MP vs. USO

Last updated Jun 4, 2026

MP (MP Materials Corp.) is a stock, while USO (United States Oil Fund LP) is Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Over the past 5 years, MP returned 16.72%/yr vs 24.41%/yr for USO. At a 0.12 correlation, their price movements are largely independent.

Performance

MP vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MP Materials Corp. (MP) 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, MP achieves a 35.69% return, which is significantly lower than USO's 103.67% return.

MP

• 1D: -5.11%
• 1M: 3.55%
• YTD: 35.69%
• 6M: 16.76%
• 1Y: 211.59%
• 3Y*: 45.90%
• 5Y*: 16.72%
• 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%

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

MP vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MP MP Materials Corp.	35.69%	223.85%	-21.41%	-18.25%	-46.54%	41.19%	221.70%
USO United States Oil Fund LP	103.67%	-8.46%	13.35%	-4.94%	28.97%	64.68%	13.91%

Correlation

The correlation between MP and USO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jun 23, 2020	0.12

The correlation between MP and USO shifts across timeframes, from -0.08 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MP vs. USO — Risk / Return Rank

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

MP

MP Risk / Return Rank: 86
MP Sharpe Ratio Rank: 90
MP Sortino Ratio Rank: 89
MP Omega Ratio Rank: 85
MP Calmar Ratio Rank: 87
MP Martin Ratio Rank: 80

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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.

MP vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MP Materials Corp. (MP) 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.

	MP	USO	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.31	-0.04
Sortino ratio: Return per unit of downside risk	3.17	2.89	+0.28
Omega ratio: Gain probability vs. loss probability	1.36	1.38	-0.02
Calmar ratio: Return relative to maximum drawdown	3.96	5.01	-1.05
Martin ratio: Return relative to average drawdown	6.77	9.42	-2.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MP vs. USO - Sharpe Ratio Comparison

The current MP Sharpe Ratio is 2.27, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of MP 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.

Sharpe Ratios by Period

	MP	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.31	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.68	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	-0.18	+0.70

Drawdowns

MP vs. USO - Drawdown Comparison

The maximum MP drawdown since its inception was -81.99%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for MP and USO.

Drawdown Indicators

	MP	USO	Difference
Max Drawdown Largest peak-to-trough decline	-81.99%	-98.19%	+16.20%
Max Drawdown (1Y) Largest decline over 1 year	-53.79%	-20.39%	-33.40%
Max Drawdown (3Y) Largest decline over 3 years	-59.47%	-26.05%	-33.42%
Max Drawdown (5Y) Largest decline over 5 years	-81.99%	-36.23%	-45.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-30.51%	-85.01%	+54.50%
Average Drawdown Average peak-to-trough decline	-42.63%	-75.30%	+32.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.40%	10.82%	+20.58%

Volatility

MP vs. USO - Volatility Comparison

MP Materials Corp. (MP) has a higher volatility of 21.38% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that MP's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MP	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.38%	14.87%	+6.51%
Volatility (6M) Calculated over the trailing 6-month period	50.40%	38.23%	+12.17%
Volatility (1Y) Calculated over the trailing 1-year period	93.94%	44.20%	+49.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.57%	36.06%	+33.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.60%	39.00%	+33.60%

Dividends

MP vs. USO - Dividend Comparison

Neither MP nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MP and USO in my portfolio?

MP and USO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MP or USO?

MP has higher volatility (21.38%) compared to USO (14.87%). In terms of maximum drawdown, MP dropped -81.99% vs USO's -98.19%.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs 2.27), 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.