KMLI vs. USO

Last updated Jun 5, 2026

KMLI (KraneShares 2x Long MELI Daily ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - KMLI is a Leveraged Equities fund actively managed by KraneShares, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. KMLI is actively managed, while USO is passively managed. At a correlation of -0.20, they often move in opposite directions. KMLI charges 1.26%/yr vs 0.86%/yr for USO.

Performance

KMLI vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long MELI Daily ETF (KMLI) 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, KMLI achieves a -42.98% return, which is significantly lower than USO's 97.72% return.

KMLI

• 1D: -0.51%
• 1M: -22.77%
• YTD: -42.98%
• 6M: -50.30%
• 1Y: —
• 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%

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

KMLI vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
KMLI KraneShares 2x Long MELI Daily ETF	-42.98%	-37.98%
USO United States Oil Fund LP	97.72%	-7.85%

Correlation

The correlation between KMLI and USO is -0.20, 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 (All Time) Calculated using the full available price history since Jun 13, 2025	-0.20

Return for Risk

KMLI vs. USO — Risk / Return Rank

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

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 68
USO Sortino Ratio Rank: 61
USO Omega Ratio Rank: 62
USO Calmar Ratio Rank: 86
USO Martin Ratio Rank: 54

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.

KMLI vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long MELI Daily ETF (KMLI) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	KMLI	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.21	—
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	-0.83	-0.18	-0.65

Drawdowns

KMLI vs. USO - Drawdown Comparison

The maximum KMLI drawdown since its inception was -73.23%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for KMLI and USO.

Drawdown Indicators

	KMLI	USO	Difference
Max Drawdown Largest peak-to-trough decline	-73.23%	-98.19%	+24.96%
Max Drawdown (1Y) Largest decline over 1 year	—	-20.39%	—
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	-70.65%	-85.45%	+14.80%
Average Drawdown Average peak-to-trough decline	-41.03%	-75.30%	+34.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.84%	—

Volatility

Volatility by Period

	KMLI	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.97%	—
Volatility (6M) Calculated over the trailing 6-month period	—	38.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	79.26%	44.32%	+34.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.26%	36.09%	+43.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.26%	39.00%	+40.26%

KMLI vs. USO - Expense Ratio Comparison

KMLI has a 1.26% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

KMLI vs. USO - Dividend Comparison

KMLI's dividend yield for the trailing twelve months is around 18.64%, while USO has not paid dividends to shareholders.

Position	TTM	2025
KMLI KraneShares 2x Long MELI Daily ETF	18.64%	10.63%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both KMLI and USO in my portfolio?

KMLI and USO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KMLI or USO?

On fees, USO is cheaper at 0.86% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KMLI or USO?

USO is cheaper with a 0.86% expense ratio, compared with 1.26% for KMLI.

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

KMLI has the higher dividend yield at 18.64%, compared with 0.00% for USO.

What is the main difference between KMLI and USO?

KMLI is categorized as Leveraged Equities, while USO is Oil & Gas. They also come from different issuers: KraneShares and USCF. Their fees differ too: 1.26% for KMLI and 0.86% for USO.