USO vs. HDV
USO (United States Oil Fund LP) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, USO returned 5.42%/yr vs 9.50%/yr for HDV. Their 0.34 correlation means their historical movements had little consistent relationship. USO charges 0.86%/yr vs 0.08%/yr for HDV.
Performance
USO vs. HDV - 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 HDV's 20.12% return. Over the past 10 years, USO has underperformed HDV with an annualized return of 5.42%, while HDV has yielded a comparatively higher 9.50% 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%
HDV
- 1D
- 1.23%
- 1M
- 4.76%
- 6M
- 13.60%
- YTD
- 20.12%
- 1Y
- 24.04%
- 3Y*
- 15.34%
- 5Y*
- 12.15%
- 10Y*
- 9.50%
- ALL TIME*
- 10.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $163.75M | $142.23M | $95.79M | |
| $1.02B | $802.47M | $996.79M |
USO vs. HDV - 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% |
HDV iShares Core High Dividend ETF | 20.12% | 11.90% | 14.16% | 1.72% | 7.05% | 19.45% | -6.48% | 20.22% | -3.01% | 13.40% |
Correlation
The correlation between USO and HDV is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.30 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | 0.34 |
Over the past year, the correlation between USO and HDV has dropped to 0.11 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.
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Return for Risk
USO vs. HDV — Risk / Return Rank
USO
HDV
USO vs. HDV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and iShares Core High Dividend ETF (HDV). 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 | HDV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.39 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 4.65 | -2.19 |
| Martin ratioReturn relative to average drawdown | 6.41 | 12.72 | -6.31 |
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Drawdowns
USO vs. HDV - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for USO and HDV.
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Drawdown Indicators
| USO | HDV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -37.04% | -61.15% |
Max Drawdown (1Y)Largest decline over 1 year | -32.49% | -5.18% | -27.31% |
Max Drawdown (3Y)Largest decline over 3 years | -32.49% | -10.49% | -22.00% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -15.42% | -20.81% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -37.04% | -49.71% |
Current DrawdownCurrent decline from peak | -85.46% | 0.00% | -85.46% |
Average DrawdownAverage peak-to-trough decline | -75.37% | -3.07% | -72.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 1.89% | +10.58% |
Volatility
USO vs. HDV - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.60% compared to iShares Core High Dividend ETF (HDV) at 4.88%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | HDV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.60% | 4.88% | +8.72% |
Volatility (6M)Calculated over the trailing 6-month period | 41.19% | 8.55% | +32.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.56% | 10.74% | +34.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.67% | 12.93% | +23.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.13% | 15.77% | +23.36% |
USO vs. HDV - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than HDV's 0.08% expense ratio.
Dividends
USO vs. HDV - Dividend Comparison
USO has not paid dividends to shareholders, while HDV's dividend yield for the trailing twelve months is around 3.07%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDV iShares Core High Dividend ETF | 3.07% | 3.22% | 3.67% | 3.82% | 3.56% | 3.47% | 4.07% | 3.27% | 3.67% | 3.27% | 3.28% | 3.92% |
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
USO and HDV have a correlation of 0.11, 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 HDV (4.88%). In terms of maximum drawdown, USO dropped -98.19% vs HDV's -37.04%.
On 10-year performance, HDV leads with 9.50% vs 5.42% for USO. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HDV has performed better with a 9.50% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HDV is cheaper with a 0.08% expense ratio, compared with 0.86% for USO.
HDV has the higher dividend yield at 3.07%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while HDV is Dividend. USO tracks Front Month Light Sweet Crude Oil, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: USCF and iShares. Their fees differ too: 0.86% for USO and 0.08% for HDV.
HDV currently has the higher Sharpe Ratio (2.24 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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