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RFV vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RFV vs. USO

Last updated Jun 4, 2026

RFV (Invesco S&P MidCap 400® Pure Value ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - RFV is a Small Cap Value Equities fund tracking the S&P Mid Cap 400 Pure Value, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, RFV returned 12.53%/yr vs 4.07%/yr for USO. At a 0.30 correlation, their price movements are largely independent. RFV charges 0.35%/yr vs 0.86%/yr for USO.

Performance

RFV vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400® Pure Value ETF (RFV) 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, RFV achieves a 13.04% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, RFV has outperformed USO with an annualized return of 12.53%, while USO has yielded a comparatively lower 4.07% annualized return.

RFV

1D
-0.36%
1M
3.75%
YTD
13.04%
6M
10.71%
1Y
25.06%
3Y*
16.77%
5Y*
10.00%
10Y*
12.53%

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)

RFV vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RFV
Invesco S&P MidCap 400® Pure Value ETF		13.04%7.66%5.63%30.26%-3.99%33.02%9.61%24.98%-18.56%14.74%
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 RFV and USO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.09

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

0.06

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

0.17

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

0.27

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

0.30

The correlation between RFV and USO shifts across timeframes, from -0.09 (1 year) to 0.30 (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.

Invesco S&P MidCap 400® Pure Value ETF

United States Oil Fund LP

Often compared with RFV:
RFV vs. XMMORFV vs. RPVRFV vs. RFGRFV vs. XMHQRFV vs. RWKRFV vs. XMVMRFV vs. RWJ
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

RFV vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RFV
RFV Risk / Return Rank: 3939
Overall Rank
RFV Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
RFV Sortino Ratio Rank: 4242
Sortino Ratio Rank
RFV Omega Ratio Rank: 3737
Omega Ratio Rank
RFV Calmar Ratio Rank: 4040
Calmar Ratio Rank
RFV Martin Ratio Rank: 3838
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.

RFV vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400® Pure Value ETF (RFV) 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.

RFVUSODifference
Sharpe ratioReturn per unit of total volatility
1.39
2.31

-0.92

Sortino ratioReturn per unit of downside risk
2.13
2.89

-0.76

Omega ratioGain probability vs. loss probability

1.25

1.38

-0.14

Calmar ratioReturn relative to maximum drawdown

2.01

5.01

-3.00

Martin ratioReturn relative to average drawdown

5.94

9.42

-3.48

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

RFV vs. USO - Sharpe Ratio Comparison

The current RFV Sharpe Ratio is 1.39, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of RFV 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

RFVUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.39

2.31

-0.92

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.46

0.68

-0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

0.10

+0.40

Sharpe Ratio (All Time)

Calculated using the full available price history

0.38

-0.18

+0.55

Drawdowns

RFV vs. USO - Drawdown Comparison

The maximum RFV drawdown since its inception was -71.82%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for RFV and USO.

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Drawdown Indicators

RFVUSODifference

Max Drawdown

Largest peak-to-trough decline

-71.82%

-98.19%

+26.37%

Max Drawdown (1Y)

Largest decline over 1 year

-12.51%

-20.39%

+7.88%

Max Drawdown (3Y)

Largest decline over 3 years

-24.65%

-26.05%

+1.40%

Max Drawdown (5Y)

Largest decline over 5 years

-24.65%

-36.23%

+11.58%

Max Drawdown (10Y)

Largest decline over 10 years

-52.24%

-86.75%

+34.51%

Current Drawdown

Current decline from peak

-0.36%

-85.01%

+84.65%

Average Drawdown

Average peak-to-trough decline

-9.79%

-75.30%

+65.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.23%

10.82%

-6.59%

Volatility

RFV vs. USO - Volatility Comparison

The current volatility for Invesco S&P MidCap 400® Pure Value ETF (RFV) is 4.60%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that RFV 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

RFVUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.60%

14.87%

-10.27%

Volatility (6M)

Calculated over the trailing 6-month period

11.86%

38.23%

-26.37%

Volatility (1Y)

Calculated over the trailing 1-year period

18.13%

44.20%

-26.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.08%

36.06%

-13.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.99%

39.00%

-14.01%

RFV vs. USO - Expense Ratio Comparison

RFV has a 0.35% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

RFV vs. USO - Dividend Comparison

RFV's dividend yield for the trailing twelve months is around 1.84%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
RFV
Invesco S&P MidCap 400® Pure Value ETF		1.84%2.07%1.31%1.27%2.05%1.60%1.52%1.71%1.39%1.36%0.88%1.79%
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

RFV and USO have a correlation of -0.09, 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 RFV (4.60%). In terms of maximum drawdown, RFV dropped -71.82% vs USO's -98.19%.

On 10-year performance, RFV leads with 12.53% vs 4.07% for USO. On fees, RFV is cheaper at 0.35% per year. On volatility, RFV has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RFV has performed better with a 12.53% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

RFV is cheaper with a 0.35% expense ratio, compared with 0.86% for USO.

RFV has the higher dividend yield at 1.84%, compared with 0.00% for USO.

RFV is categorized as Small Cap Value Equities, while USO is Oil & Gas. RFV tracks S&P Mid Cap 400 Pure Value, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.35% for RFV and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.31 vs 1.39), 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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