LBO vs. USO
LBO (WHITEWOLF Publicly Listed Private Equity ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - LBO is a Financials Equities fund actively managed by White Wolf, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. LBO is actively managed, while USO is passively managed. Over the past year, LBO returned -13.50% vs 101.55% for USO. At a 0.03 correlation, their price movements are largely independent. LBO charges 0.70%/yr vs 0.86%/yr for USO.
Performance
LBO vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, LBO achieves a -14.28% return, which is significantly lower than USO's 103.67% return.
LBO
- 1D
- -3.31%
- 1M
- -6.31%
- YTD
- -14.28%
- 6M
- -13.74%
- 1Y
- -13.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
LBO vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
LBO WHITEWOLF Publicly Listed Private Equity ETF | -14.28% | -6.41% | 30.93% | 7.27% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.98% |
Correlation
The correlation between LBO and USO is -0.15, 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 | -0.15 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023 | 0.03 |
The correlation between LBO and USO shifts across timeframes, from -0.15 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LBO vs. USO — Risk / Return Rank
LBO
USO
LBO vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WHITEWOLF Publicly Listed Private Equity ETF (LBO) 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.
| LBO | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.38 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 5.01 | -5.47 |
| Martin ratioReturn relative to average drawdown | -0.95 | 9.42 | -10.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LBO | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.63 | 2.31 | -2.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | -0.18 | +0.41 |
Drawdowns
LBO vs. USO - Drawdown Comparison
The maximum LBO drawdown since its inception was -31.40%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for LBO and USO.
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Drawdown Indicators
| LBO | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.40% | -98.19% | +66.79% |
Max Drawdown (1Y)Largest decline over 1 year | -29.19% | -20.39% | -8.80% |
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 DrawdownCurrent decline from peak | -24.64% | -85.01% | +60.37% |
Average DrawdownAverage peak-to-trough decline | -8.34% | -75.30% | +66.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.23% | 10.82% | +3.41% |
Volatility
LBO vs. USO - Volatility Comparison
The current volatility for WHITEWOLF Publicly Listed Private Equity ETF (LBO) is 5.68%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that LBO 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
| LBO | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.68% | 14.87% | -9.19% |
Volatility (6M)Calculated over the trailing 6-month period | 18.11% | 38.23% | -20.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.56% | 44.20% | -22.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.20% | 36.06% | -14.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.20% | 39.00% | -17.80% |
LBO vs. USO - Expense Ratio Comparison
LBO has a 0.70% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
LBO vs. USO - Dividend Comparison
LBO's dividend yield for the trailing twelve months is around 7.95%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
LBO WHITEWOLF Publicly Listed Private Equity ETF | 7.95% | 7.04% | 5.79% | 1.20% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LBO and USO have a correlation of -0.15, 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 LBO (5.68%). In terms of maximum drawdown, LBO dropped -31.40% vs USO's -98.19%.
On 1-year performance, USO leads with 101.55% vs -13.50% for LBO. On fees, LBO is cheaper at 0.70% per year. On volatility, LBO has been the lower-risk option at 5.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USO has performed better with a 101.55% return vs -13.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LBO is cheaper with a 0.70% expense ratio, compared with 0.86% for USO.
LBO has the higher dividend yield at 7.95%, compared with 0.00% for USO.
LBO is categorized as Financials Equities, while USO is Oil & Gas. They also come from different issuers: White Wolf and USCF. Their fees differ too: 0.70% for LBO and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs -0.63), 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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