METL vs. USO

Last updated Aug 2, 2026

METL (Sprott Active Metals & Miners ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - METL is a Natural Resources fund actively managed by Sprott, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. METL is actively managed, while USO is passively managed. Their -0.16 correlation means they have often moved in opposite directions in the past. METL charges 0.89%/yr vs 0.86%/yr for USO.

Performance

METL vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Active Metals & Miners ETF (METL) 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, METL achieves a -4.20% return, which is significantly lower than USO's 86.77% return.

METL

• 1D: -1.47%
• 1M: -5.60%
• 6M: -18.65%
• YTD: -4.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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)
METL Sprott Active Metals & Miners ETF	$253.61K	$342.11K	$593.78K
USO United States Oil Fund LP	$968.42M	$871.56M	$931.57M

METL vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
METL Sprott Active Metals & Miners ETF	-4.20%	28.19%
USO United States Oil Fund LP	86.77%	-5.76%

Correlation

The correlation between METL and USO is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 10, 2025	-0.16

Return for Risk

METL vs. USO — Risk / Return Rank

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

METL

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

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.

METL vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Active Metals & Miners ETF (METL) 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.

	METL	USO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.34	—
Sortino ratio: Return per unit of downside risk	—	1.99	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	1.93	—
Martin ratio: Return relative to average drawdown	—	5.60	—

Drawdowns

METL vs. USO - Drawdown Comparison

The maximum METL drawdown since its inception was -28.80%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for METL and USO.

Drawdown Indicators

	METL	USO	Difference
Max Drawdown Largest peak-to-trough decline	-28.80%	-98.19%	+69.39%
Max Drawdown (1Y) Largest decline over 1 year	—	-32.49%	—
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	-27.36%	-86.26%	+58.90%
Average Drawdown Average peak-to-trough decline	-10.66%	-75.38%	+64.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.03%	—

Volatility

Volatility by Period

	METL	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.73%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.79%	—
Volatility (1Y) Calculated over the trailing 1-year period	43.84%	46.91%	-3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.84%	37.06%	+6.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.84%	39.29%	+4.55%

METL vs. USO - Expense Ratio Comparison

METL has a 0.89% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

METL vs. USO - Dividend Comparison

METL's dividend yield for the trailing twelve months is around 1.04%, while USO has not paid dividends to shareholders.

Position	TTM	2025
METL Sprott Active Metals & Miners ETF	1.04%	0.99%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both METL and USO in my portfolio?

METL 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 ETF is better, METL 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, METL or USO?

USO is cheaper with a 0.86% expense ratio, compared with 0.89% for METL.

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

METL has the higher dividend yield at 1.04%, compared with 0.00% for USO.

What is the main difference between METL and USO?

METL is categorized as Natural Resources, while USO is Oil & Gas. They also come from different issuers: Sprott and USCF. Their fees differ too: 0.89% for METL and 0.86% for USO.