USO vs. PJAN
USO (United States Oil Fund LP) and PJAN (Innovator U.S. Equity Power Buffer ETF - January) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. Both are passively managed. Over the past 5 years, USO returned 21.14%/yr vs 8.76%/yr for PJAN. At a 0.14 correlation, their price movements are largely independent. USO charges 0.86%/yr vs 0.79%/yr for PJAN.
Performance
USO vs. PJAN - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 81.36% return, which is significantly higher than PJAN's 4.83% 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%
PJAN
- 1D
- 0.41%
- 1M
- 0.16%
- YTD
- 4.83%
- 6M
- 5.48%
- 1Y
- 14.36%
- 3Y*
- 12.39%
- 5Y*
- 8.76%
- 10Y*
- —
USO vs. PJAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 81.36% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% |
PJAN Innovator U.S. Equity Power Buffer ETF - January | 4.83% | 11.29% | 13.45% | 18.18% | -5.29% | 8.80% | 7.68% | 12.97% |
Correlation
The correlation between USO and PJAN is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019 | 0.14 |
The correlation between USO and PJAN shifts across timeframes, from -0.33 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USO vs. PJAN — Risk / Return Rank
USO
PJAN
USO vs. PJAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and Innovator U.S. Equity Power Buffer ETF - January (PJAN). 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 | PJAN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.48 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 2.97 | +0.34 |
| Martin ratioReturn relative to average drawdown | 6.09 | 15.67 | -9.59 |
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Drawdowns
USO vs. PJAN - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for USO and PJAN.
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Drawdown Indicators
| USO | PJAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -21.25% | -76.94% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -4.63% | -15.76% |
Max Drawdown (3Y)Largest decline over 3 years | -26.05% | -10.49% | -15.56% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -11.93% | -24.30% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | — | — |
Current DrawdownCurrent decline from peak | -86.65% | -0.54% | -86.11% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -1.72% | -73.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.06% | 0.88% | +10.18% |
Volatility
USO vs. PJAN - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.27% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.64%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than PJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | PJAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.27% | 1.64% | +11.63% |
Volatility (6M)Calculated over the trailing 6-month period | 38.99% | 4.89% | +34.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.64% | 5.91% | +38.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.20% | 8.94% | +27.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.03% | 10.59% | +28.44% |
USO vs. PJAN - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than PJAN's 0.79% expense ratio.
Dividends
USO vs. PJAN - Dividend Comparison
Neither USO nor PJAN has paid dividends to shareholders.
Frequently Asked Questions
USO and PJAN have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (13.27%) compared to PJAN (1.64%). In terms of maximum drawdown, USO dropped -98.19% vs PJAN's -21.25%.
On 5-year performance, USO leads with 21.14% vs 8.76% for PJAN. On fees, PJAN is cheaper at 0.79% per year. On volatility, PJAN has been the lower-risk option at 1.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 21.14% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PJAN is cheaper with a 0.79% expense ratio, compared with 0.86% for USO.
USO and PJAN have nearly identical dividend yields, around 0.00%.
USO is categorized as Oil & Gas, while PJAN is Defined Outcome. USO tracks Front Month Light Sweet Crude Oil, while PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index. They also come from different issuers: USCF and Innovator. Their fees differ too: 0.86% for USO and 0.79% for PJAN.
PJAN currently has the higher Sharpe Ratio (2.33 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.
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