KBWD vs. USO
KBWD (Invesco KBW High Dividend Yield Financial ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, KBWD returned 4.42%/yr vs 5.64%/yr for USO. Their 0.22 correlation means their historical movements had little consistent relationship. KBWD charges 5.39%/yr vs 0.86%/yr for USO.
Performance
KBWD vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, KBWD achieves a -5.22% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, KBWD has underperformed USO with an annualized return of 4.42%, while USO has yielded a comparatively higher 5.64% annualized return.
KBWD
- 1D
- -0.75%
- 1M
- -2.41%
- 6M
- -7.83%
- YTD
- -5.22%
- 1Y
- 0.00%
- 3Y*
- 1.98%
- 5Y*
- 0.90%
- 10Y*
- 4.42%
- ALL TIME*
- 5.57%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.79M | $4.78M | $4.61M | |
| $968.42M | $871.56M | $931.57M |
KBWD vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWD Invesco KBW High Dividend Yield Financial ETF | -5.22% | 5.59% | 4.30% | 20.21% | -19.14% | 31.89% | -15.58% | 20.72% | -8.70% | 12.06% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between KBWD and USO is -0.30, 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. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.15 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010 | 0.22 |
The correlation between KBWD and USO shifts across timeframes, from -0.30 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KBWD vs. USO — Risk / Return Rank
KBWD
USO
KBWD vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW High Dividend Yield Financial ETF (KBWD) 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.
| KBWD | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.25 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 1.93 | -1.97 |
| Martin ratioReturn relative to average drawdown | -0.08 | 5.60 | -5.68 |
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Drawdowns
KBWD vs. USO - Drawdown Comparison
The maximum KBWD drawdown since its inception was -58.63%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for KBWD and USO.
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Drawdown Indicators
| KBWD | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -98.19% | +39.56% |
Max Drawdown (1Y)Largest decline over 1 year | -15.05% | -32.49% | +17.44% |
Max Drawdown (3Y)Largest decline over 3 years | -19.65% | -32.49% | +12.84% |
Max Drawdown (5Y)Largest decline over 5 years | -30.74% | -36.23% | +5.49% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -86.75% | +28.12% |
Current DrawdownCurrent decline from peak | -11.95% | -86.26% | +74.31% |
Average DrawdownAverage peak-to-trough decline | -7.44% | -75.38% | +67.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.19% | 12.03% | -4.84% |
Volatility
KBWD vs. USO - Volatility Comparison
The current volatility for Invesco KBW High Dividend Yield Financial ETF (KBWD) is 4.54%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that KBWD 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
| KBWD | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.54% | 17.73% | -13.19% |
Volatility (6M)Calculated over the trailing 6-month period | 12.49% | 42.79% | -30.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.87% | 46.91% | -31.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.78% | 37.06% | -17.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 39.29% | -16.03% |
KBWD vs. USO - Expense Ratio Comparison
KBWD has a 5.39% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
KBWD vs. USO - Dividend Comparison
KBWD's dividend yield for the trailing twelve months is around 14.50%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWD Invesco KBW High Dividend Yield Financial ETF | 14.50% | 12.83% | 12.45% | 11.45% | 11.32% | 7.26% | 9.68% | 8.63% | 9.47% | 8.77% | 8.68% | 8.89% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KBWD and USO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (17.73%) compared to KBWD (4.54%). In terms of maximum drawdown, KBWD dropped -58.63% vs USO's -98.19%.
On 10-year performance, USO leads with 5.64% vs 4.42% for KBWD. On fees, USO is cheaper at 0.86% per year. On volatility, KBWD has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USO has performed better with a 5.64% return vs 4.42%. 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 5.39% for KBWD.
KBWD has the higher dividend yield at 14.50%, compared with 0.00% for USO.
KBWD is categorized as Financials Equities, while USO is Oil & Gas. KBWD tracks KBW Nasdaq Financial Sector Dividend Yield Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 5.39% for KBWD and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs -0.04), 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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