IBIT vs. USO
IBIT (iShares Bitcoin Trust ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, IBIT returned -39.67% vs 56.36% for USO. At a 0.02 correlation, their price movements are largely independent. IBIT charges 0.25%/yr vs 0.86%/yr for USO.
Performance
IBIT vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -27.41% return, which is significantly lower than USO's 81.36% return.
IBIT
- 1D
- -0.03%
- 1M
- -21.94%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -39.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- -2.64%
- 1M
- -12.29%
- YTD
- 81.36%
- 6M
- 82.28%
- 1Y
- 56.36%
- 3Y*
- 26.38%
- 5Y*
- 21.14%
- 10Y*
- 2.94%
IBIT vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
USO United States Oil Fund LP | 81.36% | -8.46% | 13.51% |
Correlation
The correlation between IBIT and USO is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.02 |
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Return for Risk
IBIT vs. USO — Risk / Return Rank
IBIT
USO
IBIT vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.28 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 3.31 | -4.09 |
| Martin ratioReturn relative to average drawdown | -1.37 | 6.09 | -7.46 |
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Drawdowns
IBIT vs. USO - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IBIT and USO.
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Drawdown Indicators
| IBIT | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -98.19% | +46.08% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -20.39% | -31.72% |
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 DrawdownCurrent decline from peak | -49.45% | -86.65% | +37.20% |
Average DrawdownAverage peak-to-trough decline | -16.53% | -75.30% | +58.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.64% | 11.06% | +18.58% |
Volatility
IBIT vs. USO - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 12.07%, while United States Oil Fund LP (USO) has a volatility of 13.27%. This indicates that IBIT 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
| IBIT | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.07% | 13.27% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 38.99% | -4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.10% | 44.64% | -0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.26% | 36.20% | +14.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.26% | 39.03% | +11.23% |
IBIT vs. USO - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
IBIT vs. USO - Dividend Comparison
Neither IBIT nor USO has paid dividends to shareholders.
Frequently Asked Questions
IBIT and USO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (13.27%) compared to IBIT (12.07%). In terms of maximum drawdown, IBIT dropped -52.11% vs USO's -98.19%.
On 1-year performance, USO leads with 56.36% vs -39.67% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 12.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USO has performed better with a 56.36% return vs -39.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.86% for USO.
IBIT and USO have nearly identical dividend yields, around 0.00%.
IBIT is categorized as Cryptocurrency, while USO is Oil & Gas. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.25% for IBIT and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.51 vs -0.92), 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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