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SPXT vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXT vs. USO

Last updated Jun 4, 2026

SPXT (ProShares S&P 500 Ex-Technology ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - SPXT is a S&P 500 fund tracking the S&P 500 Ex-Information Technology 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, SPXT returned 11.34%/yr vs 4.07%/yr for USO. At a 0.17 correlation, their price movements are largely independent. SPXT charges 0.09%/yr vs 0.86%/yr for USO.

Performance

SPXT vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Technology ETF (SPXT) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPXT achieves a 2.70% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, SPXT has outperformed USO with an annualized return of 11.34%, while USO has yielded a comparatively lower 4.07% annualized return.

SPXT

1D
-0.15%
1M
-1.41%
YTD
2.70%
6M
3.39%
1Y
15.02%
3Y*
16.34%
5Y*
9.16%
10Y*
11.34%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXT vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXT
ProShares S&P 500 Ex-Technology ETF		2.70%15.10%19.93%16.23%-14.24%26.36%10.44%26.88%-7.06%16.99%
USO
United States Oil Fund LP		103.67%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between SPXT and USO is -0.28, 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

-0.28

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.10

Correlation (10Y)
Calculated over the trailing 10-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2015

0.17

The correlation between SPXT and USO shifts across timeframes, from -0.28 (1 year) to 0.17 (10 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares S&P 500 Ex-Technology ETF

United States Oil Fund LP

Often compared with SPXT:
SPXT vs. SPYSPXT vs. SPXCSPXT vs. XMAGSPXT vs. VOOSPXT vs. QQQSPXT vs. USMVSPXT vs. SPXV
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

SPXT vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXT
SPXT Risk / Return Rank: 4141
Overall Rank
SPXT Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
SPXT Sortino Ratio Rank: 4141
Sortino Ratio Rank
SPXT Omega Ratio Rank: 3838
Omega Ratio Rank
SPXT Calmar Ratio Rank: 3838
Calmar Ratio Rank
SPXT Martin Ratio Rank: 4949
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6060
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8787
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPXT vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Technology ETF (SPXT) 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.

SPXTUSODifference
Sharpe ratioReturn per unit of total volatility
1.46
2.31

-0.85

Sortino ratioReturn per unit of downside risk
2.11
2.89

-0.78

Omega ratioGain probability vs. loss probability

1.26

1.38

-0.13

Calmar ratioReturn relative to maximum drawdown

1.91

5.01

-3.10

Martin ratioReturn relative to average drawdown

8.32

9.42

-1.10

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXT vs. USO - Sharpe Ratio Comparison

The current SPXT Sharpe Ratio is 1.46, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of SPXT and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPXTUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.46

2.31

-0.85

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.63

0.68

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

0.10

+0.60

Sharpe Ratio (All Time)

Calculated using the full available price history

0.72

-0.18

+0.90

Drawdowns

SPXT vs. USO - Drawdown Comparison

The maximum SPXT drawdown since its inception was -34.38%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for SPXT and USO.

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Drawdown Indicators

SPXTUSODifference

Max Drawdown

Largest peak-to-trough decline

-34.38%

-98.19%

+63.81%

Max Drawdown (1Y)

Largest decline over 1 year

-7.90%

-20.39%

+12.49%

Max Drawdown (3Y)

Largest decline over 3 years

-15.58%

-26.05%

+10.47%

Max Drawdown (5Y)

Largest decline over 5 years

-21.47%

-36.23%

+14.76%

Max Drawdown (10Y)

Largest decline over 10 years

-34.38%

-86.75%

+52.37%

Current Drawdown

Current decline from peak

-2.52%

-85.01%

+82.49%

Average Drawdown

Average peak-to-trough decline

-4.14%

-75.30%

+71.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.81%

10.82%

-9.01%

Volatility

SPXT vs. USO - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Technology ETF (SPXT) is 2.57%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that SPXT 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

SPXTUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.57%

14.87%

-12.30%

Volatility (6M)

Calculated over the trailing 6-month period

7.53%

38.23%

-30.70%

Volatility (1Y)

Calculated over the trailing 1-year period

10.34%

44.20%

-33.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.71%

36.06%

-21.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.23%

39.00%

-22.77%

SPXT vs. USO - Expense Ratio Comparison

SPXT has a 0.09% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

SPXT vs. USO - Dividend Comparison

SPXT's dividend yield for the trailing twelve months is around 1.39%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SPXT
ProShares S&P 500 Ex-Technology ETF		1.39%1.38%1.29%1.53%1.86%1.15%1.63%1.63%2.03%1.55%2.67%0.56%
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

SPXT and USO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (14.87%) compared to SPXT (2.57%). In terms of maximum drawdown, SPXT dropped -34.38% vs USO's -98.19%.

On 10-year performance, SPXT leads with 11.34% vs 4.07% for USO. On fees, SPXT is cheaper at 0.09% per year. On volatility, SPXT has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXT has performed better with a 11.34% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPXT is cheaper with a 0.09% expense ratio, compared with 0.86% for USO.

SPXT has the higher dividend yield at 1.39%, compared with 0.00% for USO.

SPXT is categorized as S&P 500, while USO is Oil & Gas. SPXT tracks S&P 500 Ex-Information Technology Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.09% for SPXT and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.31 vs 1.46), 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.

Portfolio Optimizer

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