USO vs. PBOG
USO (United States Oil Fund LP) and PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) are both Oil & Gas funds - USO tracks the Front Month Light Sweet Crude Oil while PBOG tracks the BITA Global Oil & Gas Select Index. Both are passively managed. A 0.72 correlation means they provide meaningful diversification when combined. USO charges 0.86%/yr vs 0.13%/yr for PBOG.
Performance
USO vs. PBOG - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 92.34% return, which is significantly higher than PBOG's 28.86% return.
USO
- 1D
- -2.72%
- 1M
- -0.69%
- YTD
- 92.34%
- 6M
- 84.96%
- 1Y
- 90.22%
- 3Y*
- 27.76%
- 5Y*
- 22.99%
- 10Y*
- 3.13%
PBOG
- 1D
- -2.19%
- 1M
- -0.58%
- YTD
- 28.86%
- 6M
- 27.42%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USO vs. PBOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
USO United States Oil Fund LP | 92.34% | -0.13% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 28.86% | 1.62% |
Correlation
The correlation between USO and PBOG is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025 | 0.72 |
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Return for Risk
USO vs. PBOG — Risk / Return Rank
USO
PBOG
USO vs. PBOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). 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 | PBOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.35 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.45 | — | — |
| Martin ratioReturn relative to average drawdown | 8.33 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USO | PBOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.08 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 2.87 | -3.06 |
Drawdowns
USO vs. PBOG - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than PBOG's maximum drawdown of -11.45%. Use the drawdown chart below to compare losses from any high point for USO and PBOG.
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Drawdown Indicators
| USO | PBOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -11.45% | -86.74% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | — | — |
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 | -85.85% | -9.18% | -76.67% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -3.18% | -72.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.87% | — | — |
Volatility
USO vs. PBOG - Volatility Comparison
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Volatility by Period
| USO | PBOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.30% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 38.49% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.41% | 23.74% | +20.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.09% | 23.74% | +12.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.01% | 23.74% | +15.27% |
USO vs. PBOG - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than PBOG's 0.13% expense ratio.
Dividends
USO vs. PBOG - Dividend Comparison
USO has not paid dividends to shareholders, while PBOG's dividend yield for the trailing twelve months is around 0.13%.
| Position | TTM | 2025 |
|---|---|---|
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 0.13% | 0.17% |
USO United States Oil Fund LP | 0.00% | 0.00% |
Frequently Asked Questions
USO and PBOG have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBOG is cheaper with a 0.13% expense ratio, compared with 0.86% for USO.
PBOG has the higher dividend yield at 0.13%, compared with 0.00% for USO.
USO tracks Front Month Light Sweet Crude Oil, while PBOG tracks BITA Global Oil & Gas Select Index. They also come from different issuers: USCF and Portfolio Building Blocks. Their fees differ too: 0.86% for USO and 0.13% for PBOG.
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