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PXJ vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PXJ vs. USO

Last updated Jun 4, 2026

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 -0.80%/yr vs 4.07%/yr for USO. A 0.59 correlation means they provide meaningful diversification when combined. PXJ charges 0.63%/yr vs 0.86%/yr for USO.

Performance

PXJ vs. USO - Performance Comparison

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

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Returns By Period

In the year-to-date period, PXJ achieves a 46.18% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, PXJ has underperformed USO with an annualized return of -0.80%, while USO has yielded a comparatively higher 4.07% annualized return.

PXJ

1D
-0.58%
1M
-6.26%
YTD
46.18%
6M
38.54%
1Y
82.76%
3Y*
24.79%
5Y*
17.27%
10Y*
-0.80%

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)

PXJ vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PXJ
Invesco Dynamic Oil & Gas Services ETF		46.18%8.74%0.21%14.44%62.25%11.28%-44.31%-0.32%-39.82%-23.08%
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 PXJ and USO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

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

0.49

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

0.56

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

0.56

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2006

0.59

Over the past year, the correlation between PXJ and USO has dropped to 0.35 - 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.

Invesco Dynamic Oil & Gas Services ETF

United States Oil Fund LP

Often compared with PXJ:
PXJ vs. XESPXJ vs. XLEPXJ vs. PXEPXJ vs. OIHPXJ vs. SILJPXJ vs. NLRPXJ vs. NANR
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

PXJ vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PXJ
PXJ Risk / Return Rank: 8989
Overall Rank
PXJ Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
PXJ Sortino Ratio Rank: 8686
Sortino Ratio Rank
PXJ Omega Ratio Rank: 8080
Omega Ratio Rank
PXJ Calmar Ratio Rank: 9595
Calmar Ratio Rank
PXJ Martin Ratio Rank: 9393
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.

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.

PXJUSODifference

Sharpe ratio

Return per unit of total volatility

3.17

2.31

+0.86

Sortino ratio

Return per unit of downside risk

3.92

2.89

+1.03

Omega ratio

Gain probability vs. loss probability

1.48

1.38

+0.10

Calmar ratio

Return relative to maximum drawdown

8.24

5.01

+3.23

Martin ratio

Return relative to average drawdown

23.98

9.42

+14.56

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

PXJ vs. USO - Sharpe Ratio Comparison

The current PXJ Sharpe Ratio is 3.17, which is higher than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of PXJ 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.

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Sharpe Ratios by Period

PXJUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.17

2.31

+0.86

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

0.68

-0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.02

0.10

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.05

-0.18

+0.13

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.

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Drawdown Indicators

PXJUSODifference

Max Drawdown

Largest peak-to-trough decline

-94.82%

-98.19%

+3.37%

Max Drawdown (1Y)

Largest decline over 1 year

-10.10%

-20.39%

+10.29%

Max Drawdown (3Y)

Largest decline over 3 years

-40.03%

-26.05%

-13.98%

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 Drawdown

Current decline from peak

-66.60%

-85.01%

+18.41%

Average Drawdown

Average peak-to-trough decline

-55.67%

-75.30%

+19.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.46%

10.82%

-7.36%

Volatility

PXJ vs. USO - Volatility Comparison

The current volatility for Invesco Dynamic Oil & Gas Services ETF (PXJ) is 7.75%, while United States Oil Fund LP (USO) has a volatility of 14.87%. 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.

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Volatility by Period

PXJUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.75%

14.87%

-7.12%

Volatility (6M)

Calculated over the trailing 6-month period

18.30%

38.23%

-19.93%

Volatility (1Y)

Calculated over the trailing 1-year period

26.41%

44.20%

-17.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.57%

36.06%

-1.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

39.47%

39.00%

+0.47%

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 2.21%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
PXJ
Invesco Dynamic Oil & Gas Services ETF		2.21%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 0.35, 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 PXJ (7.75%). In terms of maximum drawdown, PXJ dropped -94.82% vs USO's -98.19%.

On 10-year performance, USO leads with 4.07% vs -0.80% for PXJ. On fees, PXJ is cheaper at 0.63% per year. On volatility, PXJ has been the lower-risk option at 7.75%. 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 4.07% return vs -0.80%. 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 2.21%, 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 (3.17 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.

Portfolio Optimizer

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