USO vs. OILU
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 28.78%/yr vs 11.50%/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
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with USO having a 97.72% return and OILU slightly lower at 96.66%.
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
OILU
- 1D
- 0.07%
- 1M
- -9.58%
- YTD
- 96.66%
- 6M
- 75.27%
- 1Y
- 128.74%
- 3Y*
- 11.50%
- 5Y*
- —
- 10Y*
- —
USO vs. OILU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | -6.23% |
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN | 96.66% | -16.50% | -21.65% | -32.50% | 151.08% | -17.87% |
Correlation
The correlation between USO and OILU is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.64 |
The correlation between USO and OILU has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
USO vs. OILU — Risk / Return Rank
USO
OILU
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.
| USO | OILU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.30 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.79 | 3.86 | +0.93 |
| Martin ratioReturn relative to average drawdown | 9.00 | 9.65 | -0.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| USO | OILU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | 2.09 | +0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.09 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.17 | -0.35 |
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.
Loading charts...
Drawdown Indicators
| USO | OILU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -81.00% | -17.19% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -33.51% | +13.12% |
Max Drawdown (3Y)Largest decline over 3 years | -26.05% | -69.09% | +43.04% |
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 | -85.45% | -47.11% | -38.34% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -50.59% | -24.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.84% | 13.39% | -2.55% |
Volatility
USO vs. OILU - Volatility Comparison
The current volatility for United States Oil Fund LP (USO) is 14.97%, while MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a volatility of 25.13%. 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.
Loading charts...
Volatility by Period
| USO | OILU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.97% | 25.13% | -10.16% |
Volatility (6M)Calculated over the trailing 6-month period | 38.35% | 49.75% | -11.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 62.13% | -17.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.09% | 81.12% | -45.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.00% | 81.12% | -42.12% |
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.
Frequently Asked Questions
USO and OILU have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILU has higher volatility (25.13%) compared to USO (14.97%). In terms of maximum drawdown, USO dropped -98.19% vs OILU's -81.00%.
On 3-year performance, USO leads with 28.78% vs 11.50% for OILU. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 28.78% return vs 11.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for OILU.
USO and OILU have nearly identical dividend yields, around 0.00%.
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.
USO currently has the higher Sharpe Ratio (2.21 vs 2.09), 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.
Find the right allocation for USO and OILU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer