USO vs. COMT
USO (United States Oil Fund LP) and COMT (iShares GSCI Commodity Dynamic Roll Strategy ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while COMT is a Commodities fund tracking the S&P GSCI Dynamic Roll (USD) Total Return Index. Both are passively managed. Over the past 10 years, USO returned 5.42%/yr vs 8.89%/yr for COMT. Their correlation of 0.87 means they have usually moved in the same direction. USO charges 0.86%/yr vs 0.48%/yr for COMT.
Performance
USO vs. COMT - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 97.64% return, which is significantly higher than COMT's 33.14% return. Over the past 10 years, USO has underperformed COMT with an annualized return of 5.42%, while COMT has yielded a comparatively higher 8.89% annualized return.
USO
- 1D
- -2.01%
- 1M
- 25.05%
- 6M
- 84.84%
- YTD
- 97.64%
- 1Y
- 82.62%
- 3Y*
- 24.31%
- 5Y*
- 22.54%
- 10Y*
- 5.42%
- ALL TIME*
- -6.60%
COMT
- 1D
- -0.12%
- 1M
- 8.15%
- 6M
- 24.14%
- YTD
- 33.14%
- 1Y
- 36.27%
- 3Y*
- 11.70%
- 5Y*
- 12.15%
- 10Y*
- 8.89%
- ALL TIME*
- 3.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.60M | $11.19M | $14.65M | |
| $1.02B | $802.47M | $996.79M |
USO vs. COMT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 97.64% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 33.14% | 6.07% | 5.96% | -6.56% | 19.45% | 36.88% | -18.66% | 10.81% | -6.67% | 11.70% |
Correlation
The correlation between USO and COMT is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2014 | 0.87 |
The correlation between USO and COMT has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.
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Return for Risk
USO vs. COMT — Risk / Return Rank
USO
COMT
USO vs. COMT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT). 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 | COMT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.28 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 1.99 | +0.47 |
| Martin ratioReturn relative to average drawdown | 6.41 | 6.40 | +0.01 |
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Drawdowns
USO vs. COMT - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than COMT's maximum drawdown of -51.89%. Use the drawdown chart below to compare losses from any high point for USO and COMT.
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Drawdown Indicators
| USO | COMT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -51.89% | -46.30% |
Max Drawdown (1Y)Largest decline over 1 year | -32.49% | -17.57% | -14.92% |
Max Drawdown (3Y)Largest decline over 3 years | -32.49% | -17.57% | -14.92% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -29.00% | -7.23% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -39.22% | -47.53% |
Current DrawdownCurrent decline from peak | -85.46% | -9.27% | -76.19% |
Average DrawdownAverage peak-to-trough decline | -75.37% | -23.93% | -51.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 5.46% | +7.01% |
Volatility
USO vs. COMT - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.60% compared to iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) at 4.67%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than COMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | COMT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.60% | 4.67% | +8.93% |
Volatility (6M)Calculated over the trailing 6-month period | 41.19% | 19.58% | +21.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.56% | 21.55% | +24.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.67% | 21.07% | +15.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.13% | 18.85% | +20.28% |
USO vs. COMT - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than COMT's 0.48% expense ratio.
Dividends
USO vs. COMT - Dividend Comparison
USO has not paid dividends to shareholders, while COMT's dividend yield for the trailing twelve months is around 5.81%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 5.81% | 7.74% | 4.90% | 5.19% | 29.79% | 17.79% | 0.36% | 2.61% | 11.65% | 5.16% | 0.52% | 1.44% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, USO and COMT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
USO has higher volatility (13.60%) compared to COMT (4.67%). In terms of maximum drawdown, USO dropped -98.19% vs COMT's -51.89%.
On 10-year performance, COMT leads with 8.89% vs 5.42% for USO. On fees, COMT is cheaper at 0.48% per year. On volatility, COMT has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, COMT has performed better with a 8.89% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COMT is cheaper with a 0.48% expense ratio, compared with 0.86% for USO.
COMT has the higher dividend yield at 5.81%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while COMT is Commodities. USO tracks Front Month Light Sweet Crude Oil, while COMT tracks S&P GSCI Dynamic Roll (USD) Total Return Index. They also come from different issuers: USCF and iShares. Their fees differ too: 0.86% for USO and 0.48% for COMT.
USO currently has the higher Sharpe Ratio (1.76 vs 1.62), 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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