USO vs. ZSB
USO (United States Oil Fund LP) and ZSB (USCF Sustainable Battery Metals Strategy Fund) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while ZSB is a Commodities fund tracking the S&P GSCI Electric Vehicle Meals Index. Both are passively managed. Over the past 3 years, USO returned 27.76%/yr vs 4.67%/yr for ZSB. At a 0.10 correlation, their price movements are largely independent. USO charges 0.86%/yr vs 0.59%/yr for ZSB.
Performance
USO vs. ZSB - 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 ZSB's 8.58% 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%
ZSB
- 1D
- -2.35%
- 1M
- -4.43%
- YTD
- 8.58%
- 6M
- 22.09%
- 1Y
- 68.26%
- 3Y*
- 4.67%
- 5Y*
- —
- 10Y*
- —
USO vs. ZSB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USO United States Oil Fund LP | 92.34% | -8.46% | 13.35% | -2.06% |
ZSB USCF Sustainable Battery Metals Strategy Fund | 8.58% | 64.34% | -19.70% | -31.38% |
Correlation
The correlation between USO and ZSB is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | 0.10 |
The correlation between USO and ZSB shifts across timeframes, from -0.05 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USO vs. ZSB — Risk / Return Rank
USO
ZSB
USO vs. ZSB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and USCF Sustainable Battery Metals Strategy Fund (ZSB). 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 | ZSB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.47 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 4.45 | 4.10 | +0.35 |
| Martin ratioReturn relative to average drawdown | 8.33 | 11.47 | -3.14 |
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 | ZSB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 2.59 | -0.54 |
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 | -0.03 | -0.16 |
Drawdowns
USO vs. ZSB - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than ZSB's maximum drawdown of -49.26%. Use the drawdown chart below to compare losses from any high point for USO and ZSB.
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Drawdown Indicators
| USO | ZSB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -49.26% | -48.93% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -16.75% | -3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -26.05% | -43.22% | +17.17% |
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% | -8.45% | -77.40% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -30.90% | -44.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.87% | 5.97% | +4.90% |
Volatility
USO vs. ZSB - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.30% compared to USCF Sustainable Battery Metals Strategy Fund (ZSB) at 5.80%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than ZSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | ZSB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.30% | 5.80% | +7.50% |
Volatility (6M)Calculated over the trailing 6-month period | 38.49% | 22.80% | +15.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.41% | 26.52% | +17.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.09% | 19.64% | +16.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.01% | 19.64% | +19.37% |
USO vs. ZSB - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than ZSB's 0.59% expense ratio.
Dividends
USO vs. ZSB - Dividend Comparison
USO has not paid dividends to shareholders, while ZSB's dividend yield for the trailing twelve months is around 0.85%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
ZSB USCF Sustainable Battery Metals Strategy Fund | 0.85% | 0.92% | 2.96% | 3.59% |
Frequently Asked Questions
USO and ZSB have a correlation of -0.05, 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 ZSB (5.80%). In terms of maximum drawdown, USO dropped -98.19% vs ZSB's -49.26%.
On 3-year performance, USO leads with 27.76% vs 4.67% for ZSB. On fees, ZSB is cheaper at 0.59% per year. On volatility, ZSB has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 27.76% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZSB is cheaper with a 0.59% expense ratio, compared with 0.86% for USO.
ZSB has the higher dividend yield at 0.85%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while ZSB is Commodities. USO tracks Front Month Light Sweet Crude Oil, while ZSB tracks S&P GSCI Electric Vehicle Meals Index. Their fees differ too: 0.86% for USO and 0.59% for ZSB.
ZSB currently has the higher Sharpe Ratio (2.59 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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