MST vs. USO

Last updated Jun 4, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - MST is a Derivative Income fund actively managed by Defiance, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. MST is actively managed, while USO is passively managed. Over the past year, MST returned -92.85% vs 101.55% for USO. At a correlation of -0.06, they often move in opposite directions. MST charges 1.31%/yr vs 0.86%/yr for USO.

Performance

MST vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Leveraged Long Income MSTR ETF (MST) 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, MST achieves a -46.90% return, which is significantly lower than USO's 103.67% return.

MST

• 1D: -14.62%
• 1M: -51.85%
• YTD: -46.90%
• 6M: -62.90%
• 1Y: -92.85%
• 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%

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

MST vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-46.90%	-87.72%
USO United States Oil Fund LP	103.67%	8.05%

Correlation

The correlation between MST 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 (All Time) Calculated using the full available price history since May 5, 2025	-0.06

Return for Risk

MST vs. USO — Risk / Return Rank

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

MST

MST Risk / Return Rank: 1
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 1
MST Omega Ratio Rank: 1
MST Calmar Ratio Rank: 1
MST Martin Ratio Rank: 3

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.

MST vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) 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.

	MST	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	2.31	-3.05
Sortino ratio: Return per unit of downside risk	-2.01	2.89	-4.91
Omega ratio: Gain probability vs. loss probability	0.78	1.38	-0.60
Calmar ratio: Return relative to maximum drawdown	-0.98	5.01	-5.99
Martin ratio: Return relative to average drawdown	-1.28	9.42	-10.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MST vs. USO - Sharpe Ratio Comparison

The current MST Sharpe Ratio is -0.74, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of MST 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

	MST	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.74	2.31	-3.05
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	-0.74	-0.18	-0.57

Drawdowns

MST vs. USO - Drawdown Comparison

The maximum MST drawdown since its inception was -94.99%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for MST and USO.

Drawdown Indicators

	MST	USO	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-98.19%	+3.20%
Max Drawdown (1Y) Largest decline over 1 year	-94.99%	-20.39%	-74.60%
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 Drawdown Current decline from peak	-94.34%	-85.01%	-9.33%
Average Drawdown Average peak-to-trough decline	-62.22%	-75.30%	+13.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.32%	10.82%	+61.50%

Volatility

MST vs. USO - Volatility Comparison

Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 35.73% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that MST'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

	MST	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.73%	14.87%	+20.86%
Volatility (6M) Calculated over the trailing 6-month period	101.54%	38.23%	+63.31%
Volatility (1Y) Calculated over the trailing 1-year period	126.60%	44.20%	+82.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	123.87%	36.06%	+87.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	123.87%	39.00%	+84.87%

MST vs. USO - Expense Ratio Comparison

MST has a 1.31% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

MST vs. USO - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 891.75%, while USO has not paid dividends to shareholders.

Position	TTM	2025
MST Defiance Leveraged Long Income MSTR ETF	891.75%	381.22%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both MST and USO in my portfolio?

MST 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, MST or USO?

MST has higher volatility (35.73%) compared to USO (14.87%). In terms of maximum drawdown, MST dropped -94.99% vs USO's -98.19%.

Which ETF is better, MST or USO?

On 1-year performance, USO leads with 101.55% vs -92.85% for MST. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MST or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs -92.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MST or USO?

USO is cheaper with a 0.86% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 891.75%, compared with 0.00% for USO.

What is the main difference between MST and USO?

MST is categorized as Derivative Income, while USO is Oil & Gas. They also come from different issuers: Defiance and USCF. Their fees differ too: 1.31% for MST and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs -0.74), 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.