JIII vs. USO

Last updated Jun 23, 2026

JIII (Janus Henderson Income ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - JIII is a Multisector Bonds fund actively managed by Janus Henderson, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. JIII is actively managed, while USO is passively managed. Over the past year, JIII returned 6.67% vs 35.58% for USO. At a correlation of -0.26, they often move in opposite directions. JIII charges 0.54%/yr vs 0.86%/yr for USO.

Performance

JIII vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Income ETF (JIII) 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, JIII achieves a 1.60% return, which is significantly lower than USO's 62.94% return.

JIII

• 1D: -0.15%
• 1M: 1.10%
• YTD: 1.60%
• 6M: 1.88%
• 1Y: 6.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: -1.90%
• 1M: -20.03%
• YTD: 62.94%
• 6M: 61.61%
• 1Y: 35.58%
• 3Y*: 21.76%
• 5Y*: 17.78%
• 10Y*: 2.14%

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

JIII vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JIII Janus Henderson Income ETF	1.60%	8.28%	0.54%
USO United States Oil Fund LP	62.94%	-8.46%	6.88%

Correlation

The correlation between JIII and USO is -0.34, 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	-0.34
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	-0.26

Return for Risk

JIII vs. USO — Risk / Return Rank

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

JIII

JIII Risk / Return Rank: 61
JIII Sharpe Ratio Rank: 56
JIII Sortino Ratio Rank: 59
JIII Omega Ratio Rank: 64
JIII Calmar Ratio Rank: 62
JIII Martin Ratio Rank: 64

USO

USO Risk / Return Rank: 26
USO Sharpe Ratio Rank: 23
USO Sortino Ratio Rank: 26
USO Omega Ratio Rank: 26
USO Calmar Ratio Rank: 28
USO Martin Ratio Rank: 28

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.

JIII vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Income ETF (JIII) 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.

	JIII	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.84	0.81	+1.04
Sortino ratio: Return per unit of downside risk	2.71	1.38	+1.33
Omega ratio: Gain probability vs. loss probability	1.37	1.17	+0.20
Calmar ratio: Return relative to maximum drawdown	2.95	1.36	+1.59
Martin ratio: Return relative to average drawdown	11.12	3.61	+7.50

JIII vs. USO - Sharpe Ratio Comparison

The current JIII Sharpe Ratio is 1.84, which is higher than the USO Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of JIII 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.

Drawdowns

JIII vs. USO - Drawdown Comparison

The maximum JIII drawdown since its inception was -3.55%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for JIII and USO.

Drawdown Indicators

	JIII	USO	Difference
Max Drawdown Largest peak-to-trough decline	-3.55%	-98.19%	+94.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.27%	-26.33%	+24.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.33%	—
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	-0.45%	-88.01%	+87.56%
Average Drawdown Average peak-to-trough decline	-0.49%	-75.31%	+74.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	11.59%	-10.99%

Volatility

JIII vs. USO - Volatility Comparison

The current volatility for Janus Henderson Income ETF (JIII) is 1.28%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that JIII 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

	JIII	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	11.79%	-10.51%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	39.34%	-36.46%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	44.41%	-40.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	36.32%	-32.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.00%	39.05%	-35.05%

JIII vs. USO - Expense Ratio Comparison

JIII has a 0.54% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

JIII vs. USO - Dividend Comparison

JIII's dividend yield for the trailing twelve months is around 7.40%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
JIII Janus Henderson Income ETF	7.40%	7.33%	0.44%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JIII and USO in my portfolio?

JIII and USO have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JIII or USO?

USO has higher volatility (11.79%) compared to JIII (1.28%). In terms of maximum drawdown, JIII dropped -3.55% vs USO's -98.19%.

Which ETF is better, JIII or USO?

On 1-year performance, USO leads with 35.58% vs 6.67% for JIII. On fees, JIII is cheaper at 0.54% per year. On volatility, JIII has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JIII or USO?

Over the 1-year period, USO has performed better with a 35.58% return vs 6.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JIII or USO?

JIII is cheaper with a 0.54% expense ratio, compared with 0.86% for USO.

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

JIII has the higher dividend yield at 7.40%, compared with 0.00% for USO.

What is the main difference between JIII and USO?

JIII is categorized as Multisector Bonds, while USO is Oil & Gas. They also come from different issuers: Janus Henderson and USCF. Their fees differ too: 0.54% for JIII and 0.86% for USO.

Which has better risk-adjusted returns?

JIII currently has the higher Sharpe Ratio (1.84 vs 0.81), 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.