GOVI vs. USO
GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - GOVI is a Government Bonds fund tracking the ICE 1-30 Year Laddered Maturity U.S. Treasury 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, GOVI returned -0.05%/yr vs 3.57%/yr for USO. At a correlation of -0.24, they often move in opposite directions. GOVI charges 0.15%/yr vs 0.86%/yr for USO.
Performance
GOVI vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, GOVI achieves a -0.34% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, GOVI has underperformed USO with an annualized return of -0.05%, while USO has yielded a comparatively higher 3.57% annualized return.
GOVI
- 1D
- 0.20%
- 1M
- 0.24%
- YTD
- -0.34%
- 6M
- -0.80%
- 1Y
- 3.44%
- 3Y*
- 0.97%
- 5Y*
- -2.73%
- 10Y*
- -0.05%
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
GOVI vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | -0.34% | 5.84% | -2.95% | 3.31% | -19.98% | -3.76% | 12.55% | 10.00% | -0.28% | 4.96% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between GOVI and USO is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2007 | -0.24 |
The correlation between GOVI and USO shifts across timeframes, from -0.38 (1 year) to -0.20 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
GOVI vs. USO — Risk / Return Rank
GOVI
USO
GOVI vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) 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.
| GOVI | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.37 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 4.79 | -4.16 |
| Martin ratioReturn relative to average drawdown | 1.76 | 9.00 | -7.24 |
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
| GOVI | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.53 | 2.21 | -1.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | 0.66 | -0.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.01 | 0.09 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | -0.18 | +0.49 |
Drawdowns
GOVI vs. USO - Drawdown Comparison
The maximum GOVI drawdown since its inception was -32.70%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GOVI and USO.
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Drawdown Indicators
| GOVI | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -98.19% | +65.49% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -20.39% | +14.94% |
Max Drawdown (3Y)Largest decline over 3 years | -11.58% | -26.05% | +14.47% |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | -36.23% | +7.93% |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | -86.75% | +54.05% |
Current DrawdownCurrent decline from peak | -22.22% | -85.45% | +63.23% |
Average DrawdownAverage peak-to-trough decline | -9.65% | -75.30% | +65.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 10.84% | -8.89% |
Volatility
GOVI vs. USO - Volatility Comparison
The current volatility for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) is 2.03%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that GOVI 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
| GOVI | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 14.97% | -12.94% |
Volatility (6M)Calculated over the trailing 6-month period | 4.54% | 38.35% | -33.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.58% | 44.32% | -37.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.86% | 36.09% | -26.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 39.00% | -29.90% |
GOVI vs. USO - Expense Ratio Comparison
GOVI has a 0.15% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
GOVI vs. USO - Dividend Comparison
GOVI's dividend yield for the trailing twelve months is around 3.82%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 3.82% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
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
GOVI and USO have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to GOVI (2.03%). In terms of maximum drawdown, GOVI dropped -32.70% vs USO's -98.19%.
On 10-year performance, USO leads with 3.57% vs -0.05% for GOVI. On fees, GOVI is cheaper at 0.15% per year. On volatility, GOVI has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USO has performed better with a 3.57% return vs -0.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVI is cheaper with a 0.15% expense ratio, compared with 0.86% for USO.
GOVI has the higher dividend yield at 3.82%, compared with 0.00% for USO.
GOVI is categorized as Government Bonds, while USO is Oil & Gas. GOVI tracks ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.15% for GOVI and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs 0.53), 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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