TTT vs. USO
TTT (UltraPro Short 20+ Year Treasury) and USO (United States Oil Fund LP) are both exchange-traded funds - TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, TTT returned -1.30%/yr vs 3.80%/yr for USO. At a 0.22 correlation, their price movements are largely independent. TTT charges 0.95%/yr vs 0.86%/yr for USO.
Performance
TTT vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 2.52% return, which is significantly lower than USO's 98.48% return. Over the past 10 years, TTT has underperformed USO with an annualized return of -1.30%, while USO has yielded a comparatively higher 3.80% annualized return.
TTT
- 1D
- -0.75%
- 1M
- -0.84%
- YTD
- 2.52%
- 6M
- 8.18%
- 1Y
- -7.12%
- 3Y*
- 9.61%
- 5Y*
- 16.11%
- 10Y*
- -1.30%
USO
- 1D
- 1.31%
- 1M
- -3.87%
- YTD
- 98.48%
- 6M
- 95.54%
- 1Y
- 97.37%
- 3Y*
- 28.86%
- 5Y*
- 23.92%
- 10Y*
- 3.80%
TTT vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 2.52% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
USO United States Oil Fund LP | 98.48% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between TTT and USO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2012 | 0.22 |
The correlation between TTT and USO shifts across timeframes, from 0.19 (10 years) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TTT vs. USO — Risk / Return Rank
TTT
USO
TTT vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) 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.
| TTT | USO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.24 | 2.22 | -2.46 |
Sortino ratioReturn per unit of downside risk | -0.15 | 2.81 | -2.96 |
Omega ratioGain probability vs. loss probability | 0.98 | 1.37 | -0.39 |
Calmar ratioReturn relative to maximum drawdown | -0.21 | 5.12 | -5.34 |
Martin ratioReturn relative to average drawdown | -0.40 | 9.66 | -10.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TTT | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.24 | 2.22 | -2.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 0.67 | -0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | 0.10 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.23 | -0.18 | -0.05 |
Drawdowns
TTT vs. USO - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for TTT and USO.
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Drawdown Indicators
| TTT | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -98.19% | +4.19% |
Max Drawdown (1Y)Largest decline over 1 year | -22.51% | -20.39% | -2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -26.05% | -23.64% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -36.23% | -13.46% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | -86.75% | +4.99% |
Current DrawdownCurrent decline from peak | -78.50% | -85.39% | +6.89% |
Average DrawdownAverage peak-to-trough decline | -70.36% | -75.30% | +4.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.12% | 10.81% | +1.31% |
Volatility
TTT vs. USO - Volatility Comparison
The current volatility for UltraPro Short 20+ Year Treasury (TTT) is 8.87%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that TTT 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
| TTT | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.87% | 15.03% | -6.16% |
Volatility (6M)Calculated over the trailing 6-month period | 19.79% | 38.18% | -18.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.35% | 44.26% | -14.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.18% | 36.04% | +11.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.39% | 39.00% | +4.39% |
TTT vs. USO - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
TTT vs. USO - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 9.43%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 9.43% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TTT and USO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (15.03%) compared to TTT (8.87%). In terms of maximum drawdown, TTT dropped -94.00% vs USO's -98.19%.
On 10-year performance, USO leads with 3.80% vs -1.30% for TTT. On fees, USO is cheaper at 0.86% per year. On volatility, TTT has been the lower-risk option at 8.87%. 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 3.80% return vs -1.30%. 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 TTT.
TTT has the higher dividend yield at 9.43%, compared with 0.00% for USO.
TTT is categorized as Leveraged Bonds, while USO is Oil & Gas. TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), 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 TTT and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.22 vs -0.24), 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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