they often move in opposite directions. GJUL charges 0.85%/yr vs 0.86%/yr for USO.

Performance

GJUL vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - July (GJUL) 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, GJUL achieves a 4.70% return, which is significantly lower than USO's 103.67% return.

GJUL

• 1D: -0.03%
• 1M: 1.47%
• YTD: 4.70%
• 6M: 5.27%
• 1Y: 15.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

GJUL vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GJUL FT Cboe Vest U.S. Equity Moderate Buffer ETF - July	4.70%	12.72%	14.29%	3.87%
USO United States Oil Fund LP	103.67%	-8.46%	13.35%	-5.72%

Correlation

The correlation between GJUL and USO is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since Jul 25, 2023	-0.08

Over the past year, the inverse relationship between GJUL and USO has strengthened: their correlation has moved from -0.08 to -0.32, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

GJUL vs. USO — Risk / Return Rank

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

GJUL

GJUL Risk / Return Rank: 86
GJUL Sharpe Ratio Rank: 84
GJUL Sortino Ratio Rank: 89
GJUL Omega Ratio Rank: 90
GJUL Calmar Ratio Rank: 79
GJUL Martin Ratio Rank: 91

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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.

GJUL vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - July (GJUL) 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.

	GJUL	USO	Difference
Sharpe ratio: Return per unit of total volatility	2.73	2.31	+0.42
Sortino ratio: Return per unit of downside risk	4.07	2.89	+1.18
Omega ratio: Gain probability vs. loss probability	1.58	1.38	+0.19
Calmar ratio: Return relative to maximum drawdown	4.02	5.01	-0.99
Martin ratio: Return relative to average drawdown	21.57	9.42	+12.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GJUL vs. USO - Sharpe Ratio Comparison

The current GJUL Sharpe Ratio is 2.73, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of GJUL 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.

Sharpe Ratios by Period

	GJUL	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	2.31	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	-0.18	+1.76

Drawdowns

GJUL vs. USO - Drawdown Comparison

The maximum GJUL drawdown since its inception was -10.68%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GJUL and USO.

Drawdown Indicators

	GJUL	USO	Difference
Max Drawdown Largest peak-to-trough decline	-10.68%	-98.19%	+87.51%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	-20.39%	+16.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.05%	—
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	-0.03%	-85.01%	+84.98%
Average Drawdown Average peak-to-trough decline	-0.89%	-75.30%	+74.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	10.82%	-10.11%

Volatility

GJUL vs. USO - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - July (GJUL) is 0.47%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that GJUL 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

	GJUL	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	14.87%	-14.40%
Volatility (6M) Calculated over the trailing 6-month period	4.07%	38.23%	-34.16%
Volatility (1Y) Calculated over the trailing 1-year period	5.62%	44.20%	-38.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.96%	36.06%	-28.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.96%	39.00%	-31.04%

GJUL vs. USO - Expense Ratio Comparison

GJUL has a 0.85% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

GJUL vs. USO - Dividend Comparison

Neither GJUL nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GJUL and USO in my portfolio?

GJUL and USO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GJUL or USO?

USO has higher volatility (14.87%) compared to GJUL (0.47%). In terms of maximum drawdown, GJUL dropped -10.68% vs USO's -98.19%.

Which ETF is better, GJUL or USO?

On 1-year performance, USO leads with 101.55% vs 15.22% for GJUL. On fees, GJUL is cheaper at 0.85% per year. On volatility, GJUL has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GJUL or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs 15.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GJUL or USO?

GJUL is cheaper with a 0.85% expense ratio, compared with 0.86% for USO.

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

GJUL and USO have nearly identical dividend yields, around 0.00%.

What is the main difference between GJUL and USO?

GJUL is categorized as Options Trading, while USO is Oil & Gas. They also come from different issuers: FT Vest and USCF. Their fees differ too: 0.85% for GJUL and 0.86% for USO.

Which has better risk-adjusted returns?

GJUL currently has the higher Sharpe Ratio (2.73 vs 2.31), 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.