HDV vs. USO
HDV (iShares Core High Dividend ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus 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, HDV returned 9.50%/yr vs 5.42%/yr for USO. Their 0.34 correlation means their historical movements had little consistent relationship. HDV charges 0.08%/yr vs 0.86%/yr for USO.
Performance
HDV vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, HDV achieves a 20.12% return, which is significantly lower than USO's 97.64% return. Over the past 10 years, HDV has outperformed USO with an annualized return of 9.50%, while USO has yielded a comparatively lower 5.42% annualized return.
HDV
- 1D
- 1.23%
- 1M
- 4.76%
- 6M
- 13.60%
- YTD
- 20.12%
- 1Y
- 24.04%
- 3Y*
- 15.34%
- 5Y*
- 12.15%
- 10Y*
- 9.50%
- ALL TIME*
- 10.85%
USO
- 1D
- -2.01%
- 1M
- 25.05%
- 6M
- 84.84%
- YTD
- 97.64%
- 1Y
- 82.62%
- 3Y*
- 24.31%
- 5Y*
- 22.54%
- 10Y*
- 5.42%
- ALL TIME*
- -6.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $163.75M | $142.23M | $95.79M | |
| $1.02B | $802.47M | $996.79M |
HDV vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDV iShares Core High Dividend ETF | 20.12% | 11.90% | 14.16% | 1.72% | 7.05% | 19.45% | -6.48% | 20.22% | -3.01% | 13.40% |
USO United States Oil Fund LP | 97.64% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between HDV and USO is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.30 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | 0.34 |
Over the past year, the correlation between HDV and USO has dropped to 0.11 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.
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Return for Risk
HDV vs. USO — Risk / Return Rank
HDV
USO
HDV vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) 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.
| HDV | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.30 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.65 | 2.46 | +2.19 |
| Martin ratioReturn relative to average drawdown | 12.72 | 6.41 | +6.31 |
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Drawdowns
HDV vs. USO - Drawdown Comparison
The maximum HDV drawdown since its inception was -37.04%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for HDV and USO.
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Drawdown Indicators
| HDV | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.04% | -98.19% | +61.15% |
Max Drawdown (1Y)Largest decline over 1 year | -5.18% | -32.49% | +27.31% |
Max Drawdown (3Y)Largest decline over 3 years | -10.49% | -32.49% | +22.00% |
Max Drawdown (5Y)Largest decline over 5 years | -15.42% | -36.23% | +20.81% |
Max Drawdown (10Y)Largest decline over 10 years | -37.04% | -86.75% | +49.71% |
Current DrawdownCurrent decline from peak | 0.00% | -85.46% | +85.46% |
Average DrawdownAverage peak-to-trough decline | -3.07% | -75.37% | +72.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.89% | 12.47% | -10.58% |
Volatility
HDV vs. USO - Volatility Comparison
The current volatility for iShares Core High Dividend ETF (HDV) is 4.88%, while United States Oil Fund LP (USO) has a volatility of 13.60%. This indicates that HDV 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
| HDV | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.88% | 13.60% | -8.72% |
Volatility (6M)Calculated over the trailing 6-month period | 8.55% | 41.19% | -32.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.74% | 45.56% | -34.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.93% | 36.67% | -23.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.77% | 39.13% | -23.36% |
HDV vs. USO - Expense Ratio Comparison
HDV has a 0.08% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
HDV vs. USO - Dividend Comparison
HDV's dividend yield for the trailing twelve months is around 3.07%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDV iShares Core High Dividend ETF | 3.07% | 3.22% | 3.67% | 3.82% | 3.56% | 3.47% | 4.07% | 3.27% | 3.67% | 3.27% | 3.28% | 3.92% |
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
HDV and USO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (13.60%) compared to HDV (4.88%). In terms of maximum drawdown, HDV dropped -37.04% vs USO's -98.19%.
On 10-year performance, HDV leads with 9.50% vs 5.42% for USO. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HDV has performed better with a 9.50% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HDV is cheaper with a 0.08% expense ratio, compared with 0.86% for USO.
HDV has the higher dividend yield at 3.07%, compared with 0.00% for USO.
HDV is categorized as Dividend, while USO is Oil & Gas. HDV tracks Morningstar Dividend Yield Focus Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.08% for HDV and 0.86% for USO.
HDV currently has the higher Sharpe Ratio (2.24 vs 1.76), 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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