USO vs. OILU

Last updated Jun 26, 2026

USO (United States Oil Fund LP) and OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while OILU is a Leveraged Commodities fund managed by BMO. Over the past 3 years, USO returned 20.34%/yr vs 1.92%/yr for OILU. A 0.64 correlation means they provide meaningful diversification when combined. USO charges 0.86%/yr vs 0.95%/yr for OILU.

Performance

USO vs. OILU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Oil Fund LP (USO) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USO achieves a 58.05% return, which is significantly higher than OILU's 48.15% return.

USO

• 1D: 2.84%
• 1M: -20.21%
• YTD: 58.05%
• 6M: 55.71%
• 1Y: 49.11%
• 3Y*: 20.34%
• 5Y*: 16.82%
• 10Y*: 2.02%

OILU

• 1D: 2.71%
• 1M: -21.67%
• YTD: 48.15%
• 6M: 51.44%
• 1Y: 57.38%
• 3Y*: 1.92%
• 5Y*: —
• 10Y*: —

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

USO vs. OILU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USO United States Oil Fund LP	58.05%	-8.46%	13.35%	-4.94%	28.97%	-4.78%
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	48.15%	-16.50%	-21.65%	-32.50%	151.08%	-16.79%

Correlation

The correlation between USO and OILU is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021	0.64

The correlation between USO and OILU has been stable across timeframes, ranging from 0.62 to 0.64 - a consistent structural relationship.

Return for Risk

USO vs. OILU — Risk / Return Rank

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

USO

USO Risk / Return Rank: 36
USO Sharpe Ratio Rank: 35
USO Sortino Ratio Rank: 38
USO Omega Ratio Rank: 37
USO Calmar Ratio Rank: 36
USO Martin Ratio Rank: 35

OILU

OILU Risk / Return Rank: 28
OILU Sharpe Ratio Rank: 28
OILU Sortino Ratio Rank: 29
OILU Omega Ratio Rank: 28
OILU Calmar Ratio Rank: 29
OILU Martin Ratio Rank: 29

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. OILU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). 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	OILU	Difference
Sharpe ratio: Return per unit of total volatility	1.13	0.91	+0.22
Sortino ratio: Return per unit of downside risk	1.77	1.46	+0.31
Omega ratio: Gain probability vs. loss probability	1.22	1.18	+0.04
Calmar ratio: Return relative to maximum drawdown	1.62	1.31	+0.31
Martin ratio: Return relative to average drawdown	4.76	3.68	+1.08

USO vs. OILU - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 1.13, which is comparable to the OILU Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of USO and OILU, 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. OILU - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than OILU's maximum drawdown of -81.00%. Use the drawdown chart below to compare losses from any high point for USO and OILU.

Drawdown Indicators

	USO	OILU	Difference
Max Drawdown Largest peak-to-trough decline	-98.19%	-81.00%	-17.19%
Max Drawdown (1Y) Largest decline over 1 year	-30.51%	-44.03%	+13.52%
Max Drawdown (3Y) Largest decline over 3 years	-30.51%	-69.09%	+38.58%
Max Drawdown (5Y) Largest decline over 5 years	-36.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.75%	—	—
Current Drawdown Current decline from peak	-88.37%	-60.15%	-28.22%
Average Drawdown Average peak-to-trough decline	-75.32%	-50.60%	-24.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.34%	15.63%	-5.29%

Volatility

USO vs. OILU - Volatility Comparison

The current volatility for United States Oil Fund LP (USO) is 12.83%, while MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a volatility of 21.50%. This indicates that USO experiences smaller price fluctuations and is considered to be less risky than OILU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USO	OILU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	21.50%	-8.67%
Volatility (6M) Calculated over the trailing 6-month period	39.67%	51.20%	-11.53%
Volatility (1Y) Calculated over the trailing 1-year period	43.65%	63.26%	-19.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.40%	81.09%	-44.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.04%	81.09%	-42.05%

USO vs. OILU - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is lower than OILU's 0.95% expense ratio.

Dividends

USO vs. OILU - Dividend Comparison

Neither USO nor OILU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USO and OILU in my portfolio?

USO and OILU have a correlation of 0.64, 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 OILU?

OILU has higher volatility (21.50%) compared to USO (12.83%). In terms of maximum drawdown, USO dropped -98.19% vs OILU's -81.00%.

Which ETF is better, USO or OILU?

On 3-year performance, USO leads with 20.34% vs 1.92% for OILU. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 12.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USO or OILU?

Over the 3-year period, USO has performed better with a 20.34% return vs 1.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USO or OILU?

USO is cheaper with a 0.86% expense ratio, compared with 0.95% for OILU.

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

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

What is the main difference between USO and OILU?

USO is categorized as Oil & Gas, while OILU is Leveraged Commodities. They also come from different issuers: USCF and BMO. Their fees differ too: 0.86% for USO and 0.95% for OILU.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (1.13 vs 0.91), 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.