UYG vs. USO
UYG (ProShares Ultra Financials) and USO (United States Oil Fund LP) are both exchange-traded funds - UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials Index (200%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, UYG returned 18.56%/yr vs 2.01%/yr for USO. At a 0.23 correlation, their price movements are largely independent. UYG charges 0.95%/yr vs 0.86%/yr for USO.
Performance
UYG vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, UYG achieves a -5.36% return, which is significantly lower than USO's 60.87% return. Over the past 10 years, UYG has outperformed USO with an annualized return of 18.56%, while USO has yielded a comparatively lower 2.01% annualized return.
UYG
- 1D
- 0.67%
- 1M
- 7.89%
- YTD
- -5.36%
- 6M
- -7.63%
- 1Y
- 7.16%
- 3Y*
- 31.42%
- 5Y*
- 12.07%
- 10Y*
- 18.56%
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%
UYG vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UYG ProShares Ultra Financials | -5.36% | 19.77% | 55.71% | 22.14% | -32.11% | 76.26% | -20.32% | 66.15% | -22.61% | 39.28% |
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% |
Correlation
The correlation between UYG and USO is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | 0.23 |
The correlation between UYG and USO shifts across timeframes, from -0.23 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UYG vs. USO — Risk / Return Rank
UYG
USO
UYG vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) 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.
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.
| UYG | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.21 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | 1.68 | -1.43 |
| Martin ratioReturn relative to average drawdown | 0.58 | 4.57 | -3.99 |
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Drawdowns
UYG vs. USO - Drawdown Comparison
The maximum UYG drawdown since its inception was -97.90%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for UYG and USO.
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Drawdown Indicators
| UYG | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.90% | -98.19% | +0.29% |
Max Drawdown (1Y)Largest decline over 1 year | -28.91% | -27.26% | -1.65% |
Max Drawdown (3Y)Largest decline over 3 years | -30.35% | -27.26% | -3.09% |
Max Drawdown (5Y)Largest decline over 5 years | -47.77% | -36.23% | -11.54% |
Max Drawdown (10Y)Largest decline over 10 years | -69.98% | -86.75% | +16.77% |
Current DrawdownCurrent decline from peak | -10.62% | -88.16% | +77.54% |
Average DrawdownAverage peak-to-trough decline | -63.22% | -75.31% | +12.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.27% | 10.02% | +2.25% |
Volatility
UYG vs. USO - Volatility Comparison
The current volatility for ProShares Ultra Financials (UYG) is 8.17%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that UYG 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
| UYG | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.17% | 11.79% | -3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 22.52% | 39.34% | -16.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.20% | 44.35% | -15.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.14% | 36.32% | -0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.95% | 39.02% | +1.93% |
UYG vs. USO - Expense Ratio Comparison
UYG has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
UYG vs. USO - Dividend Comparison
UYG's dividend yield for the trailing twelve months is around 12.34%, 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% |
UYG ProShares Ultra Financials | 12.34% | 11.72% | 0.51% | 0.79% | 0.77% | 9.39% | 0.66% | 0.90% | 1.28% | 0.56% | 0.76% | 0.72% |
Frequently Asked Questions
UYG and USO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (11.79%) compared to UYG (8.17%). In terms of maximum drawdown, UYG dropped -97.90% vs USO's -98.19%.
On 10-year performance, UYG leads with 18.56% vs 2.01% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, UYG has been the lower-risk option at 8.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UYG has performed better with a 18.56% return vs 2.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for UYG.
UYG has the higher dividend yield at 12.34%, compared with 0.00% for USO.
UYG is categorized as Leveraged Equities, while USO is Oil & Gas. UYG tracks Dow Jones U.S. Financials Index (200%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for UYG and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.05 vs 0.25), 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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