PXJ vs. USO

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Dynamic Oil & Gas Services ETF (PXJ) and United States Oil Fund LP (USO).

PXJ and USO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PXJ is a passively managed fund by Invesco that tracks the performance of the Dynamic Oil & Gas Services Intellidex Index. It was launched on Oct 26, 2005. USO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Light Sweet Crude Oil. It was launched on Apr 10, 2006. Both PXJ and USO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

PXJ vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXJ Invesco Dynamic Oil & Gas Services ETF	41.95%	8.74%	0.21%	14.44%	62.25%	11.28%	-44.31%	-0.32%	-39.82%	-23.08%
USO United States Oil Fund LP	83.99%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-19.57%	2.47%

Returns By Period

In the year-to-date period, PXJ achieves a 41.95% return, which is significantly lower than USO's 83.99% return. Over the past 10 years, PXJ has underperformed USO with an annualized return of -0.61%, while USO has yielded a comparatively higher 5.48% annualized return.

PXJ

• 1D: 0.87%
• 1M: -0.41%
• YTD: 41.95%
• 6M: 54.34%
• 1Y: 66.96%
• 3Y*: 21.90%
• 5Y*: 21.74%
• 10Y*: -0.61%

USO

• 1D: -1.99%
• 1M: 55.28%
• YTD: 83.99%
• 6M: 72.54%
• 1Y: 64.55%
• 3Y*: 24.19%
• 5Y*: 24.91%
• 10Y*: 5.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PXJ vs. USO - Expense Ratio Comparison

PXJ has a 0.63% expense ratio, which is lower than USO's 0.79% expense ratio.

USO

United States Oil Fund LP

PXJ

Invesco Dynamic Oil & Gas Services ETF

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: 88
PXJ Sharpe Ratio Rank: 90
PXJ Sortino Ratio Rank: 88
PXJ Omega Ratio Rank: 88
PXJ Calmar Ratio Rank: 88
PXJ Martin Ratio Rank: 86

USO

USO Risk / Return Rank: 82
USO Sharpe Ratio Rank: 85
USO Sortino Ratio Rank: 88
USO Omega Ratio Rank: 80
USO Calmar Ratio Rank: 93
USO Martin Ratio Rank: 64

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.

	PXJ	USO	Difference
Sharpe ratio Return per unit of total volatility	1.94	1.65	+0.29
Sortino ratio Return per unit of downside risk	2.38	2.32	+0.06
Omega ratio Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio Return relative to maximum drawdown	2.75	3.44	-0.69
Martin ratio Return relative to average drawdown	9.91	5.96	+3.94
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 1.94, which is comparable to the USO Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of PXJ and USO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PXJ	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	1.65	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.73	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.14	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	-0.19	+0.14

Correlation

The correlation between PXJ and USO is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PXJ vs. USO - Dividend Comparison

PXJ's dividend yield for the trailing twelve months is around 2.27%, while USO has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXJ Invesco Dynamic Oil & Gas Services ETF	2.27%	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%

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.

Drawdown Indicators

	PXJ	USO	Difference
Max Drawdown Largest peak-to-trough decline	-94.82%	-98.19%	+3.37%
Max Drawdown (1Y) Largest decline over 1 year	-24.32%	-20.39%	-3.93%
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	-67.56%	-86.46%	+18.90%
Average Drawdown Average peak-to-trough decline	-55.58%	-75.21%	+19.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.75%	11.77%	-5.02%

Volatility

PXJ vs. USO - Volatility Comparison

The current volatility for Invesco Dynamic Oil & Gas Services ETF (PXJ) is 8.38%, while United States Oil Fund LP (USO) has a volatility of 21.87%. 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.

Volatility by Period

	PXJ	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	21.87%	-13.49%
Volatility (6M) Calculated over the trailing 6-month period	19.10%	29.71%	-10.61%
Volatility (1Y) Calculated over the trailing 1-year period	34.71%	39.38%	-4.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.21%	34.41%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.60%	38.33%	+1.27%