OILU vs. USO

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) and United States Oil Fund LP (USO).

OILU and USO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OILU is managed by BMO. It was launched on Mar 24, 2017. USO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Light Sweet Crude Oil. It was launched on Apr 10, 2006.

Performance

OILU vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

OILU vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	137.69%	-16.50%	-21.65%	-32.50%	151.08%	-17.87%
USO United States Oil Fund LP	83.99%	-8.46%	13.35%	-4.94%	28.97%	-6.23%

Returns By Period

In the year-to-date period, OILU achieves a 137.69% return, which is significantly higher than USO's 83.99% return.

OILU

• 1D: -4.17%
• 1M: 33.09%
• YTD: 137.69%
• 6M: 126.29%
• 1Y: 64.88%
• 3Y*: 11.21%
• 5Y*: —
• 10Y*: —

USO

• 1D: -1.99%
• 1M: 55.28%
• YTD: 83.99%
• 6M: 72.54%
• 1Y: 64.55%
• 3Y*: 24.19%
• 5Y*: 24.91%
• 10Y*: 5.48%

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

OILU vs. USO - Expense Ratio Comparison

OILU has a 0.95% expense ratio, which is higher than USO's 0.79% expense ratio.

OILU

MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN

USO

United States Oil Fund LP

Return for Risk

OILU vs. USO — Risk / Return Rank

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

OILU

OILU Risk / Return Rank: 50
OILU Sharpe Ratio Rank: 49
OILU Sortino Ratio Rank: 56
OILU Omega Ratio Rank: 59
OILU Calmar Ratio Rank: 56
OILU Martin Ratio Rank: 29

USO

USO Risk / Return Rank: 82
USO Sharpe Ratio Rank: 85
USO Sortino Ratio Rank: 88
USO Omega Ratio Rank: 80
USO Calmar Ratio Rank: 93
USO Martin Ratio Rank: 64

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.

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.

	OILU	USO	Difference
Sharpe ratio Return per unit of total volatility	0.86	1.65	-0.80
Sortino ratio Return per unit of downside risk	1.43	2.32	-0.89
Omega ratio Gain probability vs. loss probability	1.21	1.30	-0.09
Calmar ratio Return relative to maximum drawdown	1.36	3.44	-2.08
Martin ratio Return relative to average drawdown	2.31	5.96	-3.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OILU vs. USO - Sharpe Ratio Comparison

The current OILU Sharpe Ratio is 0.86, which is lower than the USO Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of OILU and USO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OILU	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	1.65	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	-0.19	+0.43

Correlation

The correlation between OILU and USO is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

OILU vs. USO - Dividend Comparison

Neither OILU nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

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.

Drawdown Indicators

	OILU	USO	Difference
Max Drawdown Largest peak-to-trough decline	-81.00%	-98.19%	+17.19%
Max Drawdown (1Y) Largest decline over 1 year	-52.04%	-20.39%	-31.65%
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	-36.07%	-86.46%	+50.39%
Average Drawdown Average peak-to-trough decline	-50.73%	-75.21%	+24.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.72%	11.77%	+18.95%

Volatility

OILU vs. USO - Volatility Comparison

The current volatility for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) is 16.19%, while United States Oil Fund LP (USO) has a volatility of 21.87%. This indicates that OILU 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

	OILU	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.19%	21.87%	-5.68%
Volatility (6M) Calculated over the trailing 6-month period	42.42%	29.71%	+12.71%
Volatility (1Y) Calculated over the trailing 1-year period	76.32%	39.38%	+36.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.18%	34.41%	+46.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.18%	38.33%	+42.85%