UMI vs. USO
UMI (USCF Midstream Energy Income Fund ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - UMI is a Energy Equities fund actively managed by USCF, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. UMI is actively managed, while USO is passively managed. Over the past 5 years, UMI returned 22.50%/yr vs 20.59%/yr for USO. Their 0.38 correlation means their historical movements had little consistent relationship. UMI charges 0.85%/yr vs 0.86%/yr for USO.
Performance
UMI vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, UMI achieves a 26.70% return, which is significantly lower than USO's 86.77% return.
UMI
- 1D
- 0.50%
- 1M
- 3.72%
- 6M
- 18.07%
- YTD
- 26.70%
- 1Y
- 28.25%
- 3Y*
- 26.23%
- 5Y*
- 22.50%
- 10Y*
- —
- ALL TIME*
- 14.58%
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) |
|---|---|---|---|
| $1.28M | $1.03M | $1.15M | |
| $968.42M | $871.56M | $931.57M |
UMI vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UMI USCF Midstream Energy Income Fund ETF | 26.70% | 5.11% | 42.97% | 14.60% | 20.78% | 20.97% | -8.25% | 21.06% | -10.64% | 2.76% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 4.71% |
Correlation
The correlation between UMI and USO is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.33 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2017 | 0.38 |
The correlation between UMI and USO shifts across timeframes, from 0.33 (3 years) to 0.45 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UMI vs. USO — Risk / Return Rank
UMI
USO
UMI vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USCF Midstream Energy Income Fund ETF (UMI) 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.
| UMI | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.25 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 1.93 | +1.86 |
| Martin ratioReturn relative to average drawdown | 9.51 | 5.60 | +3.91 |
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Drawdowns
UMI vs. USO - Drawdown Comparison
The maximum UMI drawdown since its inception was -48.08%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for UMI and USO.
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Drawdown Indicators
| UMI | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.08% | -98.19% | +50.11% |
Max Drawdown (1Y)Largest decline over 1 year | -7.50% | -32.49% | +24.99% |
Max Drawdown (3Y)Largest decline over 3 years | -17.08% | -32.49% | +15.41% |
Max Drawdown (5Y)Largest decline over 5 years | -20.05% | -36.23% | +16.18% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -2.00% | -86.26% | +84.26% |
Average DrawdownAverage peak-to-trough decline | -6.53% | -75.38% | +68.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 12.03% | -9.05% |
Volatility
UMI vs. USO - Volatility Comparison
The current volatility for USCF Midstream Energy Income Fund ETF (UMI) is 5.19%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that UMI 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
| UMI | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 17.73% | -12.54% |
Volatility (6M)Calculated over the trailing 6-month period | 11.67% | 42.79% | -31.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.59% | 46.91% | -32.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.35% | 37.06% | -17.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.10% | 39.29% | -16.19% |
UMI vs. USO - Expense Ratio Comparison
UMI has a 0.85% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
UMI vs. USO - Dividend Comparison
UMI's dividend yield for the trailing twelve months is around 5.80%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
UMI USCF Midstream Energy Income Fund ETF | 5.80% | 6.23% | 4.39% | 4.67% | 4.36% | 3.00% | 2.18% | 2.47% | 2.48% | 0.15% |
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% |
Frequently Asked Questions
UMI 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 (17.73%) compared to UMI (5.19%). In terms of maximum drawdown, UMI dropped -48.08% vs USO's -98.19%.
On 5-year performance, UMI leads with 22.50% vs 20.59% for USO. On fees, UMI is cheaper at 0.85% per year. On volatility, UMI has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UMI has performed better with a 22.50% return vs 20.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UMI is cheaper with a 0.85% expense ratio, compared with 0.86% for USO.
UMI has the higher dividend yield at 5.80%, compared with 0.00% for USO.
UMI is categorized as Energy Equities, while USO is Oil & Gas. Their fees differ too: 0.85% for UMI and 0.86% for USO.
UMI currently has the higher Sharpe Ratio (1.95 vs 1.34), 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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