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KNCT vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KNCT vs. USO

Last updated Jun 4, 2026

KNCT (Invesco Next Gen Connectivity ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - KNCT is a Technology Equities fund tracking the STOXX World AC NexGen Connectivity 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, KNCT returned 21.42%/yr vs 4.07%/yr for USO. At a 0.21 correlation, their price movements are largely independent. KNCT charges 0.40%/yr vs 0.86%/yr for USO.

Performance

KNCT vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Next Gen Connectivity ETF (KNCT) 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, KNCT achieves a 63.41% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, KNCT has outperformed USO with an annualized return of 21.42%, while USO has yielded a comparatively lower 4.07% annualized return.

KNCT

1D
-0.63%
1M
26.38%
YTD
63.41%
6M
62.53%
1Y
99.38%
3Y*
43.36%
5Y*
21.73%
10Y*
21.42%

USO

1D
2.62%
1M
-4.57%
YTD
103.67%
6M
99.35%
1Y
101.55%
3Y*
29.98%
5Y*
24.41%
10Y*
4.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KNCT vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KNCT
Invesco Next Gen Connectivity ETF		63.41%28.65%19.41%27.39%-29.54%21.83%39.14%26.35%5.78%15.41%
USO
United States Oil Fund LP		103.67%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between KNCT and USO is -0.29, 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

-0.29

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

-0.05

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

0.06

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

0.13

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2006

0.21

The correlation between KNCT and USO shifts across timeframes, from -0.29 (1 year) to 0.21 (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 Next Gen Connectivity ETF

United States Oil Fund LP

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Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

KNCT vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KNCT
KNCT Risk / Return Rank: 9696
Overall Rank
KNCT Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
KNCT Sortino Ratio Rank: 9696
Sortino Ratio Rank
KNCT Omega Ratio Rank: 9595
Omega Ratio Rank
KNCT Calmar Ratio Rank: 9696
Calmar Ratio Rank
KNCT Martin Ratio Rank: 9797
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6060
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8787
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
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.

KNCT vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Next Gen Connectivity ETF (KNCT) 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.

KNCTUSODifference
Sharpe ratioReturn per unit of total volatility
4.70
2.31

+2.39

Sortino ratioReturn per unit of downside risk
5.72
2.89

+2.82

Omega ratioGain probability vs. loss probability

1.76

1.38

+0.37

Calmar ratioReturn relative to maximum drawdown

10.00

5.01

+5.00

Martin ratioReturn relative to average drawdown

44.01

9.42

+34.59

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

KNCT vs. USO - Sharpe Ratio Comparison

The current KNCT Sharpe Ratio is 4.70, which is higher than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of KNCT 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

KNCTUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.70

2.31

+2.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.94

0.68

+0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.94

0.10

+0.83

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

-0.18

+0.75

Drawdowns

KNCT vs. USO - Drawdown Comparison

The maximum KNCT drawdown since its inception was -57.18%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for KNCT and USO.

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Drawdown Indicators

KNCTUSODifference

Max Drawdown

Largest peak-to-trough decline

-57.18%

-98.19%

+41.01%

Max Drawdown (1Y)

Largest decline over 1 year

-9.99%

-20.39%

+10.40%

Max Drawdown (3Y)

Largest decline over 3 years

-21.40%

-26.05%

+4.65%

Max Drawdown (5Y)

Largest decline over 5 years

-34.55%

-36.23%

+1.68%

Max Drawdown (10Y)

Largest decline over 10 years

-34.55%

-86.75%

+52.20%

Current Drawdown

Current decline from peak

-0.63%

-85.01%

+84.38%

Average Drawdown

Average peak-to-trough decline

-10.74%

-75.30%

+64.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.27%

10.82%

-8.55%

Volatility

KNCT vs. USO - Volatility Comparison

The current volatility for Invesco Next Gen Connectivity ETF (KNCT) is 9.19%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that KNCT 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

KNCTUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.19%

14.87%

-5.68%

Volatility (6M)

Calculated over the trailing 6-month period

17.12%

38.23%

-21.11%

Volatility (1Y)

Calculated over the trailing 1-year period

21.28%

44.20%

-22.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.19%

36.06%

-12.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.97%

39.00%

-16.03%

KNCT vs. USO - Expense Ratio Comparison

KNCT has a 0.40% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

KNCT vs. USO - Dividend Comparison

KNCT's dividend yield for the trailing twelve months is around 0.57%, while USO has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
KNCT
Invesco Next Gen Connectivity ETF		0.57%0.86%1.38%0.60%2.24%0.55%0.18%0.44%1.22%0.66%0.44%
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%

Frequently Asked Questions

KNCT and USO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (14.87%) compared to KNCT (9.19%). In terms of maximum drawdown, KNCT dropped -57.18% vs USO's -98.19%.

On 10-year performance, KNCT leads with 21.42% vs 4.07% for USO. On fees, KNCT is cheaper at 0.40% per year. On volatility, KNCT has been the lower-risk option at 9.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, KNCT has performed better with a 21.42% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KNCT is cheaper with a 0.40% expense ratio, compared with 0.86% for USO.

KNCT has the higher dividend yield at 0.57%, compared with 0.00% for USO.

KNCT is categorized as Technology Equities, while USO is Oil & Gas. KNCT tracks STOXX World AC NexGen Connectivity Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.40% for KNCT and 0.86% for USO.

KNCT currently has the higher Sharpe Ratio (4.70 vs 2.31), 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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