SPRX vs. USO
SPRX (Spear Alpha ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - SPRX is a Technology Equities fund actively managed by Spear, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. SPRX is actively managed, while USO is passively managed. Over the past 3 years, SPRX returned 48.52%/yr vs 29.98%/yr for USO. At a 0.08 correlation, their price movements are largely independent. SPRX charges 0.75%/yr vs 0.86%/yr for USO.
Performance
SPRX vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, SPRX achieves a 50.26% return, which is significantly lower than USO's 103.67% return.
SPRX
- 1D
- -1.57%
- 1M
- 33.49%
- YTD
- 50.26%
- 6M
- 44.40%
- 1Y
- 109.60%
- 3Y*
- 48.52%
- 5Y*
- —
- 10Y*
- —
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%
SPRX vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPRX Spear Alpha ETF | 50.26% | 41.91% | 20.58% | 88.02% | -44.99% | 8.91% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 28.97% | 15.17% |
Correlation
The correlation between SPRX and USO is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021 | 0.08 |
The correlation between SPRX and USO shifts across timeframes, from -0.18 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPRX vs. USO — Risk / Return Rank
SPRX
USO
SPRX vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Spear Alpha ETF (SPRX) 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.
| SPRX | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.38 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 5.01 | -0.45 |
| Martin ratioReturn relative to average drawdown | 14.41 | 9.42 | +5.00 |
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
| SPRX | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.53 | 2.31 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | -0.18 | +0.77 |
Drawdowns
SPRX vs. USO - Drawdown Comparison
The maximum SPRX drawdown since its inception was -51.21%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for SPRX and USO.
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Drawdown Indicators
| SPRX | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.21% | -98.19% | +46.98% |
Max Drawdown (1Y)Largest decline over 1 year | -24.21% | -20.39% | -3.82% |
Max Drawdown (3Y)Largest decline over 3 years | -42.12% | -26.05% | -16.07% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -1.57% | -85.01% | +83.44% |
Average DrawdownAverage peak-to-trough decline | -17.65% | -75.30% | +57.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.63% | 10.82% | -3.19% |
Volatility
SPRX vs. USO - Volatility Comparison
Spear Alpha ETF (SPRX) and United States Oil Fund LP (USO) have volatilities of 14.91% and 14.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPRX | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.91% | 14.87% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 35.46% | 38.23% | -2.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.53% | 44.20% | -0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.74% | 36.06% | +5.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.74% | 39.00% | +2.74% |
SPRX vs. USO - Expense Ratio Comparison
SPRX has a 0.75% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
SPRX vs. USO - Dividend Comparison
Neither SPRX nor USO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
SPRX Spear Alpha ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.25% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPRX and USO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPRX has higher volatility (14.91%) compared to USO (14.87%). In terms of maximum drawdown, SPRX dropped -51.21% vs USO's -98.19%.
On 3-year performance, SPRX leads with 48.52% vs 29.98% for USO. On fees, SPRX is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPRX has performed better with a 48.52% return vs 29.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPRX is cheaper with a 0.75% expense ratio, compared with 0.86% for USO.
SPRX and USO have nearly identical dividend yields, around 0.00%.
SPRX is categorized as Technology Equities, while USO is Oil & Gas. They also come from different issuers: Spear and USCF. Their fees differ too: 0.75% for SPRX and 0.86% for USO.
SPRX currently has the higher Sharpe Ratio (2.53 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.
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