GOVZ vs. USO
GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - GOVZ is a Government Bonds fund tracking the ICE BofA Long US Treasury Principal STRIPS Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, GOVZ returned -14.32%/yr vs 20.59%/yr for USO. Their -0.18 correlation means they have often moved in opposite directions in the past. GOVZ charges 0.15%/yr vs 0.86%/yr for USO.
Performance
GOVZ vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, GOVZ achieves a -6.93% return, which is significantly lower than USO's 86.77% return.
GOVZ
- 1D
- -1.06%
- 1M
- -6.91%
- 6M
- -6.43%
- YTD
- -6.93%
- 1Y
- -7.36%
- 3Y*
- -8.06%
- 5Y*
- -14.32%
- 10Y*
- —
- ALL TIME*
- -14.18%
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) |
|---|---|---|---|
| $6.61M | $6.41M | $8.12M | |
| $968.42M | $871.56M | $931.57M |
GOVZ vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | -6.93% | -1.81% | -16.24% | 0.90% | -41.03% | -4.86% | -5.61% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | 17.77% |
Correlation
The correlation between GOVZ and USO is -0.37, 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. | -0.37 |
Correlation (3Y) Balances recent behavior with more history. | -0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | -0.18 |
The correlation between GOVZ and USO shifts across timeframes, from -0.37 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GOVZ vs. USO — Risk / Return Rank
GOVZ
USO
GOVZ vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) 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.
| GOVZ | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.71 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.25 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.93 | -2.32 |
| Martin ratioReturn relative to average drawdown | -0.81 | 5.60 | -6.41 |
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Drawdowns
GOVZ vs. USO - Drawdown Comparison
The maximum GOVZ drawdown since its inception was -59.65%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GOVZ and USO.
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Drawdown Indicators
| GOVZ | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.65% | -98.19% | +38.54% |
Max Drawdown (1Y)Largest decline over 1 year | -14.87% | -32.49% | +17.62% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -32.49% | +6.07% |
Max Drawdown (5Y)Largest decline over 5 years | -57.63% | -36.23% | -21.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -59.10% | -86.26% | +27.16% |
Average DrawdownAverage peak-to-trough decline | -40.34% | -75.38% | +35.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.27% | 12.03% | -4.76% |
Volatility
GOVZ vs. USO - Volatility Comparison
The current volatility for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) is 4.48%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that GOVZ 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
| GOVZ | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 17.73% | -13.25% |
Volatility (6M)Calculated over the trailing 6-month period | 11.11% | 42.79% | -31.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.58% | 46.91% | -31.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.80% | 37.06% | -13.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.18% | 39.29% | -16.11% |
GOVZ vs. USO - Expense Ratio Comparison
GOVZ has a 0.15% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
GOVZ vs. USO - Dividend Comparison
GOVZ's dividend yield for the trailing twelve months is around 5.53%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.06% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GOVZ and USO have a correlation of -0.37, 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 GOVZ (4.48%). In terms of maximum drawdown, GOVZ dropped -59.65% vs USO's -98.19%.
On 5-year performance, USO leads with 20.59% vs -14.32% for GOVZ. On fees, GOVZ is cheaper at 0.15% per year. On volatility, GOVZ has been the lower-risk option at 4.48%. 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 -14.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVZ is cheaper with a 0.15% expense ratio, compared with 0.86% for USO.
GOVZ has the higher dividend yield at 5.06%, compared with 0.00% for USO.
GOVZ is categorized as Government Bonds, while USO is Oil & Gas. GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.15% for GOVZ and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs -0.38), 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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