SPDV vs. USO
SPDV (AAM S&P 500 High Dividend Value ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - SPDV is a Dividend fund tracking the S&P 500 Dividend and Free Cash Flow Yield Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, SPDV returned 9.13%/yr vs 17.78%/yr for USO. At a 0.26 correlation, their price movements are largely independent. SPDV charges 0.29%/yr vs 0.86%/yr for USO.
Performance
SPDV vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, SPDV achieves a 13.20% return, which is significantly lower than USO's 62.94% return.
SPDV
- 1D
- 0.62%
- 1M
- -0.72%
- YTD
- 13.20%
- 6M
- 12.67%
- 1Y
- 25.09%
- 3Y*
- 16.32%
- 5Y*
- 9.13%
- 10Y*
- —
USO
- 1D
- -1.90%
- 1M
- -20.03%
- YTD
- 62.94%
- 6M
- 61.61%
- 1Y
- 35.58%
- 3Y*
- 21.76%
- 5Y*
- 17.78%
- 10Y*
- 2.14%
SPDV vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDV AAM S&P 500 High Dividend Value ETF | 13.20% | 10.90% | 14.40% | 5.45% | -2.27% | 29.54% | -6.09% | 20.46% | -6.59% | 4.64% |
USO United States Oil Fund LP | 62.94% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 3.71% |
Correlation
The correlation between SPDV and USO is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Nov 29, 2017 | 0.26 |
The correlation between SPDV and USO shifts across timeframes, from -0.04 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPDV vs. USO — Risk / Return Rank
SPDV
USO
SPDV vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AAM S&P 500 High Dividend Value ETF (SPDV) 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.
| SPDV | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.17 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.35 | 1.36 | +2.99 |
| Martin ratioReturn relative to average drawdown | 12.34 | 3.61 | +8.73 |
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Drawdowns
SPDV vs. USO - Drawdown Comparison
The maximum SPDV drawdown since its inception was -43.81%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for SPDV and USO.
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Drawdown Indicators
| SPDV | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.81% | -98.19% | +54.38% |
Max Drawdown (1Y)Largest decline over 1 year | -5.80% | -26.33% | +20.53% |
Max Drawdown (3Y)Largest decline over 3 years | -18.62% | -26.33% | +7.71% |
Max Drawdown (5Y)Largest decline over 5 years | -21.31% | -36.23% | +14.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -2.47% | -88.01% | +85.54% |
Average DrawdownAverage peak-to-trough decline | -6.53% | -75.31% | +68.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 11.59% | -9.55% |
Volatility
SPDV vs. USO - Volatility Comparison
The current volatility for AAM S&P 500 High Dividend Value ETF (SPDV) is 3.69%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that SPDV 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
| SPDV | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.69% | 11.79% | -8.10% |
Volatility (6M)Calculated over the trailing 6-month period | 8.34% | 39.34% | -31.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.33% | 44.41% | -32.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.25% | 36.32% | -20.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.28% | 39.05% | -18.77% |
SPDV vs. USO - Expense Ratio Comparison
SPDV has a 0.29% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
SPDV vs. USO - Dividend Comparison
SPDV's dividend yield for the trailing twelve months is around 3.34%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDV AAM S&P 500 High Dividend Value ETF | 3.34% | 3.85% | 3.54% | 3.95% | 3.73% | 3.08% | 3.90% | 3.54% | 3.63% | 0.28% |
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% |
Frequently Asked Questions
SPDV and USO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (11.79%) compared to SPDV (3.69%). In terms of maximum drawdown, SPDV dropped -43.81% vs USO's -98.19%.
On 5-year performance, USO leads with 17.78% vs 9.13% for SPDV. On fees, SPDV is cheaper at 0.29% per year. On volatility, SPDV has been the lower-risk option at 3.69%. 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 17.78% return vs 9.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDV is cheaper with a 0.29% expense ratio, compared with 0.86% for USO.
SPDV has the higher dividend yield at 3.34%, compared with 0.00% for USO.
SPDV is categorized as Dividend, while USO is Oil & Gas. SPDV tracks S&P 500 Dividend and Free Cash Flow Yield Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Advisors Asset Management and USCF. Their fees differ too: 0.29% for SPDV and 0.86% for USO.
SPDV currently has the higher Sharpe Ratio (2.05 vs 0.81), 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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