TBG vs. USO

Last updated Jun 4, 2026

TBG (TBG Dividend Focus ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - TBG is a Large Cap Value Equities fund actively managed by EA Series Trust, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. TBG is actively managed, while USO is passively managed. Over the past year, TBG returned 18.63% vs 101.55% for USO. At a 0.04 correlation, their price movements are largely independent. TBG charges 0.59%/yr vs 0.86%/yr for USO.

Performance

TBG vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TBG Dividend Focus ETF (TBG) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBG achieves a 10.42% return, which is significantly lower than USO's 103.67% return.

TBG

• 1D: -0.97%
• 1M: 2.01%
• YTD: 10.42%
• 6M: 9.88%
• 1Y: 18.63%
• 3Y*: —
• 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%

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

TBG vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBG TBG Dividend Focus ETF	10.42%	7.50%	20.58%	9.66%
USO United States Oil Fund LP	103.67%	-8.46%	13.35%	-7.17%

Correlation

The correlation between TBG and USO is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023	0.04

The correlation between TBG and USO shifts across timeframes, from -0.10 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TBG vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBG

TBG Risk / Return Rank: 58
TBG Sharpe Ratio Rank: 58
TBG Sortino Ratio Rank: 60
TBG Omega Ratio Rank: 54
TBG Calmar Ratio Rank: 61
TBG Martin Ratio Rank: 55

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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.

TBG vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TBG Dividend Focus ETF (TBG) 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.

	TBG	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.31	-0.34
Sortino ratio: Return per unit of downside risk	2.87	2.89	-0.02
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	3.05	5.01	-1.96
Martin ratio: Return relative to average drawdown	9.44	9.42	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBG vs. USO - Sharpe Ratio Comparison

The current TBG Sharpe Ratio is 1.97, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of TBG 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.

Sharpe Ratios by Period

	TBG	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	2.31	-0.34
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	1.58	-0.18	+1.76

Drawdowns

TBG vs. USO - Drawdown Comparison

The maximum TBG drawdown since its inception was -14.76%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for TBG and USO.

Drawdown Indicators

	TBG	USO	Difference
Max Drawdown Largest peak-to-trough decline	-14.76%	-98.19%	+83.43%
Max Drawdown (1Y) Largest decline over 1 year	-6.13%	-20.39%	+14.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-1.66%	-85.01%	+83.35%
Average Drawdown Average peak-to-trough decline	-2.11%	-75.30%	+73.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	10.82%	-8.84%

Volatility

TBG vs. USO - Volatility Comparison

The current volatility for TBG Dividend Focus ETF (TBG) is 2.65%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that TBG 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.

Volatility by Period

	TBG	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	14.87%	-12.22%
Volatility (6M) Calculated over the trailing 6-month period	6.64%	38.23%	-31.59%
Volatility (1Y) Calculated over the trailing 1-year period	9.53%	44.20%	-34.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.22%	36.06%	-23.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.22%	39.00%	-26.78%

TBG vs. USO - Expense Ratio Comparison

TBG has a 0.59% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

TBG vs. USO - Dividend Comparison

TBG's dividend yield for the trailing twelve months is around 2.69%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
TBG TBG Dividend Focus ETF	2.69%	2.80%	2.33%	0.48%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBG and USO in my portfolio?

TBG and USO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBG or USO?

USO has higher volatility (14.87%) compared to TBG (2.65%). In terms of maximum drawdown, TBG dropped -14.76% vs USO's -98.19%.

Which ETF is better, TBG or USO?

On 1-year performance, USO leads with 101.55% vs 18.63% for TBG. On fees, TBG is cheaper at 0.59% per year. On volatility, TBG has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBG or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs 18.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBG or USO?

TBG is cheaper with a 0.59% expense ratio, compared with 0.86% for USO.

Which ETF pays a higher dividend yield, TBG or USO?

TBG has the higher dividend yield at 2.69%, compared with 0.00% for USO.

What is the main difference between TBG and USO?

TBG is categorized as Large Cap Value Equities, while USO is Oil & Gas. They also come from different issuers: EA Series Trust and USCF. Their fees differ too: 0.59% for TBG and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs 1.97), 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.