HIGH vs. USO
HIGH (Simplify Enhanced Income ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - HIGH is a Derivative Income fund actively managed by Simplify, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. HIGH is actively managed, while USO is passively managed. Over the past 3 years, HIGH returned 3.02%/yr vs 29.98%/yr for USO. At a 0.02 correlation, their price movements are largely independent. HIGH charges 0.51%/yr vs 0.86%/yr for USO.
Performance
HIGH vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, HIGH achieves a -0.38% return, which is significantly lower than USO's 103.67% return.
HIGH
- 1D
- -0.32%
- 1M
- 1.63%
- YTD
- -0.38%
- 6M
- -1.48%
- 1Y
- -3.46%
- 3Y*
- 3.02%
- 5Y*
- —
- 10Y*
- —
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%
HIGH vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | -0.38% | 4.35% | 1.52% | 7.70% | 0.27% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | -3.72% |
Correlation
The correlation between HIGH and USO is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2022 | 0.02 |
The correlation between HIGH and USO shifts across timeframes, from -0.11 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HIGH vs. USO — Risk / Return Rank
HIGH
USO
HIGH vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) 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.
| HIGH | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.70 | ||
| Sortino ratioReturn per unit of downside risk | -3.40 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.38 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 5.01 | -5.37 |
| Martin ratioReturn relative to average drawdown | -0.53 | 9.42 | -9.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HIGH | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.39 | 2.31 | -2.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | -0.18 | +0.57 |
Drawdowns
HIGH vs. USO - Drawdown Comparison
The maximum HIGH drawdown since its inception was -9.50%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for HIGH and USO.
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Drawdown Indicators
| HIGH | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.50% | -98.19% | +88.69% |
Max Drawdown (1Y)Largest decline over 1 year | -9.50% | -20.39% | +10.89% |
Max Drawdown (3Y)Largest decline over 3 years | -9.50% | -26.05% | +16.55% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -7.11% | -85.01% | +77.90% |
Average DrawdownAverage peak-to-trough decline | -2.37% | -75.30% | +72.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.53% | 10.82% | -4.29% |
Volatility
HIGH vs. USO - Volatility Comparison
The current volatility for Simplify Enhanced Income ETF (HIGH) is 1.23%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that HIGH 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
| HIGH | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 14.87% | -13.64% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 38.23% | -34.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 44.20% | -35.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.56% | 36.06% | -26.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.56% | 39.00% | -29.44% |
HIGH vs. USO - Expense Ratio Comparison
HIGH has a 0.51% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
HIGH vs. USO - Dividend Comparison
HIGH's dividend yield for the trailing twelve months is around 7.33%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | 7.33% | 7.71% | 8.34% | 9.40% | 0.62% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HIGH 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 (14.87%) compared to HIGH (1.23%). In terms of maximum drawdown, HIGH dropped -9.50% vs USO's -98.19%.
On 3-year performance, USO leads with 29.98% vs 3.02% for HIGH. On fees, HIGH is cheaper at 0.51% per year. On volatility, HIGH has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 29.98% return vs 3.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIGH is cheaper with a 0.51% expense ratio, compared with 0.86% for USO.
HIGH has the higher dividend yield at 7.33%, compared with 0.00% for USO.
HIGH is categorized as Derivative Income, while USO is Oil & Gas. They also come from different issuers: Simplify and USCF. Their fees differ too: 0.51% for HIGH and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs -0.39), 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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