USO vs. USOY
USO (United States Oil Fund LP) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while USOY is a Derivative Income fund actively managed by Defiance. USO is passively managed, while USOY is actively managed. Over the past year, USO returned 90.22% vs 51.90% for USOY. Their correlation of 0.94 suggests significant overlap in exposure. USO charges 0.86%/yr vs 1.22%/yr for USOY.
Performance
USO vs. USOY - 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 USOY's 56.61% 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%
USOY
- 1D
- -1.67%
- 1M
- 1.06%
- YTD
- 56.61%
- 6M
- 52.27%
- 1Y
- 51.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USO vs. USOY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USO United States Oil Fund LP | 92.34% | -8.46% | 0.33% |
USOY Defiance Oil Enhanced Options Income ETF | 56.61% | -7.93% | 7.27% |
Correlation
The correlation between USO and USOY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since May 13, 2024 | 0.94 |
The correlation between USO and USOY has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.
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Return for Risk
USO vs. USOY — Risk / Return Rank
USO
USOY
USO vs. USOY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and Defiance Oil Enhanced Options Income ETF (USOY). 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 | USOY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.32 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 4.45 | 3.65 | +0.80 |
| Martin ratioReturn relative to average drawdown | 8.33 | 6.98 | +1.34 |
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 | USOY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 1.71 | +0.34 |
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 | 0.91 | -1.09 |
Drawdowns
USO vs. USOY - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for USO and USOY.
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Drawdown Indicators
| USO | USOY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -17.46% | -80.73% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -14.29% | -6.10% |
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% | -8.37% | -77.48% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -6.47% | -68.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.87% | 7.45% | +3.42% |
Volatility
USO vs. USOY - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.30% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 9.70%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | USOY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.30% | 9.70% | +3.60% |
Volatility (6M)Calculated over the trailing 6-month period | 38.49% | 27.33% | +11.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.41% | 30.56% | +13.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.09% | 26.14% | +9.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.01% | 26.14% | +12.87% |
USO vs. USOY - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is lower than USOY's 1.22% expense ratio.
Dividends
USO vs. USOY - Dividend Comparison
USO has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 57.61%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% |
USOY Defiance Oil Enhanced Options Income ETF | 57.61% | 104.32% | 48.60% |
Frequently Asked Questions
With a correlation of 0.94, USO and USOY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
USO has higher volatility (13.30%) compared to USOY (9.70%). In terms of maximum drawdown, USO dropped -98.19% vs USOY's -17.46%.
On 1-year performance, USO leads with 90.22% vs 51.90% for USOY. On fees, USO is cheaper at 0.86% per year. On volatility, USOY has been the lower-risk option at 9.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USO has performed better with a 90.22% return vs 51.90%. 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 1.22% for USOY.
USOY has the higher dividend yield at 57.61%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while USOY is Derivative Income. They also come from different issuers: USCF and Defiance. Their fees differ too: 0.86% for USO and 1.22% for USOY.
USO currently has the higher Sharpe Ratio (2.04 vs 1.71), 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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