JPEF vs. USO

Last updated Jun 3, 2026

JPEF (JPMorgan Equity Focus ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - JPEF is a Large Cap Blend Equities fund actively managed by JPMorgan, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. JPEF is actively managed, while USO is passively managed. Over the past year, JPEF returned 20.74% vs 97.37% for USO. At a correlation of -0.06, they often move in opposite directions. JPEF charges 0.50%/yr vs 0.86%/yr for USO.

Performance

JPEF vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Equity Focus ETF (JPEF) 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, JPEF achieves a 8.46% return, which is significantly lower than USO's 98.48% return.

JPEF

• 1D: 0.32%
• 1M: 3.21%
• YTD: 8.46%
• 6M: 7.83%
• 1Y: 20.74%
• 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)

JPEF vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPEF JPMorgan Equity Focus ETF	8.46%	12.07%	28.19%	5.72%
USO United States Oil Fund LP	98.48%	-8.46%	13.35%	-8.91%

Correlation

The correlation between JPEF and USO is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Aug 1, 2023	-0.06

Over the past year, the inverse relationship between JPEF and USO has strengthened: their correlation has moved from -0.06 to -0.28, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

JPEF vs. USO — Risk / Return Rank

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

JPEF

JPEF Risk / Return Rank: 55
JPEF Sharpe Ratio Rank: 53
JPEF Sortino Ratio Rank: 53
JPEF Omega Ratio Rank: 54
JPEF Calmar Ratio Rank: 52
JPEF Martin Ratio Rank: 64

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.

JPEF vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Focus ETF (JPEF) 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.

	JPEF	USO	Difference
Sharpe ratio Return per unit of total volatility	1.83	2.22	-0.38
Sortino ratio Return per unit of downside risk	2.59	2.81	-0.23
Omega ratio Gain probability vs. loss probability	1.34	1.37	-0.03
Calmar ratio Return relative to maximum drawdown	2.63	5.12	-2.49
Martin ratio Return relative to average drawdown	11.90	9.66	+2.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPEF vs. USO - Sharpe Ratio Comparison

The current JPEF Sharpe Ratio is 1.83, which is comparable to the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of JPEF 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

	JPEF	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.22	-0.38
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	1.29	-0.18	+1.47

Drawdowns

JPEF vs. USO - Drawdown Comparison

The maximum JPEF drawdown since its inception was -18.09%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for JPEF and USO.

Drawdown Indicators

	JPEF	USO	Difference
Max Drawdown Largest peak-to-trough decline	-18.09%	-98.19%	+80.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.25%	-20.39%	+12.14%
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	-0.20%	-85.39%	+85.19%
Average Drawdown Average peak-to-trough decline	-2.15%	-75.30%	+73.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	10.81%	-8.99%

Volatility

JPEF vs. USO - Volatility Comparison

The current volatility for JPMorgan Equity Focus ETF (JPEF) is 3.06%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that JPEF 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

	JPEF	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	15.03%	-11.97%
Volatility (6M) Calculated over the trailing 6-month period	8.63%	38.18%	-29.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.38%	44.26%	-32.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	36.04%	-21.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	39.00%	-23.98%

JPEF vs. USO - Expense Ratio Comparison

JPEF has a 0.50% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

JPEF vs. USO - Dividend Comparison

JPEF's dividend yield for the trailing twelve months is around 0.65%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
JPEF JPMorgan Equity Focus ETF	0.65%	0.70%	0.71%	0.39%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPEF and USO in my portfolio?

JPEF and USO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPEF or USO?

USO has higher volatility (15.03%) compared to JPEF (3.06%). In terms of maximum drawdown, JPEF dropped -18.09% vs USO's -98.19%.

Which ETF is better, JPEF or USO?

On 1-year performance, USO leads with 97.37% vs 20.74% for JPEF. On fees, JPEF is cheaper at 0.50% per year. On volatility, JPEF has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPEF or USO?

Over the 1-year period, USO has performed better with a 97.37% return vs 20.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPEF or USO?

JPEF is cheaper with a 0.50% expense ratio, compared with 0.86% for USO.

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

JPEF has the higher dividend yield at 0.65%, compared with 0.00% for USO.

What is the main difference between JPEF and USO?

JPEF is categorized as Large Cap Blend Equities, while USO is Oil & Gas. They also come from different issuers: JPMorgan and USCF. Their fees differ too: 0.50% for JPEF and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.22 vs 1.83), 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.