SPTL vs. USO
SPTL (SPDR Portfolio Long Term Treasury ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury 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, SPTL returned -1.81%/yr vs 5.64%/yr for USO. Their -0.24 correlation means they have often moved in opposite directions in the past. SPTL charges 0.03%/yr vs 0.86%/yr for USO.
Performance
SPTL vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a -3.28% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, SPTL has underperformed USO with an annualized return of -1.81%, while USO has yielded a comparatively higher 5.64% annualized return.
SPTL
- 1D
- -0.67%
- 1M
- -3.50%
- 6M
- -3.17%
- YTD
- -3.28%
- 1Y
- -1.73%
- 3Y*
- -0.59%
- 5Y*
- -7.09%
- 10Y*
- -1.81%
- ALL TIME*
- 3.09%
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) |
|---|---|---|---|
| $141.08M | $126.11M | $146.73M | |
| $968.42M | $871.56M | $931.57M |
SPTL vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | -3.28% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
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 SPTL and USO is -0.41, 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. | -0.41 |
Correlation (3Y) Balances recent behavior with more history. | -0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.19 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | -0.24 |
The correlation between SPTL and USO shifts across timeframes, from -0.41 (1 year) to -0.19 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPTL vs. USO — Risk / Return Rank
SPTL
USO
SPTL vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) 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.
| SPTL | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.25 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 1.93 | -1.99 |
| Martin ratioReturn relative to average drawdown | -0.14 | 5.60 | -5.73 |
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Drawdowns
SPTL vs. USO - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for SPTL and USO.
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Drawdown Indicators
| SPTL | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -98.19% | +51.99% |
Max Drawdown (1Y)Largest decline over 1 year | -7.09% | -32.49% | +25.40% |
Max Drawdown (3Y)Largest decline over 3 years | -13.39% | -32.49% | +19.10% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -36.23% | -4.79% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -86.75% | +40.55% |
Current DrawdownCurrent decline from peak | -38.71% | -86.26% | +47.55% |
Average DrawdownAverage peak-to-trough decline | -14.43% | -75.38% | +60.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 12.03% | -8.82% |
Volatility
SPTL vs. USO - Volatility Comparison
The current volatility for SPDR Portfolio Long Term Treasury ETF (SPTL) is 2.26%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that SPTL 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
| SPTL | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 17.73% | -15.47% |
Volatility (6M)Calculated over the trailing 6-month period | 6.39% | 42.79% | -36.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.51% | 46.91% | -38.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.50% | 37.06% | -22.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.88% | 39.29% | -25.41% |
SPTL vs. USO - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
SPTL vs. USO - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.35%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | 3.99% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
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
SPTL and USO have a correlation of -0.41, 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 SPTL (2.26%). In terms of maximum drawdown, SPTL dropped -46.20% vs USO's -98.19%.
On 10-year performance, USO leads with 5.64% vs -1.81% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, SPTL has been the lower-risk option at 2.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USO has performed better with a 5.64% return vs -1.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL is cheaper with a 0.03% expense ratio, compared with 0.86% for USO.
SPTL has the higher dividend yield at 3.99%, compared with 0.00% for USO.
SPTL is categorized as Government Bonds, while USO is Oil & Gas. SPTL tracks Bloomberg Long U.S. Treasury Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: State Street and USCF. Their fees differ too: 0.03% for SPTL and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs -0.05), 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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