JUSA vs. USO

Last updated Aug 2, 2026

JUSA (JPMorgan U.S. Research Enhanced Large Cap ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - JUSA 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. JUSA is actively managed, while USO is passively managed. Over the past year, JUSA returned 20.83% vs 66.76% for USO. Their -0.18 correlation means they have often moved in opposite directions in the past. JUSA charges 0.20%/yr vs 0.86%/yr for USO.

Performance

JUSA vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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, JUSA achieves a 9.88% return, which is significantly lower than USO's 86.77% return.

JUSA

• 1D: 0.73%
• 1M: 0.79%
• 6M: 8.34%
• YTD: 9.88%
• 1Y: 20.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.88%

USO

• 1D: 1.33%
• 1M: 24.23%
• 6M: 62.44%
• YTD: 86.77%
• 1Y: 66.76%
• 3Y*: 20.97%
• 5Y*: 20.59%
• 10Y*: 5.64%
• ALL TIME*: -6.85%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	$26.01M	$13.36M	$11.16M
USO United States Oil Fund LP	$968.42M	$871.56M	$931.57M

JUSA vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	9.88%	22.30%
USO United States Oil Fund LP	86.77%	-3.43%

Correlation

The correlation between JUSA and USO is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.26
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	-0.18

Return for Risk

JUSA vs. USO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JUSA

JUSA Risk / Return Rank: 64
JUSA Sharpe Ratio Rank: 64
JUSA Sortino Ratio Rank: 62
JUSA Omega Ratio Rank: 62
JUSA Calmar Ratio Rank: 60
JUSA Martin Ratio Rank: 73

USO

USO Risk / Return Rank: 55
USO Sharpe Ratio Rank: 56
USO Sortino Ratio Rank: 59
USO Omega Ratio Rank: 57
USO Calmar Ratio Rank: 55
USO Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JUSA vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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.

	JUSA	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.34	+0.16
Sortino ratio: Return per unit of downside risk	2.10	1.99	+0.11
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.13	1.93	+0.20
Martin ratio: Return relative to average drawdown	9.13	5.60	+3.53

JUSA vs. USO - Sharpe Ratio Comparison

The current JUSA Sharpe Ratio is 1.49, which is comparable to the USO Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of JUSA 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

JUSA vs. USO - Drawdown Comparison

The maximum JUSA drawdown since its inception was -14.02%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for JUSA and USO.

Drawdown Indicators

	JUSA	USO	Difference
Max Drawdown Largest peak-to-trough decline	-14.02%	-98.19%	+84.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-32.49%	+23.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.49%	—
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	-0.83%	-86.26%	+85.43%
Average Drawdown Average peak-to-trough decline	-1.54%	-75.38%	+73.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	12.03%	-9.95%

Volatility

JUSA vs. USO - Volatility Comparison

The current volatility for JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) is 3.61%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that JUSA 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

	JUSA	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	17.73%	-14.12%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	42.79%	-32.79%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	46.91%	-34.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.28%	37.06%	-18.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	39.29%	-21.01%

JUSA vs. USO - Expense Ratio Comparison

JUSA has a 0.20% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

JUSA vs. USO - Dividend Comparison

JUSA's dividend yield for the trailing twelve months is around 0.79%, while USO has not paid dividends to shareholders.

Position	TTM	2025
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	0.79%	0.77%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both JUSA and USO in my portfolio?

JUSA and USO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JUSA or USO?

USO has higher volatility (17.73%) compared to JUSA (3.61%). In terms of maximum drawdown, JUSA dropped -14.02% vs USO's -98.19%.

Which ETF is better, JUSA or USO?

On 1-year performance, USO leads with 66.76% vs 20.83% for JUSA. On fees, JUSA is cheaper at 0.20% per year. On volatility, JUSA has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JUSA or USO?

Over the 1-year period, USO has performed better with a 66.76% return vs 20.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUSA or USO?

JUSA is cheaper with a 0.20% expense ratio, compared with 0.86% for USO.

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

JUSA has the higher dividend yield at 0.79%, compared with 0.00% for USO.

What is the main difference between JUSA and USO?

JUSA 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: 0.20% for JUSA and 0.86% for USO.

Which has better risk-adjusted returns?

JUSA currently has the higher Sharpe Ratio (1.49 vs 1.34), 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.