PXJ vs. USO
PXJ (Invesco Dynamic Oil & Gas Services ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - PXJ is a Energy Equities fund tracking the Dynamic Oil & Gas Services 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, PXJ returned 0.28%/yr vs 5.64%/yr for USO. Their 0.59 correlation means they have sometimes moved together and sometimes differently. PXJ charges 0.63%/yr vs 0.86%/yr for USO.
Performance
PXJ vs. USO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PXJ achieves a 46.85% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, PXJ has underperformed USO with an annualized return of 0.28%, while USO has yielded a comparatively higher 5.64% annualized return.
PXJ
- 1D
- 2.51%
- 1M
- 10.36%
- 6M
- 21.41%
- YTD
- 46.85%
- 1Y
- 78.26%
- 3Y*
- 16.40%
- 5Y*
- 23.04%
- 10Y*
- 0.28%
- ALL TIME*
- -1.70%
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) |
|---|---|---|---|
| $722.42K | $1.28M | $1.87M | |
| $968.42M | $871.56M | $931.57M |
PXJ vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PXJ Invesco Dynamic Oil & Gas Services ETF | 46.85% | 8.74% | 0.21% | 14.44% | 62.25% | 11.28% | -44.31% | -0.32% | -39.82% | -23.08% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between PXJ and USO is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.56 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2006 | 0.59 |
Over the past year, the correlation between PXJ and USO has dropped to 0.34 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PXJ vs. USO — Risk / Return Rank
PXJ
USO
PXJ vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Oil & Gas Services ETF (PXJ) 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.
| PXJ | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.25 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.99 | 1.93 | +2.07 |
| Martin ratioReturn relative to average drawdown | 13.19 | 5.60 | +7.59 |
Loading charts...
Drawdowns
PXJ vs. USO - Drawdown Comparison
The maximum PXJ drawdown since its inception was -94.82%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for PXJ and USO.
Loading charts...
Drawdown Indicators
| PXJ | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.82% | -98.19% | +3.37% |
Max Drawdown (1Y)Largest decline over 1 year | -18.39% | -32.49% | +14.10% |
Max Drawdown (3Y)Largest decline over 3 years | -40.03% | -32.49% | -7.54% |
Max Drawdown (5Y)Largest decline over 5 years | -40.03% | -36.23% | -3.80% |
Max Drawdown (10Y)Largest decline over 10 years | -87.72% | -86.75% | -0.97% |
Current DrawdownCurrent decline from peak | -66.44% | -86.26% | +19.82% |
Average DrawdownAverage peak-to-trough decline | -55.75% | -75.38% | +19.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.56% | 12.03% | -6.47% |
Volatility
PXJ vs. USO - Volatility Comparison
The current volatility for Invesco Dynamic Oil & Gas Services ETF (PXJ) is 7.30%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that PXJ 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
| PXJ | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.30% | 17.73% | -10.43% |
Volatility (6M)Calculated over the trailing 6-month period | 19.19% | 42.79% | -23.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.25% | 46.91% | -20.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.14% | 37.06% | -2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.16% | 39.29% | -0.13% |
PXJ vs. USO - Expense Ratio Comparison
PXJ has a 0.63% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
PXJ vs. USO - Dividend Comparison
PXJ's dividend yield for the trailing twelve months is around 2.38%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PXJ Invesco Dynamic Oil & Gas Services ETF | 2.38% | 2.91% | 3.34% | 1.99% | 0.65% | 2.40% | 4.72% | 1.87% | 0.99% | 2.75% | 1.18% | 2.36% |
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
PXJ and USO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (17.73%) compared to PXJ (7.30%). In terms of maximum drawdown, PXJ dropped -94.82% vs USO's -98.19%.
On 10-year performance, USO leads with 5.64% vs 0.28% for PXJ. On fees, PXJ is cheaper at 0.63% per year. On volatility, PXJ has been the lower-risk option at 7.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USO has performed better with a 5.64% return vs 0.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PXJ is cheaper with a 0.63% expense ratio, compared with 0.86% for USO.
PXJ has the higher dividend yield at 2.38%, compared with 0.00% for USO.
PXJ is categorized as Energy Equities, while USO is Oil & Gas. PXJ tracks Dynamic Oil & Gas Services Intellidex Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.63% for PXJ and 0.86% for USO.
PXJ currently has the higher Sharpe Ratio (2.81 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.
Find the right allocation for PXJ 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