USO vs. GBIL
USO (United States Oil Fund LP) and GBIL (Goldman Sachs Access Treasury 0-1 Year ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while GBIL is a Government Bonds fund tracking the FTSE US Treasury 0-1 Year Composite Select Index. Both are passively managed. Over the past 5 years, USO returned 22.54%/yr vs 3.42%/yr for GBIL. Their -0.06 correlation means they have often moved in opposite directions in the past. USO charges 0.86%/yr vs 0.12%/yr for GBIL.
Performance
USO vs. GBIL - 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 GBIL's 1.90% 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%
GBIL
- 1D
- 0.03%
- 1M
- 0.29%
- 6M
- 1.70%
- YTD
- 1.90%
- 1Y
- 3.77%
- 3Y*
- 4.57%
- 5Y*
- 3.42%
- 10Y*
- —
- ALL TIME*
- 2.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $51.18M | $55.98M | $72.80M | |
| $1.02B | $802.47M | $996.79M |
USO vs. GBIL - 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% |
GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 1.90% | 4.12% | 5.24% | 4.91% | 1.05% | -0.08% | 0.79% | 2.31% | 1.78% | 0.69% |
Correlation
The correlation between USO and GBIL is -0.09, 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. | -0.09 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2016 | -0.06 |
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Return for Risk
USO vs. GBIL — Risk / Return Rank
USO
GBIL
USO vs. GBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and Goldman Sachs Access Treasury 0-1 Year ETF (GBIL). 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 | GBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.34 | ||
| Sortino ratioReturn per unit of downside risk | -139.49 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 75.95 | -74.65 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 191.66 | -189.20 |
| Martin ratioReturn relative to average drawdown | 6.41 | 2,147.30 | -2,140.89 |
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Drawdowns
USO vs. GBIL - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than GBIL's maximum drawdown of -0.76%. Use the drawdown chart below to compare losses from any high point for USO and GBIL.
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Drawdown Indicators
| USO | GBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -0.76% | -97.43% |
Max Drawdown (1Y)Largest decline over 1 year | -32.49% | -0.02% | -32.47% |
Max Drawdown (3Y)Largest decline over 3 years | -32.49% | -0.76% | -31.73% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -0.76% | -35.47% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | — | — |
Current DrawdownCurrent decline from peak | -85.46% | 0.00% | -85.46% |
Average DrawdownAverage peak-to-trough decline | -75.37% | -0.04% | -75.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 0.00% | +12.47% |
Volatility
USO vs. GBIL - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.60% compared to Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) at 0.06%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than GBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | GBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.60% | 0.06% | +13.54% |
Volatility (6M)Calculated over the trailing 6-month period | 41.19% | 0.14% | +41.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.56% | 0.23% | +45.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.67% | 0.58% | +36.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.13% | 0.47% | +38.66% |
USO vs. GBIL - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than GBIL's 0.12% expense ratio.
Dividends
USO vs. GBIL - Dividend Comparison
USO has not paid dividends to shareholders, while GBIL's dividend yield for the trailing twelve months is around 3.71%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 3.71% | 4.02% | 4.93% | 4.77% | 1.37% | 0.00% | 0.81% | 2.20% | 1.70% | 0.74% | 0.11% |
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% |
Frequently Asked Questions
USO and GBIL have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (13.60%) compared to GBIL (0.06%). In terms of maximum drawdown, USO dropped -98.19% vs GBIL's -0.76%.
On 5-year performance, USO leads with 22.54% vs 3.42% for GBIL. On fees, GBIL is cheaper at 0.12% per year. On volatility, GBIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 22.54% return vs 3.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBIL is cheaper with a 0.12% expense ratio, compared with 0.86% for USO.
GBIL has the higher dividend yield at 3.71%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while GBIL is Government Bonds. USO tracks Front Month Light Sweet Crude Oil, while GBIL tracks FTSE US Treasury 0-1 Year Composite Select Index. They also come from different issuers: USCF and Goldman Sachs. Their fees differ too: 0.86% for USO and 0.12% for GBIL.
GBIL currently has the higher Sharpe Ratio (17.10 vs 1.76), 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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