PBOG vs. USO

Last updated Jun 23, 2026

PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - PBOG is a Energy Equities fund tracking the BITA Global Oil & Gas Select Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. A 0.71 correlation means they provide meaningful diversification when combined. PBOG charges 0.13%/yr vs 0.86%/yr for USO.

Performance

PBOG vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG) 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, PBOG achieves a 20.03% return, which is significantly lower than USO's 62.94% return.

PBOG

• 1D: 1.27%
• 1M: -9.96%
• YTD: 20.03%
• 6M: 21.88%
• 1Y: —
• 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)

PBOG vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	20.03%	1.39%
USO United States Oil Fund LP	62.94%	-1.79%

Correlation

The correlation between PBOG and USO is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.71

Return for Risk

PBOG vs. USO — Risk / Return Rank

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

PBOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PBOG vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG) 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.

	PBOG	USO	Difference
Sharpe ratio: Return per unit of total volatility	—	0.81	—
Sortino ratio: Return per unit of downside risk	—	1.38	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	1.36	—
Martin ratio: Return relative to average drawdown	—	3.61	—

Drawdowns

PBOG vs. USO - Drawdown Comparison

The maximum PBOG drawdown since its inception was -16.46%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for PBOG and USO.

Drawdown Indicators

	PBOG	USO	Difference
Max Drawdown Largest peak-to-trough decline	-16.46%	-98.19%	+81.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.33%	—
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	-15.40%	-88.01%	+72.61%
Average Drawdown Average peak-to-trough decline	-3.78%	-75.31%	+71.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.59%	—

Volatility

Volatility by Period

	PBOG	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.79%	—
Volatility (6M) Calculated over the trailing 6-month period	—	39.34%	—
Volatility (1Y) Calculated over the trailing 1-year period	24.04%	44.41%	-20.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.04%	36.32%	-12.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.04%	39.05%	-15.01%

PBOG vs. USO - Expense Ratio Comparison

PBOG has a 0.13% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

PBOG vs. USO - Dividend Comparison

PBOG's dividend yield for the trailing twelve months is around 0.14%, while USO has not paid dividends to shareholders.

Position	TTM	2025
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	0.14%	0.17%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBOG and USO in my portfolio?

PBOG and USO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBOG or USO?

On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBOG or USO?

PBOG is cheaper with a 0.13% expense ratio, compared with 0.86% for USO.

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

PBOG has the higher dividend yield at 0.14%, compared with 0.00% for USO.

What is the main difference between PBOG and USO?

PBOG is categorized as Energy Equities, while USO is Oil & Gas. PBOG tracks BITA Global Oil & Gas Select Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Portfolio Building Blocks and USCF. Their fees differ too: 0.13% for PBOG and 0.86% for USO.