GOLY vs. USO
GOLY (Strategy Shares Gold Enhanced Yield ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund actively managed by Strategy Shares, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. GOLY is actively managed, while USO is passively managed. Over the past 5 years, GOLY returned 4.37%/yr vs 20.59%/yr for USO. Their 0.03 correlation means their historical movements had little consistent relationship. GOLY charges 0.79%/yr vs 0.86%/yr for USO.
Performance
GOLY vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, GOLY achieves a -26.54% return, which is significantly lower than USO's 86.77% return.
GOLY
- 1D
- -0.68%
- 1M
- -2.80%
- 6M
- -24.07%
- YTD
- -26.54%
- 1Y
- -9.02%
- 3Y*
- 14.14%
- 5Y*
- 4.37%
- 10Y*
- —
- ALL TIME*
- 4.18%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $645.25K | $545.45K | $1.00M | |
| $968.42M | $871.56M | $931.57M |
GOLY vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold Enhanced Yield ETF | -26.54% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 19.76% |
Correlation
The correlation between GOLY and USO is -0.30, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 18, 2021 | 0.03 |
The correlation between GOLY and USO shifts across timeframes, from -0.30 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GOLY vs. USO — Risk / Return Rank
GOLY
USO
GOLY vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold Enhanced Yield ETF (GOLY) 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.
| GOLY | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.25 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.15 | 1.93 | -2.08 |
| Martin ratioReturn relative to average drawdown | -0.30 | 5.60 | -5.90 |
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Drawdowns
GOLY vs. USO - Drawdown Comparison
The maximum GOLY drawdown since its inception was -37.99%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GOLY and USO.
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Drawdown Indicators
| GOLY | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.99% | -98.19% | +60.20% |
Max Drawdown (1Y)Largest decline over 1 year | -37.99% | -32.49% | -5.50% |
Max Drawdown (3Y)Largest decline over 3 years | -37.99% | -32.49% | -5.50% |
Max Drawdown (5Y)Largest decline over 5 years | -37.99% | -36.23% | -1.76% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -36.62% | -86.26% | +49.64% |
Average DrawdownAverage peak-to-trough decline | -12.56% | -75.38% | +62.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.14% | 12.03% | +7.11% |
Volatility
GOLY vs. USO - Volatility Comparison
The current volatility for Strategy Shares Gold Enhanced Yield ETF (GOLY) is 6.91%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that GOLY 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
| GOLY | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.91% | 17.73% | -10.82% |
Volatility (6M)Calculated over the trailing 6-month period | 30.03% | 42.79% | -12.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.02% | 46.91% | -12.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.76% | 37.06% | -14.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.43% | 39.29% | -16.86% |
GOLY vs. USO - Expense Ratio Comparison
GOLY has a 0.79% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
GOLY vs. USO - Dividend Comparison
GOLY's dividend yield for the trailing twelve months is around 9.40%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold Enhanced Yield ETF | 9.40% | 7.22% | 3.85% | 2.94% | 2.57% | 1.11% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GOLY and USO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (17.73%) compared to GOLY (6.91%). In terms of maximum drawdown, GOLY dropped -37.99% vs USO's -98.19%.
On 5-year performance, USO leads with 20.59% vs 4.37% for GOLY. On fees, GOLY is cheaper at 0.79% per year. On volatility, GOLY has been the lower-risk option at 6.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 20.59% return vs 4.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOLY is cheaper with a 0.79% expense ratio, compared with 0.86% for USO.
GOLY has the higher dividend yield at 9.40%, compared with 0.00% for USO.
GOLY is categorized as Nontraditional Bonds, while USO is Oil & Gas. They also come from different issuers: Strategy Shares and USCF. Their fees differ too: 0.79% for GOLY and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs -0.17), 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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