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USO vs. XES
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USO vs. XES

Last updated Jun 6, 2026

USO (United States Oil Fund LP) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index. Both are passively managed. Over the past 10 years, USO returned 3.13%/yr vs -3.89%/yr for XES. A 0.59 correlation means they provide meaningful diversification when combined. USO charges 0.86%/yr vs 0.35%/yr for XES.

Performance

USO vs. XES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Oil Fund LP (USO) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USO achieves a 92.34% return, which is significantly higher than XES's 45.14% return. Over the past 10 years, USO has outperformed XES with an annualized return of 3.13%, while XES has yielded a comparatively lower -3.89% annualized 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%

XES

1D
-5.41%
1M
-5.77%
YTD
45.14%
6M
37.80%
1Y
92.54%
3Y*
18.76%
5Y*
12.90%
10Y*
-3.89%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USO vs. XES - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USO
United States Oil Fund LP		92.34%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%
XES
SPDR S&P Oil & Gas Equipment & Services ETF		45.14%5.89%-5.44%6.68%62.03%12.00%-43.38%-9.00%-46.99%-21.93%

Correlation

The correlation between USO and XES is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

Correlation (3Y)
Calculated over the trailing 3-year period

0.51

Correlation (5Y)
Calculated over the trailing 5-year period

0.57

Correlation (10Y)
Calculated over the trailing 10-year period

0.57

Correlation (All Time)
Calculated using the full available price history since Jun 23, 2006

0.59

Over the past year, the correlation between USO and XES has dropped to 0.36 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

United States Oil Fund LP

SPDR S&P Oil & Gas Equipment & Services ETF

Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI
Often compared with XES:
XES vs. OIHXES vs. XLEXES vs. IEZXES vs. PSCEXES vs. PXJXES vs. VDEXES vs. FENY

Return for Risk

USO vs. XES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USO
USO Risk / Return Rank: 6363
Overall Rank
USO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
USO Sortino Ratio Rank: 5858
Sortino Ratio Rank
USO Omega Ratio Rank: 5858
Omega Ratio Rank
USO Calmar Ratio Rank: 8484
Calmar Ratio Rank
USO Martin Ratio Rank: 5151
Martin Ratio Rank
XES
XES Risk / Return Rank: 8888
Overall Rank
XES Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
XES Sortino Ratio Rank: 8383
Sortino Ratio Rank
XES Omega Ratio Rank: 7979
Omega Ratio Rank
XES Calmar Ratio Rank: 9696
Calmar Ratio Rank
XES Martin Ratio Rank: 9393
Martin Ratio Rank
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. XES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). 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.

USOXESDifference
Sharpe ratioReturn per unit of total volatility
2.04
3.03

-0.98

Sortino ratioReturn per unit of downside risk
2.66
3.60

-0.95

Omega ratioGain probability vs. loss probability

1.35

1.45

-0.11

Calmar ratioReturn relative to maximum drawdown

4.45

8.30

-3.86

Martin ratioReturn relative to average drawdown

8.33

24.92

-16.59

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. XES - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 2.04, which is lower than the XES Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of USO and XES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

USOXESDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.04

3.03

-0.98

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.33

+0.31

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.08

-0.09

+0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.18

-0.08

-0.11

Drawdowns

USO vs. XES - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, roughly equal to the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for USO and XES.

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Drawdown Indicators

USOXESDifference

Max Drawdown

Largest peak-to-trough decline

-98.19%

-95.65%

-2.54%

Max Drawdown (1Y)

Largest decline over 1 year

-20.39%

-11.21%

-9.18%

Max Drawdown (3Y)

Largest decline over 3 years

-26.05%

-45.95%

+19.90%

Max Drawdown (5Y)

Largest decline over 5 years

-36.23%

-45.95%

+9.72%

Max Drawdown (10Y)

Largest decline over 10 years

-86.75%

-91.23%

+4.48%

Current Drawdown

Current decline from peak

-85.85%

-71.97%

-13.88%

Average Drawdown

Average peak-to-trough decline

-75.30%

-54.37%

-20.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.87%

3.73%

+7.14%

Volatility

USO vs. XES - Volatility Comparison

United States Oil Fund LP (USO) has a higher volatility of 13.30% compared to SPDR S&P Oil & Gas Equipment & Services ETF (XES) at 9.88%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than XES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USOXESDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.30%

9.88%

+3.42%

Volatility (6M)

Calculated over the trailing 6-month period

38.49%

20.92%

+17.57%

Volatility (1Y)

Calculated over the trailing 1-year period

44.41%

30.76%

+13.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.09%

39.11%

-3.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

39.01%

44.98%

-5.97%

USO vs. XES - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is higher than XES's 0.35% expense ratio.

Dividends

USO vs. XES - Dividend Comparison

USO has not paid dividends to shareholders, while XES's dividend yield for the trailing twelve months is around 1.17%.

PositionTTM20252024202320222021202020192018201720162015
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%
XES
SPDR S&P Oil & Gas Equipment & Services ETF		1.17%1.69%1.31%0.66%0.36%1.81%1.33%1.43%1.14%1.68%0.64%2.47%

Frequently Asked Questions

USO and XES have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (13.30%) compared to XES (9.88%). In terms of maximum drawdown, USO dropped -98.19% vs XES's -95.65%.

On 10-year performance, USO leads with 3.13% vs -3.89% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, XES has been the lower-risk option at 9.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USO has performed better with a 3.13% return vs -3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XES is cheaper with a 0.35% expense ratio, compared with 0.86% for USO.

XES has the higher dividend yield at 1.17%, compared with 0.00% for USO.

USO is categorized as Oil & Gas, while XES is Energy Equities. USO tracks Front Month Light Sweet Crude Oil, while XES tracks S&P Oil & Gas Equipment & Services Select Industry Index. They also come from different issuers: USCF and State Street. Their fees differ too: 0.86% for USO and 0.35% for XES.

XES currently has the higher Sharpe Ratio (3.02 vs 2.04), 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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