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MMTM vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MMTM vs. USO

Last updated Jun 3, 2026

MMTM (SPDR S&P 1500 Momentum Tilt ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - MMTM is a Momentum fund tracking the S&P 1500 Positive Momentum Tilt 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, MMTM returned 15.13%/yr vs 3.80%/yr for USO. At a 0.15 correlation, their price movements are largely independent. MMTM charges 0.12%/yr vs 0.86%/yr for USO.

Performance

MMTM vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 1500 Momentum Tilt ETF (MMTM) 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, MMTM achieves a 10.34% return, which is significantly lower than USO's 98.48% return. Over the past 10 years, MMTM has outperformed USO with an annualized return of 15.13%, while USO has yielded a comparatively lower 3.80% annualized return.

MMTM

1D
-0.41%
1M
3.02%
YTD
10.34%
6M
10.72%
1Y
26.36%
3Y*
22.91%
5Y*
13.95%
10Y*
15.13%

USO

1D
1.31%
1M
-3.87%
YTD
98.48%
6M
95.54%
1Y
97.37%
3Y*
28.86%
5Y*
23.92%
10Y*
3.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MMTM vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MMTM
SPDR S&P 1500 Momentum Tilt ETF		10.34%13.26%29.94%22.49%-16.12%26.33%19.27%29.98%-4.62%24.41%
USO
United States Oil Fund LP		98.48%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between MMTM and USO is -0.26, 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

-0.26

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

-0.05

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

0.10

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

0.16

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2012

0.15

The correlation between MMTM and USO shifts across timeframes, from -0.26 (1 year) to 0.16 (10 years), 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.

SPDR S&P 1500 Momentum Tilt ETF

United States Oil Fund LP

Often compared with MMTM:
MMTM vs. MTUMMMTM vs. SPYMMTM vs. VOOMMTM vs. PDPMMTM vs. SPTMMMTM vs. VFMOMMTM vs. VLU
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

MMTM vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MMTM
MMTM Risk / Return Rank: 5656
Overall Rank
MMTM Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
MMTM Sortino Ratio Rank: 5353
Sortino Ratio Rank
MMTM Omega Ratio Rank: 5454
Omega Ratio Rank
MMTM Calmar Ratio Rank: 5454
Calmar Ratio Rank
MMTM Martin Ratio Rank: 6666
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
USO Sortino Ratio Rank: 5959
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8888
Calmar Ratio Rank
USO Martin Ratio Rank: 5555
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.

MMTM vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 1500 Momentum Tilt ETF (MMTM) 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.

MMTMUSODifference

Sharpe ratio

Return per unit of total volatility

1.87

2.22

-0.35

Sortino ratio

Return per unit of downside risk

2.59

2.81

-0.23

Omega ratio

Gain probability vs. loss probability

1.34

1.37

-0.04

Calmar ratio

Return relative to maximum drawdown

2.72

5.12

-2.40

Martin ratio

Return relative to average drawdown

12.36

9.66

+2.70

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

MMTM vs. USO - Sharpe Ratio Comparison

The current MMTM Sharpe Ratio is 1.87, which is comparable to the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of MMTM 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

MMTMUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.87

2.22

-0.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

0.67

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.81

0.10

+0.72

Sharpe Ratio (All Time)

Calculated using the full available price history

0.85

-0.18

+1.03

Drawdowns

MMTM vs. USO - Drawdown Comparison

The maximum MMTM drawdown since its inception was -33.85%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for MMTM and USO.

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Drawdown Indicators

MMTMUSODifference

Max Drawdown

Largest peak-to-trough decline

-33.85%

-98.19%

+64.34%

Max Drawdown (1Y)

Largest decline over 1 year

-9.89%

-20.39%

+10.50%

Max Drawdown (3Y)

Largest decline over 3 years

-22.08%

-26.05%

+3.97%

Max Drawdown (5Y)

Largest decline over 5 years

-23.72%

-36.23%

+12.51%

Max Drawdown (10Y)

Largest decline over 10 years

-33.85%

-86.75%

+52.90%

Current Drawdown

Current decline from peak

-0.41%

-85.39%

+84.98%

Average Drawdown

Average peak-to-trough decline

-4.20%

-75.30%

+71.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.18%

10.81%

-8.63%

Volatility

MMTM vs. USO - Volatility Comparison

The current volatility for SPDR S&P 1500 Momentum Tilt ETF (MMTM) is 2.10%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that MMTM 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

MMTMUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.10%

15.03%

-12.93%

Volatility (6M)

Calculated over the trailing 6-month period

10.69%

38.18%

-27.49%

Volatility (1Y)

Calculated over the trailing 1-year period

14.14%

44.26%

-30.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.20%

36.04%

-17.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.65%

39.00%

-20.35%

MMTM vs. USO - Expense Ratio Comparison

MMTM has a 0.12% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

MMTM vs. USO - Dividend Comparison

MMTM's dividend yield for the trailing twelve months is around 0.78%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
MMTM
SPDR S&P 1500 Momentum Tilt ETF		0.78%0.86%0.83%1.16%1.67%0.95%1.14%1.55%1.64%1.52%1.98%1.68%
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%0.00%

Frequently Asked Questions

MMTM and USO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (15.03%) compared to MMTM (2.10%). In terms of maximum drawdown, MMTM dropped -33.85% vs USO's -98.19%.

On 10-year performance, MMTM leads with 15.13% vs 3.80% for USO. On fees, MMTM is cheaper at 0.12% per year. On volatility, MMTM has been the lower-risk option at 2.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MMTM has performed better with a 15.13% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MMTM is cheaper with a 0.12% expense ratio, compared with 0.86% for USO.

MMTM has the higher dividend yield at 0.78%, compared with 0.00% for USO.

MMTM is categorized as Momentum, while USO is Oil & Gas. MMTM tracks S&P 1500 Positive Momentum Tilt Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: State Street and USCF. Their fees differ too: 0.12% for MMTM and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.22 vs 1.87), 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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