USO vs. MTUM
USO (United States Oil Fund LP) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, USO returned 5.42%/yr vs 16.00%/yr for MTUM. Their 0.16 correlation means their historical movements had little consistent relationship. USO charges 0.86%/yr vs 0.15%/yr for MTUM.
Performance
USO vs. MTUM - 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 MTUM's 22.65% return. Over the past 10 years, USO has underperformed MTUM with an annualized return of 5.42%, while MTUM has yielded a comparatively higher 16.00% 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%
MTUM
- 1D
- -2.42%
- 1M
- -9.70%
- 6M
- 20.16%
- YTD
- 22.65%
- 1Y
- 27.88%
- 3Y*
- 28.98%
- 5Y*
- 13.15%
- 10Y*
- 16.00%
- ALL TIME*
- 15.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $620.00M | $622.73M | $495.72M | |
| $1.02B | $802.47M | $996.79M |
USO vs. MTUM - 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% |
MTUM iShares MSCI USA Momentum Factor ETF | 22.65% | 22.15% | 32.89% | 9.15% | -18.27% | 13.36% | 29.86% | 27.25% | -1.67% | 37.50% |
Correlation
The correlation between USO and MTUM is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.16 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013 | 0.16 |
The correlation between USO and MTUM shifts across timeframes, from -0.16 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USO vs. MTUM — Risk / Return Rank
USO
MTUM
USO vs. MTUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and iShares MSCI USA Momentum Factor ETF (MTUM). 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 | MTUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.22 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 2.31 | +0.15 |
| Martin ratioReturn relative to average drawdown | 6.41 | 7.45 | -1.04 |
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Drawdowns
USO vs. MTUM - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for USO and MTUM.
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Drawdown Indicators
| USO | MTUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -34.08% | -64.11% |
Max Drawdown (1Y)Largest decline over 1 year | -32.49% | -12.49% | -20.00% |
Max Drawdown (3Y)Largest decline over 3 years | -32.49% | -20.99% | -11.50% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -32.28% | -3.95% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -34.08% | -52.67% |
Current DrawdownCurrent decline from peak | -85.46% | -11.25% | -74.21% |
Average DrawdownAverage peak-to-trough decline | -75.37% | -6.20% | -69.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 3.87% | +8.60% |
Volatility
USO vs. MTUM - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.60% compared to iShares MSCI USA Momentum Factor ETF (MTUM) at 11.65%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | MTUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.60% | 11.65% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 41.19% | 22.19% | +19.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.56% | 24.47% | +21.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.67% | 21.65% | +15.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.13% | 21.60% | +17.53% |
USO vs. MTUM - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than MTUM's 0.15% expense ratio.
Dividends
USO vs. MTUM - Dividend Comparison
USO has not paid dividends to shareholders, while MTUM's dividend yield for the trailing twelve months is around 0.60%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MTUM iShares MSCI USA Momentum Factor ETF | 0.60% | 0.91% | 0.75% | 1.35% | 1.80% | 0.55% | 0.83% | 1.48% | 1.27% | 1.02% | 1.43% | 1.12% |
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 MTUM have a correlation of -0.16, 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 MTUM (11.65%). In terms of maximum drawdown, USO dropped -98.19% vs MTUM's -34.08%.
On 10-year performance, MTUM leads with 16.00% vs 5.42% for USO. On fees, MTUM is cheaper at 0.15% per year. On volatility, MTUM has been the lower-risk option at 11.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MTUM has performed better with a 16.00% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MTUM is cheaper with a 0.15% expense ratio, compared with 0.86% for USO.
MTUM has the higher dividend yield at 0.60%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while MTUM is Momentum. USO tracks Front Month Light Sweet Crude Oil, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: USCF and iShares. Their fees differ too: 0.86% for USO and 0.15% for MTUM.
USO currently has the higher Sharpe Ratio (1.76 vs 1.18), 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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