USO vs. VOO
USO (United States Oil Fund LP) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, USO returned 3.57%/yr vs 15.55%/yr for VOO. At a 0.26 correlation, their price movements are largely independent. USO charges 0.86%/yr vs 0.03%/yr for VOO.
Performance
USO vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 97.72% return, which is significantly higher than VOO's 11.34% return. Over the past 10 years, USO has underperformed VOO with an annualized return of 3.57%, while VOO has yielded a comparatively higher 15.55% annualized return.
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
VOO
- 1D
- 0.39%
- 1M
- 4.62%
- YTD
- 11.34%
- 6M
- 11.27%
- 1Y
- 28.62%
- 3Y*
- 22.68%
- 5Y*
- 13.98%
- 10Y*
- 15.55%
USO vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
VOO Vanguard S&P 500 ETF | 11.34% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between USO and VOO is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010 | 0.26 |
The correlation between USO and VOO shifts across timeframes, from -0.33 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USO vs. VOO — Risk / Return Rank
USO
VOO
USO vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.44 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.79 | 3.23 | +1.56 |
| Martin ratioReturn relative to average drawdown | 9.00 | 15.03 | -6.03 |
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 | VOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | 2.44 | -0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.84 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.09 | 0.87 | -0.77 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.89 | -1.07 |
Drawdowns
USO vs. VOO - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for USO and VOO.
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Drawdown Indicators
| USO | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -33.99% | -64.20% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -8.90% | -11.49% |
Max Drawdown (3Y)Largest decline over 3 years | -26.05% | -18.69% | -7.36% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -24.52% | -11.71% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -33.99% | -52.76% |
Current DrawdownCurrent decline from peak | -85.45% | -0.32% | -85.13% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -3.69% | -71.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.84% | 1.91% | +8.93% |
Volatility
USO vs. VOO - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 14.97% compared to Vanguard S&P 500 ETF (VOO) at 2.78%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.97% | 2.78% | +12.19% |
Volatility (6M)Calculated over the trailing 6-month period | 38.35% | 8.90% | +29.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 11.80% | +32.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.09% | 16.81% | +19.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.00% | 18.00% | +21.00% |
USO vs. VOO - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
USO vs. VOO - Dividend Comparison
USO has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.02%.
| 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% |
VOO Vanguard S&P 500 ETF | 1.02% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
USO and VOO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to VOO (2.78%). In terms of maximum drawdown, USO dropped -98.19% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.55% vs 3.57% for USO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.55% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.86% for USO.
VOO has the higher dividend yield at 1.02%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while VOO is S&P 500. USO tracks Front Month Light Sweet Crude Oil, while VOO tracks S&P 500 Index. They also come from different issuers: USCF and Vanguard. Their fees differ too: 0.86% for USO and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (2.44 vs 2.21), 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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