SVXY vs. USO
SVXY (ProShares Short VIX Short-Term Futures ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-0.5x), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, SVXY returned -1.01%/yr vs 5.64%/yr for USO. Their 0.21 correlation means their historical movements had little consistent relationship. SVXY charges 0.95%/yr vs 0.86%/yr for USO.
Performance
SVXY vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a 4.84% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, SVXY has underperformed USO with an annualized return of -1.01%, while USO has yielded a comparatively higher 5.64% annualized return.
SVXY
- 1D
- 1.47%
- 1M
- 1.31%
- 6M
- 7.32%
- YTD
- 4.84%
- 1Y
- 33.59%
- 3Y*
- 9.63%
- 5Y*
- 16.64%
- 10Y*
- -1.01%
- ALL TIME*
- 12.70%
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) |
|---|---|---|---|
| $95.64M | $79.87M | $82.81M | |
| $968.42M | $871.56M | $931.57M |
SVXY vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | 4.84% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 54.21% | -91.75% | 181.84% |
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 SVXY and USO is -0.23, 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. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.21 |
The correlation between SVXY and USO shifts across timeframes, from -0.23 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SVXY vs. USO — Risk / Return Rank
SVXY
USO
SVXY vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) 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.
| SVXY | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.25 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.93 | -0.70 |
| Martin ratioReturn relative to average drawdown | 4.00 | 5.60 | -1.60 |
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Drawdowns
SVXY vs. USO - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for SVXY and USO.
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Drawdown Indicators
| SVXY | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -98.19% | +2.94% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -32.49% | +9.55% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -32.49% | -13.96% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | -36.23% | -10.22% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -86.75% | -8.50% |
Current DrawdownCurrent decline from peak | -79.00% | -86.26% | +7.26% |
Average DrawdownAverage peak-to-trough decline | -57.10% | -75.38% | +18.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.05% | 12.03% | -4.98% |
Volatility
SVXY vs. USO - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 7.44%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that SVXY 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
| SVXY | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.44% | 17.73% | -10.29% |
Volatility (6M)Calculated over the trailing 6-month period | 22.23% | 42.79% | -20.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.49% | 46.91% | -17.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.19% | 37.06% | -1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.47% | 39.29% | +10.18% |
SVXY vs. USO - Expense Ratio Comparison
SVXY has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
SVXY vs. USO - Dividend Comparison
Neither SVXY nor USO has paid dividends to shareholders.
Frequently Asked Questions
SVXY and USO have a correlation of -0.23, 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 SVXY (7.44%). In terms of maximum drawdown, SVXY dropped -95.25% vs USO's -98.19%.
On 10-year performance, USO leads with 5.64% vs -1.01% for SVXY. On fees, USO is cheaper at 0.86% per year. On volatility, SVXY has been the lower-risk option at 7.44%. 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 -1.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for SVXY.
SVXY and USO have nearly identical dividend yields, around 0.00%.
SVXY is categorized as Volatility, while USO is Oil & Gas. SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for SVXY and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs 0.96), 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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