USO vs. WTI
USO (United States Oil Fund LP) is Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while WTI (W&T Offshore, Inc.) is a stock. Over the past 10 years, USO returned 2.01%/yr vs 4.71%/yr for WTI. A 0.56 correlation means they provide meaningful diversification when combined.
Performance
USO vs. WTI - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 60.87% return, which is significantly lower than WTI's 105.44% return. Over the past 10 years, USO has underperformed WTI with an annualized return of 2.01%, while WTI has yielded a comparatively higher 4.71% annualized return.
USO
- 1D
- -1.27%
- 1M
- -21.05%
- YTD
- 60.87%
- 6M
- 58.26%
- 1Y
- 45.61%
- 3Y*
- 21.25%
- 5Y*
- 17.42%
- 10Y*
- 2.01%
WTI
- 1D
- 0.60%
- 1M
- -24.83%
- YTD
- 105.44%
- 6M
- 101.72%
- 1Y
- 65.16%
- 3Y*
- -1.72%
- 5Y*
- -6.42%
- 10Y*
- 4.71%
USO vs. WTI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 60.87% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
WTI W&T Offshore, Inc. | 105.44% | 0.62% | -48.17% | -41.41% | 72.76% | 48.85% | -60.97% | 34.95% | 24.47% | 19.49% |
Correlation
The correlation between USO and WTI is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2006 | 0.56 |
The correlation between USO and WTI has been stable across timeframes, ranging from 0.56 to 0.60 - a consistent structural relationship.
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Return for Risk
USO vs. WTI — Risk / Return Rank
USO
WTI
USO vs. WTI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and W&T Offshore, Inc. (WTI). 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 | WTI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.19 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.63 | +0.05 |
| Martin ratioReturn relative to average drawdown | 4.57 | 3.76 | +0.82 |
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Drawdowns
USO vs. WTI - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, roughly equal to the maximum WTI drawdown of -97.59%. Use the drawdown chart below to compare losses from any high point for USO and WTI.
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Drawdown Indicators
| USO | WTI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -97.59% | -0.60% |
Max Drawdown (1Y)Largest decline over 1 year | -27.26% | -40.17% | +12.91% |
Max Drawdown (3Y)Largest decline over 3 years | -27.26% | -74.31% | +47.05% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -87.31% | +51.08% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -88.92% | +2.17% |
Current DrawdownCurrent decline from peak | -88.16% | -92.24% | +4.08% |
Average DrawdownAverage peak-to-trough decline | -75.31% | -74.11% | -1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.02% | 18.62% | -8.60% |
Volatility
USO vs. WTI - Volatility Comparison
The current volatility for United States Oil Fund LP (USO) is 11.79%, while W&T Offshore, Inc. (WTI) has a volatility of 30.13%. This indicates that USO experiences smaller price fluctuations and is considered to be less risky than WTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | WTI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.79% | 30.13% | -18.34% |
Volatility (6M)Calculated over the trailing 6-month period | 39.34% | 70.28% | -30.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.35% | 85.82% | -41.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.32% | 69.66% | -33.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.02% | 73.54% | -34.52% |
Dividends
USO vs. WTI - Dividend Comparison
USO has not paid dividends to shareholders, while WTI's dividend yield for the trailing twelve months is around 1.20%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
WTI W&T Offshore, Inc. | 1.20% | 2.45% | 2.41% | 0.31% |
Frequently Asked Questions
USO and WTI have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WTI has higher volatility (30.13%) compared to USO (11.79%). In terms of maximum drawdown, USO dropped -98.19% vs WTI's -97.59%.
USO currently has the higher Sharpe Ratio (1.05 vs 0.76), 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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