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QYLD vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QYLD vs. USO

Last updated Jun 4, 2026

QYLD (Global X NASDAQ 100 Covered Call ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, QYLD returned 9.80%/yr vs 4.07%/yr for USO. At a 0.13 correlation, their price movements are largely independent. QYLD charges 0.60%/yr vs 0.86%/yr for USO.

Performance

QYLD vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X NASDAQ 100 Covered Call ETF (QYLD) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, QYLD achieves a 7.88% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, QYLD has outperformed USO with an annualized return of 9.80%, while USO has yielded a comparatively lower 4.07% annualized return.

QYLD

1D
-0.06%
1M
1.62%
YTD
7.88%
6M
9.97%
1Y
23.93%
3Y*
13.80%
5Y*
8.43%
10Y*
9.80%

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)

QYLD vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QYLD
Global X NASDAQ 100 Covered Call ETF		7.88%9.28%19.35%22.77%-19.08%10.41%8.72%22.69%-3.07%18.79%
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 QYLD and USO is -0.28, 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

-0.28

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

-0.08

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

0.03

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

0.12

Correlation (All Time)
Calculated using the full available price history since Dec 13, 2013

0.13

The correlation between QYLD and USO shifts across timeframes, from -0.28 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Global X NASDAQ 100 Covered Call ETF

United States Oil Fund LP

Often compared with QYLD:
QYLD vs. JEPQQYLD vs. JEPIQYLD vs. QQQQYLD vs. XYLDQYLD vs. RYLDQYLD vs. SCHDQYLD vs. QYLG
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

QYLD vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QYLD
QYLD Risk / Return Rank: 8888
Overall Rank
QYLD Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
QYLD Sortino Ratio Rank: 8585
Sortino Ratio Rank
QYLD Omega Ratio Rank: 9292
Omega Ratio Rank
QYLD Calmar Ratio Rank: 8686
Calmar Ratio Rank
QYLD Martin Ratio Rank: 9494
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.

QYLD vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Covered Call ETF (QYLD) 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.

QYLDUSODifference

Sharpe ratio

Return per unit of total volatility

2.80

2.31

+0.49

Sortino ratio

Return per unit of downside risk

3.92

2.89

+1.03

Omega ratio

Gain probability vs. loss probability

1.63

1.38

+0.25

Calmar ratio

Return relative to maximum drawdown

4.84

5.01

-0.17

Martin ratio

Return relative to average drawdown

28.36

9.42

+18.94

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

QYLD vs. USO - Sharpe Ratio Comparison

The current QYLD Sharpe Ratio is 2.80, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of QYLD 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

QYLDUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.80

2.31

+0.49

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.58

0.68

-0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.10

+0.53

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

-0.18

+0.77

Drawdowns

QYLD vs. USO - Drawdown Comparison

The maximum QYLD drawdown since its inception was -24.75%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for QYLD and USO.

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Drawdown Indicators

QYLDUSODifference

Max Drawdown

Largest peak-to-trough decline

-24.75%

-98.19%

+73.44%

Max Drawdown (1Y)

Largest decline over 1 year

-4.97%

-20.39%

+15.42%

Max Drawdown (3Y)

Largest decline over 3 years

-19.06%

-26.05%

+6.99%

Max Drawdown (5Y)

Largest decline over 5 years

-24.61%

-36.23%

+11.62%

Max Drawdown (10Y)

Largest decline over 10 years

-24.75%

-86.75%

+62.00%

Current Drawdown

Current decline from peak

-0.06%

-85.01%

+84.95%

Average Drawdown

Average peak-to-trough decline

-3.84%

-75.30%

+71.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.85%

10.82%

-9.97%

Volatility

QYLD vs. USO - Volatility Comparison

The current volatility for Global X NASDAQ 100 Covered Call ETF (QYLD) is 1.85%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that QYLD 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

QYLDUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.85%

14.87%

-13.02%

Volatility (6M)

Calculated over the trailing 6-month period

7.12%

38.23%

-31.11%

Volatility (1Y)

Calculated over the trailing 1-year period

8.58%

44.20%

-35.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.70%

36.06%

-21.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.49%

39.00%

-23.51%

QYLD vs. USO - Expense Ratio Comparison

QYLD has a 0.60% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

QYLD vs. USO - Dividend Comparison

QYLD's dividend yield for the trailing twelve months is around 11.46%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
QYLD
Global X NASDAQ 100 Covered Call ETF		11.46%11.55%12.50%11.78%13.75%12.85%11.16%9.84%12.44%7.69%9.15%9.42%
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

QYLD and USO have a correlation of -0.28, 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 QYLD (1.85%). In terms of maximum drawdown, QYLD dropped -24.75% vs USO's -98.19%.

On 10-year performance, QYLD leads with 9.80% vs 4.07% for USO. On fees, QYLD is cheaper at 0.60% per year. On volatility, QYLD has been the lower-risk option at 1.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QYLD has performed better with a 9.80% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QYLD is cheaper with a 0.60% expense ratio, compared with 0.86% for USO.

QYLD has the higher dividend yield at 11.46%, compared with 0.00% for USO.

QYLD is categorized as Nasdaq-100, while USO is Oil & Gas. QYLD tracks CBOE NASDAQ-100 Buy Write V2, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Global X and USCF. Their fees differ too: 0.60% for QYLD and 0.86% for USO.

QYLD currently has the higher Sharpe Ratio (2.80 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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