KBUF vs. USO
KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - KBUF is a Options Trading fund actively managed by KraneShares, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. KBUF is actively managed, while USO is passively managed. Over the past year, KBUF returned -3.82% vs 97.20% for USO. At a correlation of -0.01, they often move in opposite directions. KBUF charges 0.95%/yr vs 0.86%/yr for USO.
Performance
KBUF vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, KBUF achieves a -11.34% return, which is significantly lower than USO's 97.72% return.
KBUF
- 1D
- 0.15%
- 1M
- -2.81%
- YTD
- -11.34%
- 6M
- -11.48%
- 1Y
- -3.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
KBUF vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF | -11.34% | 18.04% | 16.58% |
USO United States Oil Fund LP | 97.72% | -8.46% | 5.63% |
Correlation
The correlation between KBUF and USO is -0.22, 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 | -0.22 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2024 | -0.01 |
Over the past year, the inverse relationship between KBUF and USO has strengthened: their correlation has moved from -0.01 to -0.22, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
KBUF vs. USO — Risk / Return Rank
KBUF
USO
KBUF vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) 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.
| KBUF | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.13 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.37 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 4.79 | -5.02 |
| Martin ratioReturn relative to average drawdown | -0.51 | 9.00 | -9.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KBUF | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.29 | 2.21 | -2.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | -0.18 | +0.81 |
Drawdowns
KBUF vs. USO - Drawdown Comparison
The maximum KBUF drawdown since its inception was -17.01%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for KBUF and USO.
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Drawdown Indicators
| KBUF | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.01% | -98.19% | +81.18% |
Max Drawdown (1Y)Largest decline over 1 year | -17.01% | -20.39% | +3.38% |
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 | -16.58% | -85.45% | +68.87% |
Average DrawdownAverage peak-to-trough decline | -4.18% | -75.30% | +71.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.57% | 10.84% | -3.27% |
Volatility
KBUF vs. USO - Volatility Comparison
The current volatility for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) is 6.22%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that KBUF 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
| KBUF | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.22% | 14.97% | -8.75% |
Volatility (6M)Calculated over the trailing 6-month period | 10.53% | 38.35% | -27.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.10% | 44.32% | -31.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.34% | 36.09% | -21.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.34% | 39.00% | -24.66% |
KBUF vs. USO - Expense Ratio Comparison
KBUF has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
KBUF vs. USO - Dividend Comparison
KBUF's dividend yield for the trailing twelve months is around 8.47%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF | 8.47% | 7.51% | 3.53% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KBUF and USO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to KBUF (6.22%). In terms of maximum drawdown, KBUF dropped -17.01% vs USO's -98.19%.
On 1-year performance, USO leads with 97.20% vs -3.82% for KBUF. On fees, USO is cheaper at 0.86% per year. On volatility, KBUF has been the lower-risk option at 6.22%. 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 97.20% return vs -3.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for KBUF.
KBUF has the higher dividend yield at 8.47%, compared with 0.00% for USO.
KBUF is categorized as Options Trading, while USO is Oil & Gas. They also come from different issuers: KraneShares and USCF. Their fees differ too: 0.95% for KBUF and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs -0.29), 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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