LBO vs. USO

Last updated Jul 17, 2026

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 -16.42% vs 58.66% for USO. At a 0.01 correlation, their price movements are largely independent. LBO charges 0.70%/yr vs 0.86%/yr for USO.

Performance

LBO vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WHITEWOLF Publicly Listed Private Equity ETF (LBO) 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, LBO achieves a -9.50% return, which is significantly lower than USO's 72.50% return.

LBO

• 1D: 1.01%
• 1M: 0.14%
• 6M: -13.08%
• YTD: -9.50%
• 1Y: -16.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: -1.71%
• 1M: 3.32%
• 6M: 67.72%
• YTD: 72.50%
• 1Y: 58.66%
• 3Y*: 21.46%
• 5Y*: 19.41%
• 10Y*: 3.26%

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

LBO vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LBO WHITEWOLF Publicly Listed Private Equity ETF	-9.50%	-6.41%	30.93%	7.39%
USO United States Oil Fund LP	72.50%	-8.46%	13.35%	-8.09%

Correlation

The correlation between LBO and USO is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.01

The correlation between LBO and USO shifts across timeframes, from -0.16 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LBO vs. USO — Risk / Return Rank

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

LBO

LBO Risk / Return Rank: 4
LBO Sharpe Ratio Rank: 3
LBO Sortino Ratio Rank: 4
LBO Omega Ratio Rank: 4
LBO Calmar Ratio Rank: 5
LBO Martin Ratio Rank: 4

USO

USO Risk / Return Rank: 44
USO Sharpe Ratio Rank: 45
USO Sortino Ratio Rank: 48
USO Omega Ratio Rank: 46
USO Calmar Ratio Rank: 43
USO Martin Ratio Rank: 38

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.

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.

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.

	LBO	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	1.31	-2.06
Sortino ratio: Return per unit of downside risk	-0.94	1.98	-2.92
Omega ratio: Gain probability vs. loss probability	0.89	1.24	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.56	1.81	-2.38
Martin ratio: Return relative to average drawdown	-1.04	4.80	-5.84

LBO vs. USO - Sharpe Ratio Comparison

The current LBO Sharpe Ratio is -0.75, which is lower than the USO Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of LBO 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

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.

Drawdown Indicators

	LBO	USO	Difference
Max Drawdown Largest peak-to-trough decline	-31.40%	-98.19%	+66.79%
Max Drawdown (1Y) Largest decline over 1 year	-29.19%	-32.49%	+3.30%
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	-20.44%	-87.31%	+66.87%
Average Drawdown Average peak-to-trough decline	-8.99%	-75.36%	+66.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.89%	12.26%	+3.63%

Volatility

LBO vs. USO - Volatility Comparison

The current volatility for WHITEWOLF Publicly Listed Private Equity ETF (LBO) is 5.57%, while United States Oil Fund LP (USO) has a volatility of 14.21%. 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.

Volatility by Period

	LBO	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	14.21%	-8.64%
Volatility (6M) Calculated over the trailing 6-month period	18.36%	40.74%	-22.38%
Volatility (1Y) Calculated over the trailing 1-year period	22.22%	44.91%	-22.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	36.68%	-15.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.16%	39.07%	-17.91%

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 6.57%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
LBO WHITEWOLF Publicly Listed Private Equity ETF	6.57%	7.04%	5.79%	1.20%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LBO and USO in my portfolio?

LBO and USO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LBO or USO?

USO has higher volatility (14.21%) compared to LBO (5.57%). In terms of maximum drawdown, LBO dropped -31.40% vs USO's -98.19%.

Which ETF is better, LBO or USO?

On 1-year performance, USO leads with 58.66% vs -16.42% for LBO. On fees, LBO is cheaper at 0.70% per year. On volatility, LBO has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LBO or USO?

Over the 1-year period, USO has performed better with a 58.66% return vs -16.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LBO or USO?

LBO is cheaper with a 0.70% expense ratio, compared with 0.86% for USO.

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

LBO has the higher dividend yield at 6.57%, compared with 0.00% for USO.

What is the main difference between LBO and 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.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (1.31 vs -0.75), 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.