TSLR vs. USO

Last updated Jun 4, 2026

TSLR (GraniteShares 2x Long TSLA Daily ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - TSLR is a Leveraged Equities fund actively managed by GraniteShares, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. TSLR is actively managed, while USO is passively managed. Over the past year, TSLR returned 8.94% vs 101.55% for USO. At a correlation of -0.01, they often move in opposite directions. TSLR charges 1.50%/yr vs 0.86%/yr for USO.

Performance

TSLR vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long TSLA Daily ETF (TSLR) 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, TSLR achieves a -20.05% return, which is significantly lower than USO's 103.67% return.

TSLR

• 1D: -0.17%
• 1M: 13.88%
• YTD: -20.05%
• 6M: -20.52%
• 1Y: 8.94%
• 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)

TSLR vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLR GraniteShares 2x Long TSLA Daily ETF	-20.05%	-25.97%	67.57%	1.69%
USO United States Oil Fund LP	103.67%	-8.46%	13.35%	-7.79%

Correlation

The correlation between TSLR and USO is -0.15, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	-0.01

The correlation between TSLR and USO shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSLR vs. USO — Risk / Return Rank

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

TSLR

TSLR Risk / Return Rank: 12
TSLR Sharpe Ratio Rank: 10
TSLR Sortino Ratio Rank: 16
TSLR Omega Ratio Rank: 16
TSLR Calmar Ratio Rank: 10
TSLR Martin Ratio Rank: 10

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.

TSLR vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long TSLA Daily ETF (TSLR) 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.

	TSLR	USO	Difference
Sharpe ratio: Return per unit of total volatility	0.10	2.31	-2.21
Sortino ratio: Return per unit of downside risk	0.80	2.89	-2.09
Omega ratio: Gain probability vs. loss probability	1.10	1.38	-0.29
Calmar ratio: Return relative to maximum drawdown	0.17	5.01	-4.84
Martin ratio: Return relative to average drawdown	0.34	9.42	-9.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLR vs. USO - Sharpe Ratio Comparison

The current TSLR Sharpe Ratio is 0.10, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of TSLR 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

	TSLR	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	2.31	-2.21
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	0.00	-0.18	+0.18

Drawdowns

TSLR vs. USO - Drawdown Comparison

The maximum TSLR drawdown since its inception was -82.80%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for TSLR and USO.

Drawdown Indicators

	TSLR	USO	Difference
Max Drawdown Largest peak-to-trough decline	-82.80%	-98.19%	+15.39%
Max Drawdown (1Y) Largest decline over 1 year	-54.37%	-20.39%	-33.98%
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	-59.09%	-85.01%	+25.92%
Average Drawdown Average peak-to-trough decline	-50.24%	-75.30%	+25.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.45%	10.82%	+15.63%

Volatility

TSLR vs. USO - Volatility Comparison

GraniteShares 2x Long TSLA Daily ETF (TSLR) has a higher volatility of 24.40% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that TSLR's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLR	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.40%	14.87%	+9.53%
Volatility (6M) Calculated over the trailing 6-month period	54.65%	38.23%	+16.42%
Volatility (1Y) Calculated over the trailing 1-year period	92.75%	44.20%	+48.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	115.54%	36.06%	+79.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.54%	39.00%	+76.54%

TSLR vs. USO - Expense Ratio Comparison

TSLR has a 1.50% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

TSLR vs. USO - Dividend Comparison

Neither TSLR nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TSLR and USO in my portfolio?

TSLR and USO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLR or USO?

TSLR has higher volatility (24.40%) compared to USO (14.87%). In terms of maximum drawdown, TSLR dropped -82.80% vs USO's -98.19%.

Which ETF is better, TSLR or USO?

On 1-year performance, USO leads with 101.55% vs 8.94% for TSLR. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLR or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLR or USO?

USO is cheaper with a 0.86% expense ratio, compared with 1.50% for TSLR.

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

TSLR and USO have nearly identical dividend yields, around 0.00%.

What is the main difference between TSLR and USO?

TSLR is categorized as Leveraged Equities, while USO is Oil & Gas. They also come from different issuers: GraniteShares and USCF. Their fees differ too: 1.50% for TSLR and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs 0.10), 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.