USO vs. BPH

Last updated Jun 5, 2026

USO (United States Oil Fund LP) and BPH (BP p.l.c. ADRhedged ETF) are both Oil & Gas funds. USO is passively managed, while BPH is actively managed. Their correlation of 0.86 suggests significant overlap in exposure. USO charges 0.86%/yr vs 0.19%/yr for BPH.

Performance

USO vs. BPH - Performance Comparison

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

Returns By Period

USO

• 1D: -2.92%
• 1M: -5.15%
• YTD: 97.72%
• 6M: 91.54%
• 1Y: 97.20%
• 3Y*: 28.78%
• 5Y*: 23.67%
• 10Y*: 3.57%

BPH

• 1D: 0.38%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USO vs. BPH - Yearly Performance Comparison

	2026 (YTD)
USO United States Oil Fund LP	-0.19%
BPH BP p.l.c. ADRhedged ETF	3.22%

Correlation

The correlation between USO and BPH is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 27, 2026	0.86

Return for Risk

USO vs. BPH — Risk / Return Rank

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

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 68
USO Sortino Ratio Rank: 61
USO Omega Ratio Rank: 62
USO Calmar Ratio Rank: 86
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.

USO vs. BPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and BP p.l.c. ADRhedged ETF (BPH). 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.

	USO	BPH	Difference
Sharpe ratio: Return per unit of total volatility	2.21	—	—
Sortino ratio: Return per unit of downside risk	2.80	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	4.79	—	—
Martin ratio: Return relative to average drawdown	9.00	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	USO	BPH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	9.79	-9.97

Drawdowns

USO vs. BPH - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than BPH's maximum drawdown of -2.35%. Use the drawdown chart below to compare losses from any high point for USO and BPH.

Drawdown Indicators

	USO	BPH	Difference
Max Drawdown Largest peak-to-trough decline	-98.19%	-2.35%	-95.84%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	—	—
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	-85.45%	0.00%	-85.45%
Average Drawdown Average peak-to-trough decline	-75.30%	-0.93%	-74.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.84%	—	—

Volatility

Volatility by Period

	USO	BPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	38.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.32%	23.51%	+20.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.09%	23.51%	+12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.00%	23.51%	+15.49%

USO vs. BPH - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is higher than BPH's 0.19% expense ratio.

Dividends

USO vs. BPH - Dividend Comparison

Neither USO nor BPH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USO and BPH in my portfolio?

USO and BPH have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USO or BPH?

On fees, BPH is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USO or BPH?

BPH is cheaper with a 0.19% expense ratio, compared with 0.86% for USO.

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

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

What is the main difference between USO and BPH?

They also come from different issuers: USCF and Precidian. Their fees differ too: 0.86% for USO and 0.19% for BPH.