USO vs. VLUE
USO (United States Oil Fund LP) and VLUE (iShares MSCI USA Value Factor ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while VLUE is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Index. Both are passively managed. Over the past 10 years, USO returned 5.42%/yr vs 14.56%/yr for VLUE. Their 0.25 correlation means their historical movements had little consistent relationship. USO charges 0.86%/yr vs 0.15%/yr for VLUE.
Performance
USO vs. VLUE - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 97.64% return, which is significantly higher than VLUE's 43.48% return. Over the past 10 years, USO has underperformed VLUE with an annualized return of 5.42%, while VLUE has yielded a comparatively higher 14.56% annualized return.
USO
- 1D
- -2.01%
- 1M
- 25.05%
- 6M
- 84.84%
- YTD
- 97.64%
- 1Y
- 82.62%
- 3Y*
- 24.31%
- 5Y*
- 22.54%
- 10Y*
- 5.42%
- ALL TIME*
- -6.60%
VLUE
- 1D
- -0.49%
- 1M
- -4.86%
- 6M
- 35.25%
- YTD
- 43.48%
- 1Y
- 71.63%
- 3Y*
- 29.42%
- 5Y*
- 16.55%
- 10Y*
- 14.56%
- ALL TIME*
- 13.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.02B | $802.47M | $996.79M | |
| $165.60M | $255.80M | $278.61M |
USO vs. VLUE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 97.64% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
VLUE iShares MSCI USA Value Factor ETF | 43.48% | 32.67% | 7.25% | 14.26% | -14.17% | 28.93% | -0.23% | 27.20% | -11.13% | 21.95% |
Correlation
The correlation between USO and VLUE is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.15 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.22 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013 | 0.25 |
The correlation between USO and VLUE shifts across timeframes, from -0.15 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USO vs. VLUE — Risk / Return Rank
USO
VLUE
USO vs. VLUE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and iShares MSCI USA Value Factor ETF (VLUE). 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 | VLUE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.61 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 7.98 | -5.51 |
| Martin ratioReturn relative to average drawdown | 6.41 | 27.87 | -21.47 |
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Drawdowns
USO vs. VLUE - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than VLUE's maximum drawdown of -39.47%. Use the drawdown chart below to compare losses from any high point for USO and VLUE.
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Drawdown Indicators
| USO | VLUE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -39.47% | -58.72% |
Max Drawdown (1Y)Largest decline over 1 year | -32.49% | -9.04% | -23.45% |
Max Drawdown (3Y)Largest decline over 3 years | -32.49% | -17.89% | -14.60% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -27.12% | -9.11% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -39.47% | -47.28% |
Current DrawdownCurrent decline from peak | -85.46% | -4.86% | -80.60% |
Average DrawdownAverage peak-to-trough decline | -75.37% | -5.99% | -69.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 2.58% | +9.89% |
Volatility
USO vs. VLUE - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.60% compared to iShares MSCI USA Value Factor ETF (VLUE) at 7.20%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than VLUE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | VLUE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.60% | 7.20% | +6.40% |
Volatility (6M)Calculated over the trailing 6-month period | 41.19% | 17.11% | +24.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.56% | 20.08% | +25.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.67% | 18.29% | +18.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.13% | 20.00% | +19.13% |
USO vs. VLUE - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than VLUE's 0.15% expense ratio.
Dividends
USO vs. VLUE - Dividend Comparison
USO has not paid dividends to shareholders, while VLUE's dividend yield for the trailing twelve months is around 1.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VLUE iShares MSCI USA Value Factor ETF | 1.44% | 2.11% | 2.73% | 2.66% | 3.18% | 2.22% | 2.42% | 2.61% | 2.70% | 2.14% | 2.07% | 2.39% |
Frequently Asked Questions
USO and VLUE have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (13.60%) compared to VLUE (7.20%). In terms of maximum drawdown, USO dropped -98.19% vs VLUE's -39.47%.
On 10-year performance, VLUE leads with 14.56% vs 5.42% for USO. On fees, VLUE is cheaper at 0.15% per year. On volatility, VLUE has been the lower-risk option at 7.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VLUE has performed better with a 14.56% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VLUE is cheaper with a 0.15% expense ratio, compared with 0.86% for USO.
VLUE has the higher dividend yield at 1.44%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while VLUE is Large Cap Value Equities. USO tracks Front Month Light Sweet Crude Oil, while VLUE tracks MSCI USA Enhanced Value Index. They also come from different issuers: USCF and iShares. Their fees differ too: 0.86% for USO and 0.15% for VLUE.
VLUE currently has the higher Sharpe Ratio (3.60 vs 1.76), 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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