USO vs. UCON
USO (United States Oil Fund LP) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while UCON is a Nontraditional Bonds fund actively managed by First Trust. USO is passively managed, while UCON is actively managed. Over the past 5 years, USO returned 16.82%/yr vs 2.89%/yr for UCON. At a correlation of -0.09, they often move in opposite directions. Both charge a 0.86% expense ratio.
Performance
USO vs. UCON - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 58.05% return, which is significantly higher than UCON's 1.13% 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%
UCON
- 1D
- 0.06%
- 1M
- 0.58%
- YTD
- 1.13%
- 6M
- 1.09%
- 1Y
- 5.14%
- 3Y*
- 5.96%
- 5Y*
- 2.89%
- 10Y*
- —
USO vs. UCON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 58.05% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -26.37% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 1.13% | 7.00% | 4.69% | 7.72% | -5.72% | 1.02% | 6.54% | 7.39% | 1.11% |
Correlation
The correlation between USO and UCON is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | -0.09 |
Over the past year, the inverse relationship between USO and UCON has strengthened: their correlation has moved from -0.09 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
USO vs. UCON — Risk / Return Rank
USO
UCON
USO vs. UCON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and First Trust TCW Unconstrained Plus Bond ETF (UCON). 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 | UCON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.32 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 2.10 | -0.49 |
| Martin ratioReturn relative to average drawdown | 4.76 | 8.05 | -3.28 |
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Drawdowns
USO vs. UCON - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for USO and UCON.
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Drawdown Indicators
| USO | UCON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -15.31% | -82.88% |
Max Drawdown (1Y)Largest decline over 1 year | -30.51% | -2.45% | -28.06% |
Max Drawdown (3Y)Largest decline over 3 years | -30.51% | -2.85% | -27.66% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -9.60% | -26.63% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | — | — |
Current DrawdownCurrent decline from peak | -88.37% | -0.07% | -88.30% |
Average DrawdownAverage peak-to-trough decline | -75.32% | -1.47% | -73.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.34% | 0.64% | +9.70% |
Volatility
USO vs. UCON - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 12.83% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 0.86%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than UCON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | UCON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.83% | 0.86% | +11.97% |
Volatility (6M)Calculated over the trailing 6-month period | 39.67% | 2.39% | +37.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.65% | 2.99% | +40.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.40% | 3.90% | +32.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.04% | 5.88% | +33.16% |
USO vs. UCON - Expense Ratio Comparison
Both USO and UCON have an expense ratio of 0.86%.
Dividends
USO vs. UCON - Dividend Comparison
USO has not paid dividends to shareholders, while UCON's dividend yield for the trailing twelve months is around 5.04%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
UCON First Trust TCW Unconstrained Plus Bond ETF | 5.04% | 4.63% | 4.95% | 4.75% | 3.12% | 2.20% | 3.14% | 3.25% | 1.76% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USO and UCON have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (12.83%) compared to UCON (0.86%). In terms of maximum drawdown, USO dropped -98.19% vs UCON's -15.31%.
On 5-year performance, USO leads with 16.82% vs 2.89% for UCON. Both ETFs have the same 0.86% expense ratio. On volatility, UCON has been the lower-risk option at 0.86%. 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 16.82% return vs 2.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO and UCON have the same expense ratio: 0.86% per year.
UCON has the higher dividend yield at 5.04%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while UCON is Nontraditional Bonds. They also come from different issuers: USCF and First Trust.
UCON currently has the higher Sharpe Ratio (1.72 vs 1.13), 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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