USO vs. USCI
USO (United States Oil Fund LP) and USCI (United States Commodity Index Fund) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 10 years, USO returned 4.47%/yr vs 8.92%/yr for USCI. Their 0.63 correlation means they have sometimes moved together and sometimes differently. USO charges 0.86%/yr vs 1.03%/yr for USCI.
Performance
USO vs. USCI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, USO achieves a 76.58% return, which is significantly higher than USCI's 27.88% return. Over the past 10 years, USO has underperformed USCI with an annualized return of 4.47%, while USCI has yielded a comparatively higher 8.92% annualized return.
USO
- 1D
- -5.46%
- 1M
- 17.45%
- 6M
- 62.11%
- YTD
- 76.58%
- 1Y
- 57.66%
- 3Y*
- 18.29%
- 5Y*
- 20.94%
- 10Y*
- 4.47%
- ALL TIME*
- -7.11%
USCI
- 1D
- -1.75%
- 1M
- 7.73%
- 6M
- 23.25%
- YTD
- 27.88%
- 1Y
- 35.81%
- 3Y*
- 19.39%
- 5Y*
- 19.79%
- 10Y*
- 8.92%
- ALL TIME*
- 4.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.26M | $1.23M | $1.84M | |
| $981.29M | $906.75M | $905.81M |
USO vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 76.58% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
USCI United States Commodity Index Fund | 27.88% | 17.63% | 17.24% | 0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
Correlation
The correlation between USO and USCI is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.63 |
The correlation between USO and USCI shifts across timeframes, from 0.63 (all time) to 0.77 (1 year), reflecting how their relationship changes across market environments.
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. USCI — Risk / Return Rank
USO
USCI
USO vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and United States Commodity Index Fund (USCI). 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 | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.36 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 3.22 | -1.43 |
| Martin ratioReturn relative to average drawdown | 5.23 | 10.27 | -5.03 |
Loading charts...
Drawdowns
USO vs. USCI - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than USCI's maximum drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for USO and USCI.
Loading charts...
Drawdown Indicators
| USO | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -66.41% | -31.78% |
Max Drawdown (1Y)Largest decline over 1 year | -32.49% | -11.19% | -21.30% |
Max Drawdown (3Y)Largest decline over 3 years | -32.49% | -12.01% | -20.48% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -18.84% | -17.39% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -45.82% | -40.93% |
Current DrawdownCurrent decline from peak | -87.01% | -3.57% | -83.44% |
Average DrawdownAverage peak-to-trough decline | -75.38% | -29.26% | -46.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.24% | 3.50% | +7.74% |
Volatility
USO vs. USCI - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 18.95% compared to United States Commodity Index Fund (USCI) at 5.70%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than USCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| USO | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.95% | 5.70% | +13.25% |
Volatility (6M)Calculated over the trailing 6-month period | 43.21% | 13.93% | +29.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.21% | 17.19% | +30.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.13% | 18.44% | +18.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.32% | 15.93% | +23.39% |
USO vs. USCI - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
USO vs. USCI - Dividend Comparison
Neither USO nor USCI has paid dividends to shareholders.
Frequently Asked Questions
USO and USCI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (18.95%) compared to USCI (5.70%). In terms of maximum drawdown, USO dropped -98.19% vs USCI's -66.41%.
On 10-year performance, USCI leads with 8.92% vs 4.47% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, USCI has been the lower-risk option at 5.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USCI has performed better with a 8.92% return vs 4.47%. 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 1.03% for USCI.
USO and USCI have nearly identical dividend yields, around 0.00%.
USO is categorized as Oil & Gas, while USCI is Commodities. USO tracks Front Month Light Sweet Crude Oil, while USCI tracks SummerHaven Dynamic Commodity Index Total Return. Their fees differ too: 0.86% for USO and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (2.10 vs 1.23), 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 USCI
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