IONL vs. USO

Last updated Jun 4, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - IONL is a Leveraged Equities fund tracking the IonQ Inc. (IONQ), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, IONL returned 11.24% vs 101.55% for USO. At a correlation of -0.01, they often move in opposite directions. IONL charges 1.50%/yr vs 0.86%/yr for USO.

Performance

IONL vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) 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, IONL achieves a 48.62% return, which is significantly lower than USO's 103.67% return.

IONL

• 1D: -8.47%
• 1M: 99.80%
• YTD: 48.62%
• 6M: 17.16%
• 1Y: 11.24%
• 3Y*: —
• 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%

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

IONL vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	48.62%	38.57%
USO United States Oil Fund LP	103.67%	-7.56%

Correlation

The correlation between IONL and USO is -0.08, 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	-0.08
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	-0.01

Return for Risk

IONL vs. USO — Risk / Return Rank

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

IONL

IONL Risk / Return Rank: 17
IONL Sharpe Ratio Rank: 10
IONL Sortino Ratio Rank: 29
IONL Omega Ratio Rank: 26
IONL Calmar Ratio Rank: 10
IONL Martin Ratio Rank: 10

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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.

IONL vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) 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.

	IONL	USO	Difference
Sharpe ratio: Return per unit of total volatility	0.06	2.31	-2.25
Sortino ratio: Return per unit of downside risk	1.52	2.89	-1.37
Omega ratio: Gain probability vs. loss probability	1.17	1.38	-0.21
Calmar ratio: Return relative to maximum drawdown	0.12	5.01	-4.89
Martin ratio: Return relative to average drawdown	0.18	9.42	-9.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IONL vs. USO - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is 0.06, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of IONL 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

	IONL	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	2.31	-2.25
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	0.43	-0.18	+0.61

Drawdowns

IONL vs. USO - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IONL and USO.

Drawdown Indicators

	IONL	USO	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-98.19%	+4.78%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-20.39%	-73.02%
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	-65.21%	-85.01%	+19.80%
Average Drawdown Average peak-to-trough decline	-50.11%	-75.30%	+25.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.00%	10.82%	+51.18%

Volatility

IONL vs. USO - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 59.44% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that IONL's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONL	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	59.44%	14.87%	+44.57%
Volatility (6M) Calculated over the trailing 6-month period	130.72%	38.23%	+92.49%
Volatility (1Y) Calculated over the trailing 1-year period	181.66%	44.20%	+137.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.45%	36.06%	+159.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.45%	39.00%	+156.45%

IONL vs. USO - Expense Ratio Comparison

IONL has a 1.50% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

IONL vs. USO - Dividend Comparison

Neither IONL nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IONL and USO in my portfolio?

IONL and USO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IONL or USO?

IONL has higher volatility (59.44%) compared to USO (14.87%). In terms of maximum drawdown, IONL dropped -93.41% vs USO's -98.19%.

Which ETF is better, IONL or USO?

On 1-year performance, USO leads with 101.55% vs 11.24% for IONL. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONL or USO?

USO is cheaper with a 0.86% expense ratio, compared with 1.50% for IONL.

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

IONL and USO have nearly identical dividend yields, around 0.00%.

What is the main difference between IONL and USO?

IONL is categorized as Leveraged Equities, while USO is Oil & Gas. IONL tracks IonQ Inc. (IONQ), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: GraniteShares and USCF. Their fees differ too: 1.50% for IONL and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs 0.06), 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.