PSI vs. USO

Last updated Jun 4, 2026

PSI (Invesco Semiconductors ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - PSI is a Semiconductors fund tracking the Dynamic Semiconductors Intellidex 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, PSI returned 34.28%/yr vs 4.07%/yr for USO. At a 0.19 correlation, their price movements are largely independent. PSI charges 0.56%/yr vs 0.86%/yr for USO.

Performance

PSI vs. USO - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with PSI having a 107.72% return and USO slightly lower at 103.67%. Over the past 10 years, PSI has outperformed USO with an annualized return of 34.28%, while USO has yielded a comparatively lower 4.07% annualized return.

PSI

• 1D: 1.35%
• 1M: 21.18%
• YTD: 107.72%
• 6M: 104.36%
• 1Y: 208.96%
• 3Y*: 57.01%
• 5Y*: 31.86%
• 10Y*: 34.28%

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)

PSI vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSI Invesco Semiconductors ETF	107.72%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%
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 PSI and USO is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Apr 11, 2006	0.19

The correlation between PSI and USO shifts across timeframes, from -0.21 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PSI vs. USO — Risk / Return Rank

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

PSI

PSI Risk / Return Rank: 96
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 95
PSI Omega Ratio Rank: 94
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 97

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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.

PSI vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Semiconductors ETF (PSI) 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.

	PSI	USO	Difference
Sharpe ratio: Return per unit of total volatility	5.58	2.31	+3.27
Sortino ratio: Return per unit of downside risk	5.11	2.89	+2.21
Omega ratio: Gain probability vs. loss probability	1.69	1.38	+0.31
Calmar ratio: Return relative to maximum drawdown	13.59	5.01	+8.59
Martin ratio: Return relative to average drawdown	49.28	9.42	+39.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSI vs. USO - Sharpe Ratio Comparison

The current PSI Sharpe Ratio is 5.58, which is higher than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of PSI 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.

Sharpe Ratios by Period

	PSI	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.58	2.31	+3.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.68	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	0.10	+0.88
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	-0.18	+0.77

Drawdowns

PSI vs. USO - Drawdown Comparison

The maximum PSI drawdown since its inception was -62.96%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for PSI and USO.

Drawdown Indicators

	PSI	USO	Difference
Max Drawdown Largest peak-to-trough decline	-62.96%	-98.19%	+35.23%
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	-20.39%	+4.91%
Max Drawdown (3Y) Largest decline over 3 years	-41.07%	-26.05%	-15.02%
Max Drawdown (5Y) Largest decline over 5 years	-44.85%	-36.23%	-8.62%
Max Drawdown (10Y) Largest decline over 10 years	-44.85%	-86.75%	+41.90%
Current Drawdown Current decline from peak	0.00%	-85.01%	+85.01%
Average Drawdown Average peak-to-trough decline	-15.94%	-75.30%	+59.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	10.82%	-6.56%

Volatility

PSI vs. USO - Volatility Comparison

The current volatility for Invesco Semiconductors ETF (PSI) is 13.60%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that PSI 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

	PSI	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.60%	14.87%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	30.09%	38.23%	-8.14%
Volatility (1Y) Calculated over the trailing 1-year period	37.75%	44.20%	-6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.85%	36.06%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.09%	39.00%	-3.91%

PSI vs. USO - Expense Ratio Comparison

PSI has a 0.56% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

PSI vs. USO - Dividend Comparison

PSI's dividend yield for the trailing twelve months is around 0.05%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSI Invesco Semiconductors ETF	0.05%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%
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

Can I hold both PSI and USO in my portfolio?

PSI and USO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSI or USO?

USO has higher volatility (14.87%) compared to PSI (13.60%). In terms of maximum drawdown, PSI dropped -62.96% vs USO's -98.19%.

Which ETF is better, PSI or USO?

On 10-year performance, PSI leads with 34.28% vs 4.07% for USO. On fees, PSI is cheaper at 0.56% per year. On volatility, PSI has been the lower-risk option at 13.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSI or USO?

Over the 10-year period, PSI has performed better with a 34.28% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSI or USO?

PSI is cheaper with a 0.56% expense ratio, compared with 0.86% for USO.

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

PSI has the higher dividend yield at 0.05%, compared with 0.00% for USO.

What is the main difference between PSI and USO?

PSI is categorized as Semiconductors, while USO is Oil & Gas. PSI tracks Dynamic Semiconductors Intellidex Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.56% for PSI and 0.86% for USO.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (5.58 vs 2.31), 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.