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KBWD vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBWD vs. USO

Last updated Jun 3, 2026

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 5.08%/yr vs 3.80%/yr for USO. At a 0.23 correlation, their price movements are largely independent. KBWD charges 1.24%/yr vs 0.86%/yr for USO.

Performance

KBWD vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW High Dividend Yield Financial ETF (KBWD) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KBWD achieves a -3.16% return, which is significantly lower than USO's 98.48% return. Over the past 10 years, KBWD has outperformed USO with an annualized return of 5.08%, while USO has yielded a comparatively lower 3.80% annualized return.

KBWD

1D
-0.04%
1M
-6.31%
YTD
-3.16%
6M
-2.30%
1Y
6.55%
3Y*
7.03%
5Y*
0.67%
10Y*
5.08%

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)

KBWD vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KBWD
Invesco KBW High Dividend Yield Financial ETF		-3.16%5.59%4.30%20.21%-19.14%31.89%-15.58%20.72%-8.70%12.06%
USO
United States Oil Fund LP		98.48%-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 -0.24, 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

-0.24

Correlation (3Y)
Calculated over the trailing 3-year period

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.10

Correlation (10Y)
Calculated over the trailing 10-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Dec 3, 2010

0.23

The correlation between KBWD and USO shifts across timeframes, from -0.24 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco KBW High Dividend Yield Financial ETF

United States Oil Fund LP

Often compared with KBWD:
KBWD vs. SCHDKBWD vs. JEPIKBWD vs. PGXKBWD vs. RIETKBWD vs. SPYKBWD vs. DXKBWD vs. SPHD
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

KBWD vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KBWD
KBWD Risk / Return Rank: 1414
Overall Rank
KBWD Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
KBWD Sortino Ratio Rank: 1515
Sortino Ratio Rank
KBWD Omega Ratio Rank: 1414
Omega Ratio Rank
KBWD Calmar Ratio Rank: 1313
Calmar Ratio Rank
KBWD Martin Ratio Rank: 1313
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
USO Sortino Ratio Rank: 5959
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8888
Calmar Ratio Rank
USO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

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.

KBWDUSODifference

Sharpe ratio

Return per unit of total volatility

0.43

2.22

-1.79

Sortino ratio

Return per unit of downside risk

0.71

2.81

-2.10

Omega ratio

Gain probability vs. loss probability

1.08

1.37

-0.29

Calmar ratio

Return relative to maximum drawdown

0.36

5.12

-4.76

Martin ratio

Return relative to average drawdown

0.94

9.66

-8.73

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBWD vs. USO - Sharpe Ratio Comparison

The current KBWD Sharpe Ratio is 0.43, which is lower than the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of KBWD 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.

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Sharpe Ratios by Period

KBWDUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.43

2.22

-1.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.03

0.67

-0.63

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.22

0.10

+0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

-0.18

+0.46

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

KBWDUSODifference

Max Drawdown

Largest peak-to-trough decline

-58.63%

-98.19%

+39.56%

Max Drawdown (1Y)

Largest decline over 1 year

-15.05%

-20.39%

+5.34%

Max Drawdown (3Y)

Largest decline over 3 years

-19.65%

-26.05%

+6.40%

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 Drawdown

Current decline from peak

-10.04%

-85.39%

+75.35%

Average Drawdown

Average peak-to-trough decline

-7.40%

-75.30%

+67.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.74%

10.81%

-5.07%

Volatility

KBWD vs. USO - Volatility Comparison

The current volatility for Invesco KBW High Dividend Yield Financial ETF (KBWD) is 3.36%, while United States Oil Fund LP (USO) has a volatility of 15.03%. 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

KBWDUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.36%

15.03%

-11.67%

Volatility (6M)

Calculated over the trailing 6-month period

11.86%

38.18%

-26.32%

Volatility (1Y)

Calculated over the trailing 1-year period

15.25%

44.26%

-29.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.82%

36.04%

-16.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.23%

39.00%

-15.77%

KBWD vs. USO - Expense Ratio Comparison

KBWD has a 1.24% 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 14.05%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
KBWD
Invesco KBW High Dividend Yield Financial ETF		14.05%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 -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (15.03%) compared to KBWD (3.36%). In terms of maximum drawdown, KBWD dropped -58.63% vs USO's -98.19%.

On 10-year performance, KBWD leads with 5.08% vs 3.80% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, KBWD has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, KBWD has performed better with a 5.08% return vs 3.80%. 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 1.24% for KBWD.

KBWD has the higher dividend yield at 14.05%, 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: 1.24% for KBWD and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.22 vs 0.43), 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.

Portfolio Optimizer

Find the right allocation for KBWD and USO

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