USO vs. BNDI

Last updated Jul 15, 2026

USO (United States Oil Fund LP) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos. USO is passively managed, while BNDI is actively managed. Over the past 3 years, USO returned 21.22%/yr vs 4.78%/yr for BNDI. At a correlation of -0.16, they often move in opposite directions. USO charges 0.86%/yr vs 0.58%/yr for BNDI.

Performance

USO vs. BNDI - Performance Comparison

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

Returns By Period

In the year-to-date period, USO achieves a 73.76% return, which is significantly higher than BNDI's 1.26% return.

USO

• 1D: 2.02%
• 1M: -4.19%
• 6M: 63.54%
• YTD: 73.76%
• 1Y: 58.91%
• 3Y*: 21.22%
• 5Y*: 19.63%
• 10Y*: 3.17%

BNDI

• 1D: 0.28%
• 1M: -0.24%
• 6M: 0.96%
• YTD: 1.26%
• 1Y: 5.74%
• 3Y*: 4.78%
• 5Y*: —
• 10Y*: —

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

USO vs. BNDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USO United States Oil Fund LP	73.76%	-8.46%	13.35%	-4.94%	-10.90%
BNDI Neos Enhanced Income Aggregate Bond ETF	1.26%	7.95%	1.74%	6.89%	-2.88%

Correlation

The correlation between USO and BNDI is -0.42, 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	-0.42
Correlation (3Y) Calculated over the trailing 3-year period	-0.24
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	-0.16

Over the past year, the inverse relationship between USO and BNDI has strengthened: their correlation has moved from -0.16 to -0.42, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

USO vs. BNDI — Risk / Return Rank

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

USO

USO Risk / Return Rank: 46
USO Sharpe Ratio Rank: 47
USO Sortino Ratio Rank: 49
USO Omega Ratio Rank: 48
USO Calmar Ratio Rank: 45
USO Martin Ratio Rank: 39

BNDI

BNDI Risk / Return Rank: 51
BNDI Sharpe Ratio Rank: 49
BNDI Sortino Ratio Rank: 52
BNDI Omega Ratio Rank: 48
BNDI Calmar Ratio Rank: 52
BNDI 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.

USO vs. BNDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and Neos Enhanced Income Aggregate Bond ETF (BNDI). 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.

	USO	BNDI	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.38	-0.06
Sortino ratio: Return per unit of downside risk	1.99	2.08	-0.09
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.82	2.10	-0.27
Martin ratio: Return relative to average drawdown	4.88	7.43	-2.55

USO vs. BNDI - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 1.32, which is comparable to the BNDI Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of USO and BNDI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USO vs. BNDI - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than BNDI's maximum drawdown of -7.25%. Use the drawdown chart below to compare losses from any high point for USO and BNDI.

Drawdown Indicators

	USO	BNDI	Difference
Max Drawdown Largest peak-to-trough decline	-98.19%	-7.25%	-90.94%
Max Drawdown (1Y) Largest decline over 1 year	-32.49%	-2.75%	-29.74%
Max Drawdown (3Y) Largest decline over 3 years	-32.49%	-5.83%	-26.66%
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	-87.21%	-1.01%	-86.20%
Average Drawdown Average peak-to-trough decline	-75.35%	-1.70%	-73.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.11%	0.77%	+11.34%

Volatility

USO vs. BNDI - Volatility Comparison

United States Oil Fund LP (USO) has a higher volatility of 14.67% compared to Neos Enhanced Income Aggregate Bond ETF (BNDI) at 1.13%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USO	BNDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.67%	1.13%	+13.54%
Volatility (6M) Calculated over the trailing 6-month period	40.75%	3.38%	+37.37%
Volatility (1Y) Calculated over the trailing 1-year period	44.93%	4.17%	+40.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.68%	6.16%	+30.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.08%	6.16%	+32.92%

USO vs. BNDI - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is higher than BNDI's 0.58% expense ratio.

Dividends

USO vs. BNDI - Dividend Comparison

USO has not paid dividends to shareholders, while BNDI's dividend yield for the trailing twelve months is around 5.84%.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	5.84%	5.69%	5.54%	5.17%	1.68%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USO and BNDI in my portfolio?

USO and BNDI have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USO or BNDI?

USO has higher volatility (14.67%) compared to BNDI (1.13%). In terms of maximum drawdown, USO dropped -98.19% vs BNDI's -7.25%.

Which ETF is better, USO or BNDI?

On 3-year performance, USO leads with 21.22% vs 4.78% for BNDI. On fees, BNDI is cheaper at 0.58% per year. On volatility, BNDI has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USO or BNDI?

Over the 3-year period, USO has performed better with a 21.22% return vs 4.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USO or BNDI?

BNDI is cheaper with a 0.58% expense ratio, compared with 0.86% for USO.

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

BNDI has the higher dividend yield at 5.84%, compared with 0.00% for USO.

What is the main difference between USO and BNDI?

USO is categorized as Oil & Gas, while BNDI is Intermediate Core-Plus Bond. They also come from different issuers: USCF and Neos. Their fees differ too: 0.86% for USO and 0.58% for BNDI.

Which has better risk-adjusted returns?

BNDI currently has the higher Sharpe Ratio (1.38 vs 1.32), 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.