SKYU vs. USO
SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - SKYU is a Leveraged Equities fund tracking the ISE Cloud Computing Index (200%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, SKYU returned 2.14%/yr vs 23.67%/yr for USO. At a 0.07 correlation, their price movements are largely independent. SKYU charges 0.95%/yr vs 0.86%/yr for USO.
Performance
SKYU vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, SKYU achieves a 20.72% return, which is significantly lower than USO's 97.72% return.
SKYU
- 1D
- 0.53%
- 1M
- 27.03%
- YTD
- 20.72%
- 6M
- 18.01%
- 1Y
- 41.23%
- 3Y*
- 38.09%
- 5Y*
- 2.14%
- 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%
SKYU vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SKYU ProShares Ultra Nasdaq Cloud Computing ETF | 20.72% | 2.76% | 65.79% | 105.76% | -75.95% | 7.15% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 52.01% |
Correlation
The correlation between SKYU and USO is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021 | 0.07 |
The correlation between SKYU and USO shifts across timeframes, from -0.13 (1 year) to 0.07 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SKYU vs. USO — Risk / Return Rank
SKYU
USO
SKYU vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) 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.
| SKYU | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.37 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | 4.79 | -3.97 |
| Martin ratioReturn relative to average drawdown | 1.73 | 9.00 | -7.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SKYU | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.74 | 2.21 | -1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.66 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | -0.18 | +0.21 |
Drawdowns
SKYU vs. USO - Drawdown Comparison
The maximum SKYU drawdown since its inception was -83.01%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for SKYU and USO.
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Drawdown Indicators
| SKYU | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.01% | -98.19% | +15.18% |
Max Drawdown (1Y)Largest decline over 1 year | -50.23% | -20.39% | -29.84% |
Max Drawdown (3Y)Largest decline over 3 years | -55.71% | -26.05% | -29.66% |
Max Drawdown (5Y)Largest decline over 5 years | -83.01% | -36.23% | -46.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -22.26% | -85.45% | +63.19% |
Average DrawdownAverage peak-to-trough decline | -49.16% | -75.30% | +26.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.88% | 10.84% | +13.04% |
Volatility
SKYU vs. USO - Volatility Comparison
ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) has a higher volatility of 22.68% compared to United States Oil Fund LP (USO) at 14.97%. This indicates that SKYU's price experiences larger fluctuations and is considered to be riskier 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
| SKYU | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.68% | 14.97% | +7.71% |
Volatility (6M)Calculated over the trailing 6-month period | 46.60% | 38.35% | +8.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.92% | 44.32% | +11.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.88% | 36.09% | +25.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.12% | 39.00% | +22.12% |
SKYU vs. USO - Expense Ratio Comparison
SKYU has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
SKYU vs. USO - Dividend Comparison
SKYU's dividend yield for the trailing twelve months is around 0.58%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
SKYU ProShares Ultra Nasdaq Cloud Computing ETF | 0.58% | 0.56% | 0.21% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SKYU and USO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SKYU has higher volatility (22.68%) compared to USO (14.97%). In terms of maximum drawdown, SKYU dropped -83.01% vs USO's -98.19%.
On 5-year performance, USO leads with 23.67% vs 2.14% for SKYU. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 23.67% return vs 2.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for SKYU.
SKYU has the higher dividend yield at 0.58%, compared with 0.00% for USO.
SKYU is categorized as Leveraged Equities, while USO is Oil & Gas. SKYU tracks ISE Cloud Computing Index (200%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for SKYU and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs 0.74), 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.
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