USO vs. USE

Last updated Jun 6, 2026

USO (United States Oil Fund LP) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while USE is a Commodities fund actively managed by USCF. USO is passively managed, while USE is actively managed. Over the past 3 years, USO returned 27.76%/yr vs 16.68%/yr for USE. Their correlation of 0.83 suggests significant overlap in exposure. USO charges 0.86%/yr vs 0.79%/yr for USE.

Performance

USO vs. USE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Oil Fund LP (USO) and USCF Energy Commodity Strategy Absolute Return Fund (USE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USO achieves a 92.34% return, which is significantly higher than USE's 44.75% 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%

USE

• 1D: -2.65%
• 1M: -3.52%
• YTD: 44.75%
• 6M: 49.10%
• 1Y: 38.24%
• 3Y*: 16.68%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

USO vs. USE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USO United States Oil Fund LP	92.34%	-8.46%	13.35%	9.80%
USE USCF Energy Commodity Strategy Absolute Return Fund	44.75%	-14.97%	22.58%	9.98%

Correlation

The correlation between USO and USE is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 5, 2023	0.83

The correlation between USO and USE has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Return for Risk

USO vs. USE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USO

USO Risk / Return Rank: 63
USO Sharpe Ratio Rank: 62
USO Sortino Ratio Rank: 58
USO Omega Ratio Rank: 58
USO Calmar Ratio Rank: 84
USO Martin Ratio Rank: 51

USE

USE Risk / Return Rank: 31
USE Sharpe Ratio Rank: 34
USE Sortino Ratio Rank: 35
USE Omega Ratio Rank: 33
USE Calmar Ratio Rank: 30
USE Martin Ratio Rank: 23

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USO vs. USE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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	USE	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.22	+0.83
Sortino ratio: Return per unit of downside risk	2.66	1.82	+0.84
Omega ratio: Gain probability vs. loss probability	1.35	1.22	+0.13
Calmar ratio: Return relative to maximum drawdown	4.45	1.46	+2.98
Martin ratio: Return relative to average drawdown	8.33	2.88	+5.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USO vs. USE - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 2.04, which is higher than the USE Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of USO and USE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USO	USE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.22	+0.83
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	0.66	-0.85

Drawdowns

USO vs. USE - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than USE's maximum drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for USO and USE.

Drawdown Indicators

	USO	USE	Difference
Max Drawdown Largest peak-to-trough decline	-98.19%	-26.24%	-71.95%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	-26.24%	+5.85%
Max Drawdown (3Y) Largest decline over 3 years	-26.05%	-26.24%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	-36.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.75%	—	—
Current Drawdown Current decline from peak	-85.85%	-6.98%	-78.87%
Average Drawdown Average peak-to-trough decline	-75.30%	-7.96%	-67.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.87%	13.33%	-2.46%

Volatility

USO vs. USE - Volatility Comparison

United States Oil Fund LP (USO) has a higher volatility of 13.30% compared to USCF Energy Commodity Strategy Absolute Return Fund (USE) at 11.24%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than USE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USO	USE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.30%	11.24%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	38.49%	26.03%	+12.46%
Volatility (1Y) Calculated over the trailing 1-year period	44.41%	31.58%	+12.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.09%	27.08%	+9.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.01%	27.08%	+11.93%

USO vs. USE - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is higher than USE's 0.79% expense ratio.

Dividends

USO vs. USE - Dividend Comparison

USO has not paid dividends to shareholders, while USE's dividend yield for the trailing twelve months is around 2.11%.

Position	TTM	2025	2024	2023
USE USCF Energy Commodity Strategy Absolute Return Fund	2.11%	3.06%	38.65%	4.83%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USO and USE in my portfolio?

USO and USE 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.

Which is riskier, USO or USE?

USO has higher volatility (13.30%) compared to USE (11.24%). In terms of maximum drawdown, USO dropped -98.19% vs USE's -26.24%.

Which ETF is better, USO or USE?

On 3-year performance, USO leads with 27.76% vs 16.68% for USE. On fees, USE is cheaper at 0.79% per year. On volatility, USE has been the lower-risk option at 11.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USO or USE?

Over the 3-year period, USO has performed better with a 27.76% return vs 16.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USO or USE?

USE is cheaper with a 0.79% expense ratio, compared with 0.86% for USO.

Which ETF pays a higher dividend yield, USO or USE?

USE has the higher dividend yield at 2.11%, compared with 0.00% for USO.

What is the main difference between USO and USE?

USO is categorized as Oil & Gas, while USE is Commodities. Their fees differ too: 0.86% for USO and 0.79% for USE.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.04 vs 1.22), 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.