OILU vs. USO
OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) and USO (United States Oil Fund LP) are both exchange-traded funds - OILU is a Leveraged Equities fund tracking the Solactive MicroSectors Oil & Gas Exploration & Production Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, OILU returned 1.15%/yr vs 20.97%/yr for USO. Their 0.64 correlation means they have sometimes moved together and sometimes differently. OILU charges 0.95%/yr vs 0.86%/yr for USO.
Performance
OILU vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, OILU achieves a 95.09% return, which is significantly higher than USO's 86.77% return.
OILU
- 1D
- 3.79%
- 1M
- 38.67%
- 6M
- 37.11%
- YTD
- 95.09%
- 1Y
- 107.91%
- 3Y*
- 1.15%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.25%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.21M | $8.45M | $7.94M | |
| $968.42M | $871.56M | $931.57M |
OILU vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN | 95.09% | -16.50% | -21.65% | -32.50% | 151.08% | -16.79% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | -4.78% |
Correlation
The correlation between OILU and USO is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.64 |
The correlation between OILU and USO has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.
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Return for Risk
OILU vs. USO — Risk / Return Rank
OILU
USO
OILU vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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.
| OILU | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 1.93 | +0.14 |
| Martin ratioReturn relative to average drawdown | 5.11 | 5.60 | -0.49 |
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Drawdowns
OILU vs. USO - Drawdown Comparison
The maximum OILU drawdown since its inception was -81.00%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for OILU and USO.
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Drawdown Indicators
| OILU | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.00% | -98.19% | +17.19% |
Max Drawdown (1Y)Largest decline over 1 year | -46.49% | -32.49% | -14.00% |
Max Drawdown (3Y)Largest decline over 3 years | -69.09% | -32.49% | -36.60% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -47.53% | -86.26% | +38.73% |
Average DrawdownAverage peak-to-trough decline | -50.69% | -75.38% | +24.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.88% | 12.03% | +6.85% |
Volatility
OILU vs. USO - Volatility Comparison
MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a higher volatility of 19.22% compared to United States Oil Fund LP (USO) at 17.73%. This indicates that OILU'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.
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Volatility by Period
| OILU | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.22% | 17.73% | +1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 51.99% | 42.79% | +9.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.36% | 46.91% | +17.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.80% | 37.06% | +43.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.80% | 39.29% | +41.51% |
OILU vs. USO - Expense Ratio Comparison
OILU has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
OILU vs. USO - Dividend Comparison
Neither OILU nor USO has paid dividends to shareholders.
Frequently Asked Questions
OILU and USO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILU has higher volatility (19.22%) compared to USO (17.73%). In terms of maximum drawdown, OILU dropped -81.00% vs USO's -98.19%.
On 3-year performance, USO leads with 20.97% vs 1.15% for OILU. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 17.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 20.97% return vs 1.15%. 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 OILU.
OILU and USO have nearly identical dividend yields, around 0.00%.
OILU is categorized as Leveraged Equities, while USO is Oil & Gas. OILU tracks Solactive MicroSectors Oil & Gas Exploration & Production Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: BMO and USCF. Their fees differ too: 0.95% for OILU and 0.86% for USO.
OILU currently has the higher Sharpe Ratio (1.50 vs 1.34), 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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