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MVV vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MVV vs. USO

Last updated Jun 4, 2026

MVV (ProShares Ultra Midcap 400) and USO (United States Oil Fund LP) are both exchange-traded funds - MVV is a Leveraged Equities fund tracking the S&P MidCap 400 Index (200%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, MVV returned 13.66%/yr vs 4.07%/yr for USO. At a 0.28 correlation, their price movements are largely independent. MVV charges 0.95%/yr vs 0.86%/yr for USO.

Performance

MVV vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) 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, MVV achieves a 25.92% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, MVV has outperformed USO with an annualized return of 13.66%, while USO has yielded a comparatively lower 4.07% annualized return.

MVV

1D
-0.14%
1M
7.36%
YTD
25.92%
6M
25.76%
1Y
44.85%
3Y*
22.13%
5Y*
6.59%
10Y*
13.66%

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)

MVV vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MVV
ProShares Ultra Midcap 400		25.92%3.48%17.75%22.51%-31.96%48.57%6.20%49.50%-25.44%30.81%
USO
United States Oil Fund LP		103.67%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between MVV and USO is -0.27, 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

-0.27

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

-0.03

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

0.11

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

0.21

Correlation (All Time)
Calculated using the full available price history since Jun 22, 2006

0.28

The correlation between MVV and USO shifts across timeframes, from -0.27 (1 year) to 0.28 (all time), 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.

ProShares Ultra Midcap 400

United States Oil Fund LP

Often compared with MVV:
MVV vs. SAAMVV vs. MIDUMVV vs. UMDDMVV vs. MDYMVV vs. QQQMVV vs. AMAGXMVV vs. VOO
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

MVV vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MVV
MVV Risk / Return Rank: 4444
Overall Rank
MVV Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
MVV Sortino Ratio Rank: 4141
Sortino Ratio Rank
MVV Omega Ratio Rank: 3838
Omega Ratio Rank
MVV Calmar Ratio Rank: 5252
Calmar Ratio Rank
MVV Martin Ratio Rank: 5151
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6060
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8787
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
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.

MVV vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) 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.

MVVUSODifference

Sharpe ratio

Return per unit of total volatility

1.45

2.31

-0.86

Sortino ratio

Return per unit of downside risk

2.09

2.89

-0.80

Omega ratio

Gain probability vs. loss probability

1.25

1.38

-0.13

Calmar ratio

Return relative to maximum drawdown

2.55

5.01

-2.46

Martin ratio

Return relative to average drawdown

8.74

9.42

-0.68

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

MVV vs. USO - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.45, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of MVV 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

MVVUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.45

2.31

-0.86

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.17

0.68

-0.51

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.32

0.10

+0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

-0.18

+0.43

Drawdowns

MVV vs. USO - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for MVV and USO.

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Drawdown Indicators

MVVUSODifference

Max Drawdown

Largest peak-to-trough decline

-85.54%

-98.19%

+12.65%

Max Drawdown (1Y)

Largest decline over 1 year

-17.68%

-20.39%

+2.71%

Max Drawdown (3Y)

Largest decline over 3 years

-44.80%

-26.05%

-18.75%

Max Drawdown (5Y)

Largest decline over 5 years

-45.53%

-36.23%

-9.30%

Max Drawdown (10Y)

Largest decline over 10 years

-69.19%

-86.75%

+17.56%

Current Drawdown

Current decline from peak

-0.14%

-85.01%

+84.87%

Average Drawdown

Average peak-to-trough decline

-20.55%

-75.30%

+54.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.14%

10.82%

-5.68%

Volatility

MVV vs. USO - Volatility Comparison

The current volatility for ProShares Ultra Midcap 400 (MVV) is 8.53%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that MVV 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

MVVUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.53%

14.87%

-6.34%

Volatility (6M)

Calculated over the trailing 6-month period

22.65%

38.23%

-15.58%

Volatility (1Y)

Calculated over the trailing 1-year period

31.22%

44.20%

-12.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.63%

36.06%

+3.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

42.36%

39.00%

+3.36%

MVV vs. USO - Expense Ratio Comparison

MVV has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

MVV vs. USO - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.68%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
MVV
ProShares Ultra Midcap 400		0.68%0.77%0.39%0.77%0.93%0.16%0.29%0.62%0.62%0.21%0.43%0.17%
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

MVV and USO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (14.87%) compared to MVV (8.53%). In terms of maximum drawdown, MVV dropped -85.54% vs USO's -98.19%.

On 10-year performance, MVV leads with 13.66% vs 4.07% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, MVV has been the lower-risk option at 8.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MVV has performed better with a 13.66% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USO is cheaper with a 0.86% expense ratio, compared with 0.95% for MVV.

MVV has the higher dividend yield at 0.68%, compared with 0.00% for USO.

MVV is categorized as Leveraged Equities, while USO is Oil & Gas. MVV tracks S&P MidCap 400 Index (200%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for MVV and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.31 vs 1.45), 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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