GXDW vs. USO
GXDW (Global X Dorsey Wright Thematic ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - GXDW is a Systematic Trend fund tracking the Nasdaq Dorsey Wright Thematic Rotation Total Return 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, GXDW returned -12.06%/yr vs 19.63%/yr for USO. At a 0.11 correlation, their price movements are largely independent. GXDW charges 0.50%/yr vs 0.86%/yr for USO.
Performance
GXDW vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, GXDW achieves a 1.70% return, which is significantly lower than USO's 73.76% return.
GXDW
- 1D
- 1.18%
- 1M
- -11.94%
- 6M
- -5.62%
- YTD
- 1.70%
- 1Y
- -4.05%
- 3Y*
- -4.23%
- 5Y*
- -12.06%
- 10Y*
- —
USO
- 1D
- 2.02%
- 1M
- -4.19%
- 6M
- 63.54%
- YTD
- 73.76%
- 1Y
- 58.91%
- 3Y*
- 21.22%
- 5Y*
- 19.63%
- 10Y*
- 3.17%
GXDW vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GXDW Global X Dorsey Wright Thematic ETF | 1.70% | 3.52% | -3.55% | 10.26% | -48.08% | 3.21% | 61.07% | 4.74% |
USO United States Oil Fund LP | 73.76% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 9.58% |
Correlation
The correlation between GXDW and USO is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2019 | 0.11 |
The correlation between GXDW and USO shifts across timeframes, from -0.19 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GXDW vs. USO — Risk / Return Rank
GXDW
USO
GXDW vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Dorsey Wright Thematic ETF (GXDW) 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.
| GXDW | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.25 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 1.82 | -1.99 |
| Martin ratioReturn relative to average drawdown | -0.36 | 4.88 | -5.24 |
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Drawdowns
GXDW vs. USO - Drawdown Comparison
The maximum GXDW drawdown since its inception was -67.81%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GXDW and USO.
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Drawdown Indicators
| GXDW | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.81% | -98.19% | +30.38% |
Max Drawdown (1Y)Largest decline over 1 year | -24.65% | -32.49% | +7.84% |
Max Drawdown (3Y)Largest decline over 3 years | -29.97% | -32.49% | +2.52% |
Max Drawdown (5Y)Largest decline over 5 years | -61.17% | -36.23% | -24.94% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -59.80% | -87.21% | +27.41% |
Average DrawdownAverage peak-to-trough decline | -43.27% | -75.35% | +32.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.33% | 12.11% | -0.78% |
Volatility
GXDW vs. USO - Volatility Comparison
The current volatility for Global X Dorsey Wright Thematic ETF (GXDW) is 10.60%, while United States Oil Fund LP (USO) has a volatility of 14.67%. This indicates that GXDW 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
| GXDW | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.60% | 14.67% | -4.07% |
Volatility (6M)Calculated over the trailing 6-month period | 23.42% | 40.75% | -17.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.44% | 44.93% | -15.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.39% | 36.68% | -8.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.92% | 39.08% | -9.16% |
GXDW vs. USO - Expense Ratio Comparison
GXDW has a 0.50% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
GXDW vs. USO - Dividend Comparison
GXDW's dividend yield for the trailing twelve months is around 1.47%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GXDW Global X Dorsey Wright Thematic ETF | 1.47% | 1.40% | 1.08% | 1.99% | 1.48% | 1.56% | 0.48% | 0.31% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GXDW and USO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.67%) compared to GXDW (10.60%). In terms of maximum drawdown, GXDW dropped -67.81% vs USO's -98.19%.
On 5-year performance, USO leads with 19.63% vs -12.06% for GXDW. On fees, GXDW is cheaper at 0.50% per year. On volatility, GXDW has been the lower-risk option at 10.60%. 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 19.63% return vs -12.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GXDW is cheaper with a 0.50% expense ratio, compared with 0.86% for USO.
GXDW has the higher dividend yield at 1.47%, compared with 0.00% for USO.
GXDW is categorized as Systematic Trend, while USO is Oil & Gas. GXDW tracks Nasdaq Dorsey Wright Thematic Rotation Total Return Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Global X and USCF. Their fees differ too: 0.50% for GXDW and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.32 vs -0.14), 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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