PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ONEY vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ONEY vs. USO

Last updated Jun 4, 2026

ONEY (SPDR Russell 1000 Yield Focus ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - ONEY is a Mid Cap Value Equities fund tracking the Russell 1000 Yield Focused Factor Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, ONEY returned 12.04%/yr vs 4.07%/yr for USO. At a 0.23 correlation, their price movements are largely independent. ONEY charges 0.20%/yr vs 0.86%/yr for USO.

Performance

ONEY vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Yield Focus ETF (ONEY) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ONEY achieves a 14.26% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, ONEY has outperformed USO with an annualized return of 12.04%, while USO has yielded a comparatively lower 4.07% annualized return.

ONEY

1D
-0.18%
1M
3.52%
YTD
14.26%
6M
14.38%
1Y
23.42%
3Y*
15.65%
5Y*
8.74%
10Y*
12.04%

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)

ONEY vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ONEY
SPDR Russell 1000 Yield Focus ETF		14.26%7.74%11.63%11.12%-3.60%37.11%2.17%27.45%-8.71%15.46%
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 ONEY and USO is -0.09, 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

-0.09

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

0.07

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

0.18

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

0.22

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2015

0.23

The correlation between ONEY and USO shifts across timeframes, from -0.09 (1 year) to 0.23 (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.

SPDR Russell 1000 Yield Focus ETF

United States Oil Fund LP

Often compared with ONEY:
ONEY vs. ONEVONEY vs. SCHDONEY vs. ONEOONEY vs. RWKONEY vs. RFVONEY vs. VOEONEY vs. FSPGX
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

ONEY vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ONEY
ONEY Risk / Return Rank: 5858
Overall Rank
ONEY Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
ONEY Sortino Ratio Rank: 6060
Sortino Ratio Rank
ONEY Omega Ratio Rank: 5454
Omega Ratio Rank
ONEY Calmar Ratio Rank: 6262
Calmar Ratio Rank
ONEY Martin Ratio Rank: 6262
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.

ONEY vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Yield Focus ETF (ONEY) 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.

ONEYUSODifference
Sharpe ratioReturn per unit of total volatility
1.90
2.31

-0.41

Sortino ratioReturn per unit of downside risk
2.86
2.89

-0.03

Omega ratioGain probability vs. loss probability

1.34

1.38

-0.05

Calmar ratioReturn relative to maximum drawdown

3.09

5.01

-1.92

Martin ratioReturn relative to average drawdown

11.15

9.42

+1.73

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

ONEY vs. USO - Sharpe Ratio Comparison

The current ONEY Sharpe Ratio is 1.90, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of ONEY 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.

Loading charts...

Sharpe Ratios by Period

ONEYUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.90

2.31

-0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.54

0.68

-0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.10

+0.50

Sharpe Ratio (All Time)

Calculated using the full available price history

0.62

-0.18

+0.79

Drawdowns

ONEY vs. USO - Drawdown Comparison

The maximum ONEY drawdown since its inception was -46.80%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for ONEY and USO.

Loading charts...

Drawdown Indicators

ONEYUSODifference

Max Drawdown

Largest peak-to-trough decline

-46.80%

-98.19%

+51.39%

Max Drawdown (1Y)

Largest decline over 1 year

-7.61%

-20.39%

+12.78%

Max Drawdown (3Y)

Largest decline over 3 years

-17.50%

-26.05%

+8.55%

Max Drawdown (5Y)

Largest decline over 5 years

-18.93%

-36.23%

+17.30%

Max Drawdown (10Y)

Largest decline over 10 years

-46.80%

-86.75%

+39.95%

Current Drawdown

Current decline from peak

-0.18%

-85.01%

+84.83%

Average Drawdown

Average peak-to-trough decline

-4.98%

-75.30%

+70.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.11%

10.82%

-8.71%

Volatility

ONEY vs. USO - Volatility Comparison

The current volatility for SPDR Russell 1000 Yield Focus ETF (ONEY) is 2.78%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that ONEY 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.

Loading charts...

Volatility by Period

ONEYUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.78%

14.87%

-12.09%

Volatility (6M)

Calculated over the trailing 6-month period

8.42%

38.23%

-29.81%

Volatility (1Y)

Calculated over the trailing 1-year period

12.39%

44.20%

-31.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.15%

36.06%

-19.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.87%

39.00%

-19.13%

ONEY vs. USO - Expense Ratio Comparison

ONEY has a 0.20% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

ONEY vs. USO - Dividend Comparison

ONEY's dividend yield for the trailing twelve months is around 2.81%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
ONEY
SPDR Russell 1000 Yield Focus ETF		2.81%3.15%3.18%3.14%3.17%2.46%2.74%3.17%3.72%10.73%6.31%0.29%
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

ONEY and USO have a correlation of -0.09, 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 ONEY (2.78%). In terms of maximum drawdown, ONEY dropped -46.80% vs USO's -98.19%.

On 10-year performance, ONEY leads with 12.04% vs 4.07% for USO. On fees, ONEY is cheaper at 0.20% per year. On volatility, ONEY has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ONEY has performed better with a 12.04% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ONEY is cheaper with a 0.20% expense ratio, compared with 0.86% for USO.

ONEY has the higher dividend yield at 2.81%, compared with 0.00% for USO.

ONEY is categorized as Mid Cap Value Equities, while USO is Oil & Gas. ONEY tracks Russell 1000 Yield Focused Factor Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: State Street and USCF. Their fees differ too: 0.20% for ONEY and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.31 vs 1.90), 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.

Portfolio Optimizer

Find the right allocation for ONEY and USO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer