USO vs. CPXR

Last updated Aug 4, 2026

USO (United States Oil Fund LP) and CPXR (USCF Daily Target 2X Copper Index ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while CPXR is a Copper fund tracking the SummerHaven Copper Index. Both are passively managed. Over the past year, USO returned 57.66% vs 84.43% for CPXR. Their -0.01 correlation means they have often moved in opposite directions in the past. USO charges 0.86%/yr vs 1.20%/yr for CPXR.

Performance

USO vs. CPXR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Oil Fund LP (USO) and USCF Daily Target 2X Copper Index ETF (CPXR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USO achieves a 76.58% return, which is significantly higher than CPXR's 20.70% return.

USO

• 1D: -5.46%
• 1M: 17.45%
• 6M: 62.11%
• YTD: 76.58%
• 1Y: 57.66%
• 3Y*: 18.29%
• 5Y*: 20.94%
• 10Y*: 4.47%
• ALL TIME*: -7.11%

CPXR

• 1D: 0.41%
• 1M: 12.40%
• 6M: 16.06%
• YTD: 20.70%
• 1Y: 84.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 38.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPXR USCF Daily Target 2X Copper Index ETF	$387.13K	$344.43K	$735.78K
USO United States Oil Fund LP	$981.29M	$906.75M	$905.81M

USO vs. CPXR - Yearly Performance Comparison

	2026 (YTD)	2025
USO United States Oil Fund LP	76.58%	-14.73%
CPXR USCF Daily Target 2X Copper Index ETF	20.70%	35.65%

Correlation

The correlation between USO and CPXR is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.08
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	-0.01

Return for Risk

USO vs. CPXR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USO

USO Risk / Return Rank: 49
USO Sharpe Ratio Rank: 49
USO Sortino Ratio Rank: 52
USO Omega Ratio Rank: 50
USO Calmar Ratio Rank: 49
USO Martin Ratio Rank: 46

CPXR

CPXR Risk / Return Rank: 60
CPXR Sharpe Ratio Rank: 60
CPXR Sortino Ratio Rank: 55
CPXR Omega Ratio Rank: 56
CPXR Calmar Ratio Rank: 71
CPXR Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USO vs. CPXR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and USCF Daily Target 2X Copper Index ETF (CPXR). 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	CPXR	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.54	-0.31
Sortino ratio: Return per unit of downside risk	1.87	2.06	-0.19
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	1.78	2.68	-0.90
Martin ratio: Return relative to average drawdown	5.23	7.77	-2.53

USO vs. CPXR - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 1.23, which is comparable to the CPXR Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of USO and CPXR, 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. CPXR - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than CPXR's maximum drawdown of -47.87%. Use the drawdown chart below to compare losses from any high point for USO and CPXR.

Drawdown Indicators

	USO	CPXR	Difference
Max Drawdown Largest peak-to-trough decline	-98.19%	-47.87%	-50.32%
Max Drawdown (1Y) Largest decline over 1 year	-32.49%	-31.64%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-32.49%	—	—
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	-87.01%	-5.81%	-81.20%
Average Drawdown Average peak-to-trough decline	-75.38%	-18.93%	-56.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.24%	10.90%	+0.34%

Volatility

USO vs. CPXR - Volatility Comparison

United States Oil Fund LP (USO) has a higher volatility of 18.95% compared to USCF Daily Target 2X Copper Index ETF (CPXR) at 12.08%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than CPXR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USO	CPXR	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.95%	12.08%	+6.87%
Volatility (6M) Calculated over the trailing 6-month period	43.21%	40.11%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	47.21%	55.37%	-8.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.13%	66.83%	-29.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.32%	66.83%	-27.51%

USO vs. CPXR - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is lower than CPXR's 1.20% expense ratio.

Dividends

USO vs. CPXR - Dividend Comparison

USO has not paid dividends to shareholders, while CPXR's dividend yield for the trailing twelve months is around 0.58%.

Position	TTM	2025
CPXR USCF Daily Target 2X Copper Index ETF	0.58%	0.70%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both USO and CPXR in my portfolio?

USO and CPXR have a correlation of -0.08, 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 CPXR?

USO has higher volatility (18.95%) compared to CPXR (12.08%). In terms of maximum drawdown, USO dropped -98.19% vs CPXR's -47.87%.

Which ETF is better, USO or CPXR?

On 1-year performance, CPXR leads with 84.43% vs 57.66% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, CPXR has been the lower-risk option at 12.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USO or CPXR?

Over the 1-year period, CPXR has performed better with a 84.43% return vs 57.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USO or CPXR?

USO is cheaper with a 0.86% expense ratio, compared with 1.20% for CPXR.

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

CPXR has the higher dividend yield at 0.58%, compared with 0.00% for USO.

What is the main difference between USO and CPXR?

USO is categorized as Oil & Gas, while CPXR is Copper. USO tracks Front Month Light Sweet Crude Oil, while CPXR tracks SummerHaven Copper Index. Their fees differ too: 0.86% for USO and 1.20% for CPXR.

Which has better risk-adjusted returns?

CPXR currently has the higher Sharpe Ratio (1.54 vs 1.23), 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.