USO vs. BWET

Last updated Jun 6, 2026

USO (United States Oil Fund LP) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, USO returned 27.76%/yr vs 137.58%/yr for BWET. At a 0.03 correlation, their price movements are largely independent. USO charges 0.86%/yr vs 3.50%/yr for BWET.

Performance

USO vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Oil Fund LP (USO) and Breakwave Tanker Shipping ETF (BWET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USO achieves a 92.34% return, which is significantly lower than BWET's 942.01% return.

USO

• 1D: -2.72%
• 1M: -0.69%
• YTD: 92.34%
• 6M: 84.96%
• 1Y: 90.22%
• 3Y*: 27.76%
• 5Y*: 22.99%
• 10Y*: 3.13%

BWET

• 1D: -4.41%
• 1M: 8.17%
• YTD: 942.01%
• 6M: 777.15%
• 1Y: 1,888.50%
• 3Y*: 137.58%
• 5Y*: —
• 10Y*: —

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

USO vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USO United States Oil Fund LP	92.34%	-8.46%	13.35%	10.51%
BWET Breakwave Tanker Shipping ETF	942.01%	96.22%	-39.21%	15.94%

Correlation

The correlation between USO and BWET is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.03

Return for Risk

USO vs. BWET — Risk / Return Rank

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

USO

USO Risk / Return Rank: 63
USO Sharpe Ratio Rank: 62
USO Sortino Ratio Rank: 58
USO Omega Ratio Rank: 58
USO Calmar Ratio Rank: 84
USO Martin Ratio Rank: 51

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 100
BWET Martin Ratio Rank: 99

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. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and Breakwave Tanker Shipping ETF (BWET). 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	BWET	Difference
Sharpe ratio: Return per unit of total volatility	2.04	19.34	-17.29
Sortino ratio: Return per unit of downside risk	2.66	6.63	-3.97
Omega ratio: Gain probability vs. loss probability	1.35	1.96	-0.62
Calmar ratio: Return relative to maximum drawdown	4.45	62.41	-57.96
Martin ratio: Return relative to average drawdown	8.33	165.71	-157.38
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. BWET - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 2.04, which is lower than the BWET Sharpe Ratio of 19.34. The chart below compares the historical Sharpe Ratios of USO and BWET, 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	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	19.34	-17.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	1.95	-2.14

Drawdowns

USO vs. BWET - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than BWET's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for USO and BWET.

Drawdown Indicators

	USO	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-98.19%	-56.90%	-41.29%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	-30.64%	+10.25%
Max Drawdown (3Y) Largest decline over 3 years	-26.05%	-56.90%	+30.85%
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	-85.85%	-5.28%	-80.57%
Average Drawdown Average peak-to-trough decline	-75.30%	-24.03%	-51.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.87%	11.52%	-0.65%

Volatility

USO vs. BWET - Volatility Comparison

The current volatility for United States Oil Fund LP (USO) is 13.30%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 25.84%. This indicates that USO experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USO	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.30%	25.84%	-12.54%
Volatility (6M) Calculated over the trailing 6-month period	38.49%	88.99%	-50.50%
Volatility (1Y) Calculated over the trailing 1-year period	44.41%	98.89%	-54.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.09%	70.71%	-34.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.01%	70.71%	-31.70%

USO vs. BWET - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

USO vs. BWET - Dividend Comparison

Neither USO nor BWET has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USO and BWET in my portfolio?

USO and BWET have a correlation of 0.04, 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 BWET?

BWET has higher volatility (25.84%) compared to USO (13.30%). In terms of maximum drawdown, USO dropped -98.19% vs BWET's -56.90%.

Which ETF is better, USO or BWET?

On 3-year performance, BWET leads with 137.58% vs 27.76% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 13.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USO or BWET?

Over the 3-year period, BWET has performed better with a 137.58% return vs 27.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USO or BWET?

USO is cheaper with a 0.86% expense ratio, compared with 3.50% for BWET.

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

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

What is the main difference between USO and BWET?

USO is categorized as Oil & Gas, while BWET is Commodities. USO tracks Front Month Light Sweet Crude Oil, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: USCF and Amplify. Their fees differ too: 0.86% for USO and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (19.34 vs 2.04), 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.