USO vs. BRNT.L

Last updated Jun 5, 2026

USO (United States Oil Fund LP) and BRNT.L (WisdomTree Brent Crude Oil) are both Oil & Gas funds - USO tracks the Front Month Light Sweet Crude Oil while BRNT.L tracks the Bloomberg Brent Crude Subindex. Both are passively managed. Over the past 10 years, USO returned 3.57%/yr vs 13.59%/yr for BRNT.L. A 0.62 correlation means they provide meaningful diversification when combined. USO charges 0.86%/yr vs 0.49%/yr for BRNT.L.

Performance

USO vs. BRNT.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Oil Fund LP (USO) and WisdomTree Brent Crude Oil (BRNT.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USO achieves a 97.72% return, which is significantly higher than BRNT.L's 80.13% return. Over the past 10 years, USO has underperformed BRNT.L with an annualized return of 3.57%, while BRNT.L has yielded a comparatively higher 13.59% annualized return.

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%

BRNT.L

• 1D: -2.63%
• 1M: -9.61%
• YTD: 80.13%
• 6M: 76.22%
• 1Y: 84.62%
• 3Y*: 24.57%
• 5Y*: 23.51%
• 10Y*: 13.59%

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

USO vs. BRNT.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USO United States Oil Fund LP	97.72%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-19.57%	2.47%
BRNT.L WisdomTree Brent Crude Oil	80.13%	-6.34%	7.45%	1.08%	35.10%	66.26%	-33.22%	32.15%	-13.92%	12.39%

Correlation

The correlation between USO and BRNT.L is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Mar 8, 2012	0.62

The correlation between USO and BRNT.L has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

Return for Risk

USO vs. BRNT.L — 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

BRNT.L

BRNT.L Risk / Return Rank: 61
BRNT.L Sharpe Ratio Rank: 60
BRNT.L Sortino Ratio Rank: 50
BRNT.L Omega Ratio Rank: 59
BRNT.L Calmar Ratio Rank: 84
BRNT.L Martin Ratio Rank: 50

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. BRNT.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and WisdomTree Brent Crude Oil (BRNT.L). 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	BRNT.L	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.00	+0.20
Sortino ratio: Return per unit of downside risk	2.80	2.40	+0.40
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	4.79	4.51	+0.28
Martin ratio: Return relative to average drawdown	9.00	8.41	+0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USO vs. BRNT.L - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 2.21, which is comparable to the BRNT.L Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of USO and BRNT.L, 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

	USO	BRNT.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.00	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.68	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.09	0.39	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	0.04	-0.22

Drawdowns

USO vs. BRNT.L - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than BRNT.L's maximum drawdown of -85.97%. Use the drawdown chart below to compare losses from any high point for USO and BRNT.L.

Drawdown Indicators

	USO	BRNT.L	Difference
Max Drawdown Largest peak-to-trough decline	-98.19%	-85.97%	-12.22%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	-18.66%	-1.73%
Max Drawdown (3Y) Largest decline over 3 years	-26.05%	-24.88%	-1.17%
Max Drawdown (5Y) Largest decline over 5 years	-36.23%	-31.44%	-4.79%
Max Drawdown (10Y) Largest decline over 10 years	-86.75%	-71.94%	-14.81%
Current Drawdown Current decline from peak	-85.45%	-9.61%	-75.84%
Average Drawdown Average peak-to-trough decline	-75.30%	-48.63%	-26.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.84%	10.02%	+0.82%

Volatility

USO vs. BRNT.L - Volatility Comparison

United States Oil Fund LP (USO) and WisdomTree Brent Crude Oil (BRNT.L) have volatilities of 14.97% and 15.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USO	BRNT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.97%	15.37%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	38.35%	36.91%	+1.44%
Volatility (1Y) Calculated over the trailing 1-year period	44.32%	42.09%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.09%	34.68%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.00%	35.36%	+3.64%

USO vs. BRNT.L - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is higher than BRNT.L's 0.49% expense ratio.

Dividends

USO vs. BRNT.L - Dividend Comparison

Neither USO nor BRNT.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USO and BRNT.L in my portfolio?

USO and BRNT.L have a correlation of 0.70, 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 BRNT.L?

On fees, BRNT.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USO or BRNT.L?

BRNT.L is cheaper with a 0.49% expense ratio, compared with 0.86% for USO.

What is the main difference between USO and BRNT.L?

USO tracks Front Month Light Sweet Crude Oil, while BRNT.L tracks Bloomberg Brent Crude Subindex. They also come from different issuers: USCF and WisdomTree. Their fees differ too: 0.86% for USO and 0.49% for BRNT.L.