GLD vs. USO
GLD (SPDR Gold Shares) and USO (United States Oil Fund LP) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs 2.94%/yr for USO. At a 0.19 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.86%/yr for USO.
Performance
GLD vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly lower than USO's 81.36% return. Over the past 10 years, GLD has outperformed USO with an annualized return of 12.15%, while USO has yielded a comparatively lower 2.94% annualized return.
GLD
- 1D
- 0.06%
- 1M
- -9.52%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
USO
- 1D
- -2.64%
- 1M
- -12.29%
- YTD
- 81.36%
- 6M
- 82.28%
- 1Y
- 56.36%
- 3Y*
- 26.38%
- 5Y*
- 21.14%
- 10Y*
- 2.94%
GLD vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
USO United States Oil Fund LP | 81.36% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between GLD and USO is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2006 | 0.19 |
The correlation between GLD and USO shifts across timeframes, from -0.06 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. USO — Risk / Return Rank
GLD
USO
GLD vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.
| GLD | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.28 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 3.31 | -2.33 |
| Martin ratioReturn relative to average drawdown | 2.81 | 6.09 | -3.28 |
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Drawdowns
GLD vs. USO - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GLD and USO.
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Drawdown Indicators
| GLD | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -98.19% | +52.63% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -20.39% | -4.07% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -26.05% | +1.59% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -36.23% | +11.77% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -86.75% | +62.29% |
Current DrawdownCurrent decline from peak | -22.05% | -86.65% | +64.60% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -75.30% | +59.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 11.06% | -2.57% |
Volatility
GLD vs. USO - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 7.79%, while United States Oil Fund LP (USO) has a volatility of 13.27%. This indicates that GLD 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
| GLD | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 13.27% | -5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 38.99% | -14.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 44.64% | -17.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 36.20% | -17.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 39.03% | -22.95% |
GLD vs. USO - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
GLD vs. USO - Dividend Comparison
Neither GLD nor USO has paid dividends to shareholders.
Frequently Asked Questions
GLD and USO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (13.27%) compared to GLD (7.79%). In terms of maximum drawdown, GLD dropped -45.56% vs USO's -98.19%.
On 10-year performance, GLD leads with 12.15% vs 2.94% for USO. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs 2.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.86% for USO.
GLD and USO have nearly identical dividend yields, around 0.00%.
GLD is categorized as Gold, while USO is Oil & Gas. GLD tracks LBMA Gold Price PM, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: State Street and USCF. Their fees differ too: 0.40% for GLD and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.51 vs 0.87), 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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