OILT vs. USO

Last updated Jun 23, 2026

OILT (Texas Capital Texas Oil Index ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - OILT is a Energy Equities fund tracking the Alerian Texas Weighted Oil and Gas Index - Benchmark TR Gross, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, OILT returned 23.29% vs 35.58% for USO. A 0.69 correlation means they provide meaningful diversification when combined. OILT charges 0.35%/yr vs 0.86%/yr for USO.

Performance

OILT vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Texas Capital Texas Oil Index ETF (OILT) 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, OILT achieves a 23.24% return, which is significantly lower than USO's 62.94% return.

OILT

• 1D: 1.90%
• 1M: -9.61%
• YTD: 23.24%
• 6M: 24.93%
• 1Y: 23.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: -1.90%
• 1M: -20.03%
• YTD: 62.94%
• 6M: 61.61%
• 1Y: 35.58%
• 3Y*: 21.76%
• 5Y*: 17.78%
• 10Y*: 2.14%

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

OILT vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OILT Texas Capital Texas Oil Index ETF	23.24%	-3.30%	0.87%	0.13%
USO United States Oil Fund LP	62.94%	-8.46%	13.35%	-3.11%

Correlation

The correlation between OILT and USO is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.70

The correlation between OILT and USO has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

Return for Risk

OILT vs. USO — Risk / Return Rank

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

OILT

OILT Risk / Return Rank: 25
OILT Sharpe Ratio Rank: 24
OILT Sortino Ratio Rank: 23
OILT Omega Ratio Rank: 22
OILT Calmar Ratio Rank: 27
OILT Martin Ratio Rank: 28

USO

USO Risk / Return Rank: 26
USO Sharpe Ratio Rank: 23
USO Sortino Ratio Rank: 26
USO Omega Ratio Rank: 26
USO Calmar Ratio Rank: 28
USO Martin Ratio Rank: 28

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.

OILT vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Texas Capital Texas Oil Index ETF (OILT) 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.

	OILT	USO	Difference
Sharpe ratio: Return per unit of total volatility	0.83	0.81	+0.02
Sortino ratio: Return per unit of downside risk	1.26	1.38	-0.12
Omega ratio: Gain probability vs. loss probability	1.15	1.17	-0.03
Calmar ratio: Return relative to maximum drawdown	1.27	1.36	-0.08
Martin ratio: Return relative to average drawdown	3.75	3.61	+0.13

OILT vs. USO - Sharpe Ratio Comparison

The current OILT Sharpe Ratio is 0.83, which is comparable to the USO Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of OILT 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.

Drawdowns

OILT vs. USO - Drawdown Comparison

The maximum OILT drawdown since its inception was -35.21%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for OILT and USO.

Drawdown Indicators

	OILT	USO	Difference
Max Drawdown Largest peak-to-trough decline	-35.21%	-98.19%	+62.98%
Max Drawdown (1Y) Largest decline over 1 year	-18.38%	-26.33%	+7.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.33%	—
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	-16.83%	-88.01%	+71.18%
Average Drawdown Average peak-to-trough decline	-12.92%	-75.31%	+62.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.34%	11.59%	-5.25%

Volatility

OILT vs. USO - Volatility Comparison

The current volatility for Texas Capital Texas Oil Index ETF (OILT) is 8.93%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that OILT 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.

Volatility by Period

	OILT	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.93%	11.79%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	21.49%	39.34%	-17.85%
Volatility (1Y) Calculated over the trailing 1-year period	28.33%	44.41%	-16.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.79%	36.32%	-7.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.79%	39.05%	-10.26%

OILT vs. USO - Expense Ratio Comparison

OILT has a 0.35% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

OILT vs. USO - Dividend Comparison

OILT's dividend yield for the trailing twelve months is around 2.67%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
OILT Texas Capital Texas Oil Index ETF	2.67%	3.12%	2.63%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OILT and USO in my portfolio?

OILT and USO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILT or USO?

USO has higher volatility (11.79%) compared to OILT (8.93%). In terms of maximum drawdown, OILT dropped -35.21% vs USO's -98.19%.

Which ETF is better, OILT or USO?

On 1-year performance, USO leads with 35.58% vs 23.29% for OILT. On fees, OILT is cheaper at 0.35% per year. On volatility, OILT has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILT or USO?

Over the 1-year period, USO has performed better with a 35.58% return vs 23.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILT or USO?

OILT is cheaper with a 0.35% expense ratio, compared with 0.86% for USO.

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

OILT has the higher dividend yield at 2.67%, compared with 0.00% for USO.

What is the main difference between OILT and USO?

OILT is categorized as Energy Equities, while USO is Oil & Gas. OILT tracks Alerian Texas Weighted Oil and Gas Index - Benchmark TR Gross, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Texas Capital and USCF. Their fees differ too: 0.35% for OILT and 0.86% for USO.

Which has better risk-adjusted returns?

OILT currently has the higher Sharpe Ratio (0.83 vs 0.81), 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.