UTES vs. USO
UTES (Virtus Reaves Utilities ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - UTES is a Utilities Equities fund actively managed by Virtus Investment Partners, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. UTES is actively managed, while USO is passively managed. Over the past 10 years, UTES returned 12.51%/yr vs 3.57%/yr for USO. At a 0.05 correlation, their price movements are largely independent. UTES charges 0.49%/yr vs 0.86%/yr for USO.
Performance
UTES vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, UTES achieves a 0.41% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, UTES has outperformed USO with an annualized return of 12.51%, while USO has yielded a comparatively lower 3.57% annualized return.
UTES
- 1D
- 0.33%
- 1M
- -6.27%
- YTD
- 0.41%
- 6M
- -1.88%
- 1Y
- 9.97%
- 3Y*
- 22.76%
- 5Y*
- 15.74%
- 10Y*
- 12.51%
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%
UTES vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UTES Virtus Reaves Utilities ETF | 0.41% | 25.71% | 45.35% | -2.46% | 0.80% | 20.74% | -0.30% | 25.48% | 5.14% | 14.21% |
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% |
Correlation
The correlation between UTES and USO is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015 | 0.05 |
The correlation between UTES and USO shifts across timeframes, from -0.15 (1 year) to 0.05 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
UTES vs. USO — Risk / Return Rank
UTES
USO
UTES vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Reaves Utilities ETF (UTES) and United States Oil Fund LP (USO). 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.
| UTES | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.37 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 4.79 | -4.07 |
| Martin ratioReturn relative to average drawdown | 1.64 | 9.00 | -7.36 |
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
| UTES | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.47 | 2.21 | -1.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.77 | 0.66 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 0.09 | +0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.70 | -0.18 | +0.88 |
Drawdowns
UTES vs. USO - Drawdown Comparison
The maximum UTES drawdown since its inception was -35.39%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for UTES and USO.
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Drawdown Indicators
| UTES | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -98.19% | +62.80% |
Max Drawdown (1Y)Largest decline over 1 year | -13.88% | -20.39% | +6.51% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -26.05% | +8.43% |
Max Drawdown (5Y)Largest decline over 5 years | -20.40% | -36.23% | +15.83% |
Max Drawdown (10Y)Largest decline over 10 years | -35.39% | -86.75% | +51.36% |
Current DrawdownCurrent decline from peak | -8.96% | -85.45% | +76.49% |
Average DrawdownAverage peak-to-trough decline | -5.52% | -75.30% | +69.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.10% | 10.84% | -4.74% |
Volatility
UTES vs. USO - Volatility Comparison
The current volatility for Virtus Reaves Utilities ETF (UTES) is 7.42%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that UTES experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTES | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.42% | 14.97% | -7.55% |
Volatility (6M)Calculated over the trailing 6-month period | 16.92% | 38.35% | -21.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.25% | 44.32% | -23.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 36.09% | -15.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.16% | 39.00% | -18.84% |
UTES vs. USO - Expense Ratio Comparison
UTES has a 0.49% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
UTES vs. USO - Dividend Comparison
UTES's dividend yield for the trailing twelve months is around 1.49%, while USO has not paid dividends to shareholders.
| 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% |
UTES Virtus Reaves Utilities ETF | 1.49% | 1.42% | 1.51% | 2.44% | 2.13% | 1.94% | 2.09% | 1.84% | 2.09% | 3.44% | 3.53% | 0.61% |
Frequently Asked Questions
UTES and USO 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 (14.97%) compared to UTES (7.42%). In terms of maximum drawdown, UTES dropped -35.39% vs USO's -98.19%.
On 10-year performance, UTES leads with 12.51% vs 3.57% for USO. On fees, UTES is cheaper at 0.49% per year. On volatility, UTES has been the lower-risk option at 7.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UTES has performed better with a 12.51% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTES is cheaper with a 0.49% expense ratio, compared with 0.86% for USO.
UTES has the higher dividend yield at 1.49%, compared with 0.00% for USO.
UTES is categorized as Utilities Equities, while USO is Oil & Gas. They also come from different issuers: Virtus Investment Partners and USCF. Their fees differ too: 0.49% for UTES and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs 0.47), 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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