SMLV vs. USO
SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - SMLV is a Low Volatility fund tracking the SSGA US Small Cap Low Volatility Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, SMLV returned 10.64%/yr vs 5.64%/yr for USO. Their 0.16 correlation means their historical movements had little consistent relationship. SMLV charges 0.12%/yr vs 0.86%/yr for USO.
Performance
SMLV vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, SMLV achieves a 23.05% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, SMLV has outperformed USO with an annualized return of 10.64%, while USO has yielded a comparatively lower 5.64% annualized return.
SMLV
- 1D
- -0.02%
- 1M
- 0.72%
- 6M
- 16.25%
- YTD
- 23.05%
- 1Y
- 34.18%
- 3Y*
- 16.71%
- 5Y*
- 10.12%
- 10Y*
- 10.64%
- ALL TIME*
- 11.09%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $451.73K | $474.34K | $539.60K | |
| $968.42M | $871.56M | $931.57M |
SMLV vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 23.05% | 5.66% | 16.77% | 7.52% | -7.69% | 27.67% | -1.55% | 24.10% | -6.62% | 5.68% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between SMLV and USO is -0.33, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2013 | 0.16 |
The correlation between SMLV and USO shifts across timeframes, from -0.33 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMLV vs. USO — Risk / Return Rank
SMLV
USO
SMLV vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SMLV | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.25 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.43 | 1.93 | +2.50 |
| Martin ratioReturn relative to average drawdown | 12.96 | 5.60 | +7.36 |
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Drawdowns
SMLV vs. USO - Drawdown Comparison
The maximum SMLV drawdown since its inception was -42.45%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for SMLV and USO.
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Drawdown Indicators
| SMLV | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.45% | -98.19% | +55.74% |
Max Drawdown (1Y)Largest decline over 1 year | -7.34% | -32.49% | +25.15% |
Max Drawdown (3Y)Largest decline over 3 years | -20.40% | -32.49% | +12.09% |
Max Drawdown (5Y)Largest decline over 5 years | -20.40% | -36.23% | +15.83% |
Max Drawdown (10Y)Largest decline over 10 years | -42.45% | -86.75% | +44.30% |
Current DrawdownCurrent decline from peak | -1.22% | -86.26% | +85.04% |
Average DrawdownAverage peak-to-trough decline | -5.40% | -75.38% | +69.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 12.03% | -9.53% |
Volatility
SMLV vs. USO - Volatility Comparison
The current volatility for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) is 3.67%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that SMLV 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
| SMLV | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.67% | 17.73% | -14.06% |
Volatility (6M)Calculated over the trailing 6-month period | 9.58% | 42.79% | -33.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.38% | 46.91% | -31.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.21% | 37.06% | -18.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.90% | 39.29% | -18.39% |
SMLV vs. USO - Expense Ratio Comparison
SMLV has a 0.12% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
SMLV vs. USO - Dividend Comparison
SMLV's dividend yield for the trailing twelve months is around 2.21%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 2.21% | 2.74% | 2.68% | 2.68% | 2.40% | 2.12% | 2.47% | 2.62% | 3.15% | 7.92% | 3.04% | 2.63% |
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
SMLV and USO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (17.73%) compared to SMLV (3.67%). In terms of maximum drawdown, SMLV dropped -42.45% vs USO's -98.19%.
On 10-year performance, SMLV leads with 10.64% vs 5.64% for USO. On fees, SMLV is cheaper at 0.12% per year. On volatility, SMLV has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMLV has performed better with a 10.64% return vs 5.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMLV is cheaper with a 0.12% expense ratio, compared with 0.86% for USO.
SMLV has the higher dividend yield at 2.21%, compared with 0.00% for USO.
SMLV is categorized as Low Volatility, while USO is Oil & Gas. SMLV tracks SSGA US Small Cap Low Volatility Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: State Street and USCF. Their fees differ too: 0.12% for SMLV and 0.86% for USO.
SMLV currently has the higher Sharpe Ratio (2.12 vs 1.34), 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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