KOOL vs. USO

Last updated Aug 2, 2026

KOOL (North Shore Equity Rotation ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - KOOL is a Large Cap Blend Equities fund actively managed by Split Rock, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. KOOL is actively managed, while USO is passively managed. Over the past year, KOOL returned 20.12% vs 66.76% for USO. Their -0.04 correlation means they have often moved in opposite directions in the past. KOOL charges 0.94%/yr vs 0.86%/yr for USO.

Performance

KOOL vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Shore Equity Rotation ETF (KOOL) 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, KOOL achieves a 12.21% return, which is significantly lower than USO's 86.77% return.

KOOL

• 1D: 0.35%
• 1M: 0.22%
• 6M: 8.13%
• YTD: 12.21%
• 1Y: 20.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.08%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KOOL North Shore Equity Rotation ETF	$36.51K	$33.43K	$75.88K
USO United States Oil Fund LP	$968.42M	$871.56M	$931.57M

KOOL vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KOOL North Shore Equity Rotation ETF	12.21%	16.05%	10.83%
USO United States Oil Fund LP	86.77%	-8.46%	-5.17%

Correlation

The correlation between KOOL and USO is -0.19, 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.	-0.19
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.04

The correlation between KOOL and USO shifts across timeframes, from -0.19 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KOOL vs. USO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KOOL

KOOL Risk / Return Rank: 59
KOOL Sharpe Ratio Rank: 54
KOOL Sortino Ratio Rank: 52
KOOL Omega Ratio Rank: 51
KOOL Calmar Ratio Rank: 73
KOOL Martin Ratio Rank: 68

USO

USO Risk / Return Rank: 55
USO Sharpe Ratio Rank: 56
USO Sortino Ratio Rank: 59
USO Omega Ratio Rank: 57
USO Calmar Ratio Rank: 55
USO Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KOOL vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Shore Equity Rotation ETF (KOOL) 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.

	KOOL	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.34	-0.02
Sortino ratio: Return per unit of downside risk	1.86	1.99	-0.13
Omega ratio: Gain probability vs. loss probability	1.23	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	2.59	1.93	+0.66
Martin ratio: Return relative to average drawdown	8.28	5.60	+2.68

KOOL vs. USO - Sharpe Ratio Comparison

The current KOOL Sharpe Ratio is 1.31, which is comparable to the USO Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of KOOL 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.

Drawdowns

KOOL vs. USO - Drawdown Comparison

The maximum KOOL drawdown since its inception was -20.46%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for KOOL and USO.

Drawdown Indicators

	KOOL	USO	Difference
Max Drawdown Largest peak-to-trough decline	-20.46%	-98.19%	+77.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.18%	-32.49%	+25.31%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.49%	—
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	-3.57%	-86.26%	+82.69%
Average Drawdown Average peak-to-trough decline	-2.57%	-75.38%	+72.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	12.03%	-9.79%

Volatility

KOOL vs. USO - Volatility Comparison

The current volatility for North Shore Equity Rotation ETF (KOOL) is 4.35%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that KOOL 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.

Volatility by Period

	KOOL	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	17.73%	-13.38%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	42.79%	-31.21%
Volatility (1Y) Calculated over the trailing 1-year period	14.16%	46.91%	-32.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	37.06%	-20.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	39.29%	-22.35%

KOOL vs. USO - Expense Ratio Comparison

KOOL has a 0.94% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

KOOL vs. USO - Dividend Comparison

KOOL's dividend yield for the trailing twelve months is around 0.44%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
KOOL North Shore Equity Rotation ETF	0.44%	0.37%	0.56%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KOOL and USO in my portfolio?

KOOL and USO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOOL or USO?

USO has higher volatility (17.73%) compared to KOOL (4.35%). In terms of maximum drawdown, KOOL dropped -20.46% vs USO's -98.19%.

Which ETF is better, KOOL or USO?

On 1-year performance, USO leads with 66.76% vs 20.12% for KOOL. On fees, USO is cheaper at 0.86% per year. On volatility, KOOL has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOOL or USO?

Over the 1-year period, USO has performed better with a 66.76% return vs 20.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOOL or USO?

USO is cheaper with a 0.86% expense ratio, compared with 0.94% for KOOL.

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

KOOL has the higher dividend yield at 0.44%, compared with 0.00% for USO.

What is the main difference between KOOL and USO?

KOOL is categorized as Large Cap Blend Equities, while USO is Oil & Gas. They also come from different issuers: Split Rock and USCF. Their fees differ too: 0.94% for KOOL and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (1.34 vs 1.31), 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.