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GSLC vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GSLC vs. USO

Last updated Jun 4, 2026

GSLC (Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - GSLC is a Large Cap Growth Equities fund tracking the Goldman Sachs ActiveBeta U.S. Large Cap 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, GSLC returned 14.64%/yr vs 4.07%/yr for USO. At a 0.18 correlation, their price movements are largely independent. GSLC charges 0.09%/yr vs 0.86%/yr for USO.

Performance

GSLC vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GSLC achieves a 8.50% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, GSLC has outperformed USO with an annualized return of 14.64%, while USO has yielded a comparatively lower 4.07% annualized return.

GSLC

1D
-0.67%
1M
4.52%
YTD
8.50%
6M
8.90%
1Y
23.28%
3Y*
20.85%
5Y*
12.70%
10Y*
14.64%

USO

1D
2.62%
1M
-4.57%
YTD
103.67%
6M
99.35%
1Y
101.55%
3Y*
29.98%
5Y*
24.41%
10Y*
4.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GSLC vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GSLC
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		8.50%16.17%24.21%25.09%-18.71%27.17%19.02%30.74%-4.07%22.49%
USO
United States Oil Fund LP		103.67%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between GSLC and USO is -0.34, 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

-0.34

Correlation (3Y)
Calculated over the trailing 3-year period

-0.08

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Sep 22, 2015

0.18

The correlation between GSLC and USO shifts across timeframes, from -0.34 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF

United States Oil Fund LP

Often compared with GSLC:
GSLC vs. VOOGSLC vs. SPYGSLC vs. GSUSGSLC vs. VTIGSLC vs. VLUEGSLC vs. QUALGSLC vs. BFFAX
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

GSLC vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GSLC
GSLC Risk / Return Rank: 5656
Overall Rank
GSLC Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
GSLC Sortino Ratio Rank: 5757
Sortino Ratio Rank
GSLC Omega Ratio Rank: 5858
Omega Ratio Rank
GSLC Calmar Ratio Rank: 4949
Calmar Ratio Rank
GSLC Martin Ratio Rank: 6060
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6060
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8787
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GSLC vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) 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.

GSLCUSODifference

Sharpe ratio

Return per unit of total volatility

2.00

2.31

-0.31

Sortino ratio

Return per unit of downside risk

2.76

2.89

-0.13

Omega ratio

Gain probability vs. loss probability

1.36

1.38

-0.02

Calmar ratio

Return relative to maximum drawdown

2.46

5.01

-2.54

Martin ratio

Return relative to average drawdown

10.96

9.42

+1.54

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSLC vs. USO - Sharpe Ratio Comparison

The current GSLC Sharpe Ratio is 2.00, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of GSLC and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GSLCUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.00

2.31

-0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

0.68

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

0.10

+0.73

Sharpe Ratio (All Time)

Calculated using the full available price history

0.82

-0.18

+0.99

Drawdowns

GSLC vs. USO - Drawdown Comparison

The maximum GSLC drawdown since its inception was -33.69%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GSLC and USO.

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Drawdown Indicators

GSLCUSODifference

Max Drawdown

Largest peak-to-trough decline

-33.69%

-98.19%

+64.50%

Max Drawdown (1Y)

Largest decline over 1 year

-9.49%

-20.39%

+10.90%

Max Drawdown (3Y)

Largest decline over 3 years

-18.66%

-26.05%

+7.39%

Max Drawdown (5Y)

Largest decline over 5 years

-24.90%

-36.23%

+11.33%

Max Drawdown (10Y)

Largest decline over 10 years

-33.69%

-86.75%

+53.06%

Current Drawdown

Current decline from peak

-0.67%

-85.01%

+84.34%

Average Drawdown

Average peak-to-trough decline

-4.39%

-75.30%

+70.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

10.82%

-8.69%

Volatility

GSLC vs. USO - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) is 2.74%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that GSLC 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

GSLCUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.74%

14.87%

-12.13%

Volatility (6M)

Calculated over the trailing 6-month period

8.84%

38.23%

-29.39%

Volatility (1Y)

Calculated over the trailing 1-year period

11.72%

44.20%

-32.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.62%

36.06%

-19.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.68%

39.00%

-21.32%

GSLC vs. USO - Expense Ratio Comparison

GSLC has a 0.09% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

GSLC vs. USO - Dividend Comparison

GSLC's dividend yield for the trailing twelve months is around 0.93%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GSLC
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		0.93%1.00%1.11%1.38%1.61%1.06%1.35%1.54%1.89%1.69%1.69%0.36%
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

GSLC and USO have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (14.87%) compared to GSLC (2.74%). In terms of maximum drawdown, GSLC dropped -33.69% vs USO's -98.19%.

On 10-year performance, GSLC leads with 14.64% vs 4.07% for USO. On fees, GSLC is cheaper at 0.09% per year. On volatility, GSLC has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GSLC has performed better with a 14.64% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GSLC is cheaper with a 0.09% expense ratio, compared with 0.86% for USO.

GSLC has the higher dividend yield at 0.93%, compared with 0.00% for USO.

GSLC is categorized as Large Cap Growth Equities, while USO is Oil & Gas. GSLC tracks Goldman Sachs ActiveBeta U.S. Large Cap 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: 0.09% for GSLC and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.31 vs 2.00), 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.

Portfolio Optimizer

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