GSJY vs. USO
GSJY (Goldman Sachs ActiveBeta Japan Equity ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - GSJY is a Japan Equities fund tracking the Goldman Sachs ActiveBeta Japan Equity 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, GSJY returned 9.36%/yr vs 2.01%/yr for USO. At a 0.14 correlation, their price movements are largely independent. GSJY charges 0.25%/yr vs 0.86%/yr for USO.
Performance
GSJY vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, GSJY achieves a 12.58% return, which is significantly lower than USO's 60.87% return. Over the past 10 years, GSJY has outperformed USO with an annualized return of 9.36%, while USO has yielded a comparatively lower 2.01% annualized return.
GSJY
- 1D
- -3.94%
- 1M
- 1.06%
- YTD
- 12.58%
- 6M
- 11.90%
- 1Y
- 31.84%
- 3Y*
- 18.03%
- 5Y*
- 8.87%
- 10Y*
- 9.36%
USO
- 1D
- -1.27%
- 1M
- -21.05%
- YTD
- 60.87%
- 6M
- 58.26%
- 1Y
- 45.61%
- 3Y*
- 21.25%
- 5Y*
- 17.42%
- 10Y*
- 2.01%
GSJY vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSJY Goldman Sachs ActiveBeta Japan Equity ETF | 12.58% | 26.22% | 8.89% | 19.18% | -16.15% | 0.41% | 13.81% | 18.29% | -11.56% | 25.50% |
USO United States Oil Fund LP | 60.87% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between GSJY and USO is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 2016 | 0.14 |
The correlation between GSJY and USO shifts across timeframes, from -0.26 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSJY vs. USO — Risk / Return Rank
GSJY
USO
GSJY vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) 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.
| GSJY | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.21 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 1.68 | +0.59 |
| Martin ratioReturn relative to average drawdown | 7.44 | 4.57 | +2.87 |
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Drawdowns
GSJY vs. USO - Drawdown Comparison
The maximum GSJY drawdown since its inception was -32.53%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GSJY and USO.
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Drawdown Indicators
| GSJY | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.53% | -98.19% | +65.66% |
Max Drawdown (1Y)Largest decline over 1 year | -14.08% | -27.26% | +13.18% |
Max Drawdown (3Y)Largest decline over 3 years | -14.96% | -27.26% | +12.30% |
Max Drawdown (5Y)Largest decline over 5 years | -32.53% | -36.23% | +3.70% |
Max Drawdown (10Y)Largest decline over 10 years | -32.53% | -86.75% | +54.22% |
Current DrawdownCurrent decline from peak | -3.94% | -88.16% | +84.22% |
Average DrawdownAverage peak-to-trough decline | -7.56% | -75.31% | +67.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.29% | 10.02% | -5.73% |
Volatility
GSJY vs. USO - Volatility Comparison
The current volatility for Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) is 7.37%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that GSJY 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
| GSJY | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.37% | 11.79% | -4.42% |
Volatility (6M)Calculated over the trailing 6-month period | 16.53% | 39.34% | -22.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.44% | 44.35% | -23.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.29% | 36.32% | -18.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.10% | 39.02% | -21.92% |
GSJY vs. USO - Expense Ratio Comparison
GSJY has a 0.25% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
GSJY vs. USO - Dividend Comparison
GSJY's dividend yield for the trailing twelve months is around 1.76%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GSJY Goldman Sachs ActiveBeta Japan Equity ETF | 1.76% | 1.99% | 1.64% | 2.11% | 2.13% | 1.73% | 1.22% | 2.79% | 3.28% | 1.70% | 2.09% |
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% |
Frequently Asked Questions
GSJY and USO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (11.79%) compared to GSJY (7.37%). In terms of maximum drawdown, GSJY dropped -32.53% vs USO's -98.19%.
On 10-year performance, GSJY leads with 9.36% vs 2.01% for USO. On fees, GSJY is cheaper at 0.25% per year. On volatility, GSJY has been the lower-risk option at 7.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSJY has performed better with a 9.36% return vs 2.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSJY is cheaper with a 0.25% expense ratio, compared with 0.86% for USO.
GSJY has the higher dividend yield at 1.76%, compared with 0.00% for USO.
GSJY is categorized as Japan Equities, while USO is Oil & Gas. GSJY tracks Goldman Sachs ActiveBeta Japan Equity Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Goldman Sachs and USCF. Their fees differ too: 0.25% for GSJY and 0.86% for USO.
GSJY currently has the higher Sharpe Ratio (1.57 vs 1.05), 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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