USO vs. JANW

Last updated Jun 13, 2026

USO (United States Oil Fund LP) and JANW (AllianzIM U.S. Large Cap Buffer20 Jan ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while JANW is a Options Trading fund actively managed by Allianz. USO is passively managed, while JANW is actively managed. Over the past 5 years, USO returned 21.14%/yr vs 8.08%/yr for JANW. At a 0.03 correlation, their price movements are largely independent. USO charges 0.86%/yr vs 0.74%/yr for JANW.

Performance

USO vs. JANW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Oil Fund LP (USO) and AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USO achieves a 81.36% return, which is significantly higher than JANW's 4.00% 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%

JANW

• 1D: 0.18%
• 1M: 0.23%
• YTD: 4.00%
• 6M: 4.45%
• 1Y: 12.31%
• 3Y*: 10.44%
• 5Y*: 8.08%
• 10Y*: —

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

USO vs. JANW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USO United States Oil Fund LP	81.36%	-8.46%	13.35%	-4.94%	28.97%	64.68%
JANW AllianzIM U.S. Large Cap Buffer20 Jan ETF	4.00%	10.05%	10.99%	14.56%	-0.60%	6.31%

Correlation

The correlation between USO and JANW is -0.36, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.36
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jan 4, 2021	0.03

The correlation between USO and JANW shifts across timeframes, from -0.36 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USO vs. JANW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USO

USO Risk / Return Rank: 53
USO Sharpe Ratio Rank: 50
USO Sortino Ratio Rank: 49
USO Omega Ratio Rank: 50
USO Calmar Ratio Rank: 74
USO Martin Ratio Rank: 43

JANW

JANW Risk / Return Rank: 86
JANW Sharpe Ratio Rank: 87
JANW Sortino Ratio Rank: 90
JANW Omega Ratio Rank: 91
JANW Calmar Ratio Rank: 72
JANW Martin Ratio Rank: 89

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USO vs. JANW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW). 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	JANW	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.50	-0.99
Sortino ratio: Return per unit of downside risk	2.15	3.71	-1.55
Omega ratio: Gain probability vs. loss probability	1.28	1.54	-0.26
Calmar ratio: Return relative to maximum drawdown	3.31	3.23	+0.08
Martin ratio: Return relative to average drawdown	6.09	17.55	-11.46

USO vs. JANW - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 1.51, which is lower than the JANW Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of USO and JANW, 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. JANW - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than JANW's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for USO and JANW.

Drawdown Indicators

	USO	JANW	Difference
Max Drawdown Largest peak-to-trough decline	-98.19%	-9.69%	-88.50%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	-3.65%	-16.74%
Max Drawdown (3Y) Largest decline over 3 years	-26.05%	-8.66%	-17.39%
Max Drawdown (5Y) Largest decline over 5 years	-36.23%	-9.69%	-26.54%
Max Drawdown (10Y) Largest decline over 10 years	-86.75%	—	—
Current Drawdown Current decline from peak	-86.65%	-0.54%	-86.11%
Average Drawdown Average peak-to-trough decline	-75.30%	-1.23%	-74.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.06%	0.67%	+10.39%

Volatility

USO vs. JANW - Volatility Comparison

United States Oil Fund LP (USO) has a higher volatility of 13.27% compared to AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW) at 1.31%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than JANW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USO	JANW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.27%	1.31%	+11.96%
Volatility (6M) Calculated over the trailing 6-month period	38.99%	3.83%	+35.16%
Volatility (1Y) Calculated over the trailing 1-year period	44.64%	4.71%	+39.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.20%	6.79%	+29.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.03%	6.67%	+32.36%

USO vs. JANW - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is higher than JANW's 0.74% expense ratio.

Dividends

USO vs. JANW - Dividend Comparison

Neither USO nor JANW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USO and JANW in my portfolio?

USO and JANW have a correlation of -0.36, 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 JANW?

USO has higher volatility (13.27%) compared to JANW (1.31%). In terms of maximum drawdown, USO dropped -98.19% vs JANW's -9.69%.

Which ETF is better, USO or JANW?

On 5-year performance, USO leads with 21.14% vs 8.08% for JANW. On fees, JANW is cheaper at 0.74% per year. On volatility, JANW has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USO or JANW?

Over the 5-year period, USO has performed better with a 21.14% return vs 8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USO or JANW?

JANW is cheaper with a 0.74% expense ratio, compared with 0.86% for USO.

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

USO and JANW have nearly identical dividend yields, around 0.00%.

What is the main difference between USO and JANW?

USO is categorized as Oil & Gas, while JANW is Options Trading. They also come from different issuers: USCF and Allianz. Their fees differ too: 0.86% for USO and 0.74% for JANW.

Which has better risk-adjusted returns?

JANW currently has the higher Sharpe Ratio (2.50 vs 1.51), 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.