HRTS vs. USO

Last updated Jun 3, 2026

HRTS (Tema Obesity & Cardiometabolic ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - HRTS is a Health & Biotech Equities fund actively managed by Tema, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. HRTS is actively managed, while USO is passively managed. Over the past year, HRTS returned 20.02% vs 97.37% for USO. At a correlation of -0.16, they often move in opposite directions. HRTS charges 0.75%/yr vs 0.86%/yr for USO.

Performance

HRTS vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Obesity & Cardiometabolic ETF (HRTS) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HRTS achieves a -6.17% return, which is significantly lower than USO's 98.48% return.

HRTS

• 1D: -2.01%
• 1M: -1.29%
• YTD: -6.17%
• 6M: -4.81%
• 1Y: 20.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: 1.31%
• 1M: -3.87%
• YTD: 98.48%
• 6M: 95.54%
• 1Y: 97.37%
• 3Y*: 28.86%
• 5Y*: 23.92%
• 10Y*: 3.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HRTS vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HRTS Tema Obesity & Cardiometabolic ETF	-6.17%	23.93%	-4.30%	14.97%
USO United States Oil Fund LP	98.48%	-8.46%	13.35%	-8.11%

Correlation

The correlation between HRTS and USO is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Nov 22, 2023	-0.16

The correlation between HRTS and USO shifts across timeframes, from -0.33 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HRTS vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HRTS

HRTS Risk / Return Rank: 34
HRTS Sharpe Ratio Rank: 35
HRTS Sortino Ratio Rank: 36
HRTS Omega Ratio Rank: 32
HRTS Calmar Ratio Rank: 38
HRTS Martin Ratio Rank: 32

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 66
USO Sortino Ratio Rank: 59
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 88
USO Martin Ratio Rank: 55

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.

HRTS vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Obesity & Cardiometabolic ETF (HRTS) 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.

	HRTS	USO	Difference
Sharpe ratio Return per unit of total volatility	1.25	2.22	-0.96
Sortino ratio Return per unit of downside risk	1.91	2.81	-0.90
Omega ratio Gain probability vs. loss probability	1.22	1.37	-0.16
Calmar ratio Return relative to maximum drawdown	1.89	5.12	-3.23
Martin ratio Return relative to average drawdown	4.83	9.66	-4.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HRTS vs. USO - Sharpe Ratio Comparison

The current HRTS Sharpe Ratio is 1.25, which is lower than the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of HRTS 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.

Sharpe Ratios by Period

	HRTS	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	2.22	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	-0.18	+0.72

Drawdowns

HRTS vs. USO - Drawdown Comparison

The maximum HRTS drawdown since its inception was -25.81%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for HRTS and USO.

Drawdown Indicators

	HRTS	USO	Difference
Max Drawdown Largest peak-to-trough decline	-25.81%	-98.19%	+72.38%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-20.39%	+9.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-9.59%	-85.39%	+75.80%
Average Drawdown Average peak-to-trough decline	-9.02%	-75.30%	+66.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	10.81%	-6.49%

Volatility

HRTS vs. USO - Volatility Comparison

The current volatility for Tema Obesity & Cardiometabolic ETF (HRTS) is 4.40%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that HRTS 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.

Volatility by Period

	HRTS	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	15.03%	-10.63%
Volatility (6M) Calculated over the trailing 6-month period	11.32%	38.18%	-26.86%
Volatility (1Y) Calculated over the trailing 1-year period	16.04%	44.26%	-28.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.09%	36.04%	-16.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.09%	39.00%	-19.91%

HRTS vs. USO - Expense Ratio Comparison

HRTS has a 0.75% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

HRTS vs. USO - Dividend Comparison

HRTS's dividend yield for the trailing twelve months is around 1.43%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
HRTS Tema Obesity & Cardiometabolic ETF	1.43%	1.34%	1.63%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HRTS and USO in my portfolio?

HRTS and USO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HRTS or USO?

USO has higher volatility (15.03%) compared to HRTS (4.40%). In terms of maximum drawdown, HRTS dropped -25.81% vs USO's -98.19%.

Which ETF is better, HRTS or USO?

On 1-year performance, USO leads with 97.37% vs 20.02% for HRTS. On fees, HRTS is cheaper at 0.75% per year. On volatility, HRTS has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HRTS or USO?

Over the 1-year period, USO has performed better with a 97.37% return vs 20.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HRTS or USO?

HRTS is cheaper with a 0.75% expense ratio, compared with 0.86% for USO.

Which ETF pays a higher dividend yield, HRTS or USO?

HRTS has the higher dividend yield at 1.43%, compared with 0.00% for USO.

What is the main difference between HRTS and USO?

HRTS is categorized as Health & Biotech Equities, while USO is Oil & Gas. They also come from different issuers: Tema and USCF. Their fees differ too: 0.75% for HRTS and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.22 vs 1.25), 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.