PYPY vs. USO

Last updated Jun 5, 2026

PYPY (Yieldmax PYPL Option Income Strategy ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - PYPY is a Derivative Income fund actively managed by YieldMax, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. PYPY is actively managed, while USO is passively managed. Over the past year, PYPY returned -39.46% vs 97.20% for USO. At a correlation of -0.05, they often move in opposite directions. PYPY charges 1.01%/yr vs 0.86%/yr for USO.

Performance

PYPY vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Yieldmax PYPL Option Income Strategy ETF (PYPY) 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, PYPY achieves a -22.78% return, which is significantly lower than USO's 97.72% return.

PYPY

• 1D: 0.66%
• 1M: -5.85%
• YTD: -22.78%
• 6M: -25.01%
• 1Y: -39.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: -2.92%
• 1M: -5.15%
• YTD: 97.72%
• 6M: 91.54%
• 1Y: 97.20%
• 3Y*: 28.78%
• 5Y*: 23.67%
• 10Y*: 3.57%

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

PYPY vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PYPY Yieldmax PYPL Option Income Strategy ETF	-22.78%	-30.17%	43.88%	6.09%
USO United States Oil Fund LP	97.72%	-8.46%	13.35%	-17.59%

Correlation

The correlation between PYPY and USO is -0.12, 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	-0.12
Correlation (All Time) Calculated using the full available price history since Sep 27, 2023	-0.05

Return for Risk

PYPY vs. USO — Risk / Return Rank

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

PYPY

PYPY Risk / Return Rank: 1
PYPY Sharpe Ratio Rank: 1
PYPY Sortino Ratio Rank: 2
PYPY Omega Ratio Rank: 1
PYPY Calmar Ratio Rank: 2
PYPY Martin Ratio Rank: 1

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 68
USO Sortino Ratio Rank: 61
USO Omega Ratio Rank: 62
USO Calmar Ratio Rank: 86
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.

PYPY vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Yieldmax PYPL Option Income Strategy ETF (PYPY) 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.

	PYPY	USO	Difference
Sharpe ratio: Return per unit of total volatility	-1.16	2.21	-3.37
Sortino ratio: Return per unit of downside risk	-1.51	2.80	-4.31
Omega ratio: Gain probability vs. loss probability	0.77	1.37	-0.60
Calmar ratio: Return relative to maximum drawdown	-0.84	4.79	-5.63
Martin ratio: Return relative to average drawdown	-1.49	9.00	-10.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYPY vs. USO - Sharpe Ratio Comparison

The current PYPY Sharpe Ratio is -1.16, which is lower than the USO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of PYPY 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

	PYPY	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.16	2.21	-3.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	-0.18	-0.05

Drawdowns

PYPY vs. USO - Drawdown Comparison

The maximum PYPY drawdown since its inception was -53.64%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for PYPY and USO.

Drawdown Indicators

	PYPY	USO	Difference
Max Drawdown Largest peak-to-trough decline	-53.64%	-98.19%	+44.55%
Max Drawdown (1Y) Largest decline over 1 year	-47.14%	-20.39%	-26.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.05%	—
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	-48.84%	-85.45%	+36.61%
Average Drawdown Average peak-to-trough decline	-16.21%	-75.30%	+59.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.57%	10.84%	+15.73%

Volatility

PYPY vs. USO - Volatility Comparison

The current volatility for Yieldmax PYPL Option Income Strategy ETF (PYPY) is 5.09%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that PYPY 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

	PYPY	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	14.97%	-9.88%
Volatility (6M) Calculated over the trailing 6-month period	28.64%	38.35%	-9.71%
Volatility (1Y) Calculated over the trailing 1-year period	34.15%	44.32%	-10.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.08%	36.09%	-5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.08%	39.00%	-7.92%

PYPY vs. USO - Expense Ratio Comparison

PYPY has a 1.01% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

PYPY vs. USO - Dividend Comparison

PYPY's dividend yield for the trailing twelve months is around 70.45%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
PYPY Yieldmax PYPL Option Income Strategy ETF	70.45%	64.68%	48.65%	5.70%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PYPY and USO in my portfolio?

PYPY and USO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYPY or USO?

USO has higher volatility (14.97%) compared to PYPY (5.09%). In terms of maximum drawdown, PYPY dropped -53.64% vs USO's -98.19%.

Which ETF is better, PYPY or USO?

On 1-year performance, USO leads with 97.20% vs -39.46% for PYPY. On fees, USO is cheaper at 0.86% per year. On volatility, PYPY has been the lower-risk option at 5.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYPY or USO?

Over the 1-year period, USO has performed better with a 97.20% return vs -39.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYPY or USO?

USO is cheaper with a 0.86% expense ratio, compared with 1.01% for PYPY.

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

PYPY has the higher dividend yield at 70.45%, compared with 0.00% for USO.

What is the main difference between PYPY and USO?

PYPY is categorized as Derivative Income, while USO is Oil & Gas. They also come from different issuers: YieldMax and USCF. Their fees differ too: 1.01% for PYPY and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.21 vs -1.16), 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.