USO vs. IBIT
USO (United States Oil Fund LP) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, USO returned 56.36% vs -39.67% for IBIT. At a 0.02 correlation, their price movements are largely independent. USO charges 0.86%/yr vs 0.25%/yr for IBIT.
Performance
USO vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 81.36% return, which is significantly higher than IBIT's -27.41% return.
USO
- 1D
- -2.64%
- 1M
- -12.29%
- YTD
- 81.36%
- 6M
- 82.28%
- 1Y
- 56.36%
- 3Y*
- 26.38%
- 5Y*
- 21.14%
- 10Y*
- 2.94%
IBIT
- 1D
- -0.03%
- 1M
- -21.94%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -39.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USO vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USO United States Oil Fund LP | 81.36% | -8.46% | 13.51% |
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
Correlation
The correlation between USO and IBIT is -0.06, 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 | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.02 |
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Return for Risk
USO vs. IBIT — Risk / Return Rank
USO
IBIT
USO vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.44 | ||
| Sortino ratioReturn per unit of downside risk | +3.46 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.85 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | -0.78 | +4.09 |
| Martin ratioReturn relative to average drawdown | 6.09 | -1.37 | +7.46 |
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Drawdowns
USO vs. IBIT - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for USO and IBIT.
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Drawdown Indicators
| USO | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -52.11% | -46.08% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -52.11% | +31.72% |
Max Drawdown (3Y)Largest decline over 3 years | -26.05% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | — | — |
Current DrawdownCurrent decline from peak | -86.65% | -49.45% | -37.20% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -16.53% | -58.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.06% | 29.64% | -18.58% |
Volatility
USO vs. IBIT - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.27% compared to iShares Bitcoin Trust ETF (IBIT) at 12.07%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.27% | 12.07% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 38.99% | 34.45% | +4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.64% | 44.10% | +0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.20% | 50.26% | -14.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.03% | 50.26% | -11.23% |
USO vs. IBIT - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
USO vs. IBIT - Dividend Comparison
Neither USO nor IBIT has paid dividends to shareholders.
Frequently Asked Questions
USO and IBIT have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (13.27%) compared to IBIT (12.07%). In terms of maximum drawdown, USO dropped -98.19% vs IBIT's -52.11%.
On 1-year performance, USO leads with 56.36% vs -39.67% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 12.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USO has performed better with a 56.36% return vs -39.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.86% for USO.
USO and IBIT have nearly identical dividend yields, around 0.00%.
USO is categorized as Oil & Gas, while IBIT is Cryptocurrency. USO tracks Front Month Light Sweet Crude Oil, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: USCF and iShares. Their fees differ too: 0.86% for USO and 0.25% for IBIT.
USO currently has the higher Sharpe Ratio (1.51 vs -0.92), 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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