VCEB vs. USO
VCEB (Vanguard ESG U.S. Corporate Bond ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - VCEB is a Corporate Bonds fund tracking the Bloomberg Barclays MSCI US Corp SRI Select Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, VCEB returned -0.23%/yr vs 20.59%/yr for USO. Their -0.12 correlation means they have often moved in opposite directions in the past. VCEB charges 0.12%/yr vs 0.86%/yr for USO.
Performance
VCEB vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, VCEB achieves a -0.91% return, which is significantly lower than USO's 86.77% return.
VCEB
- 1D
- -0.03%
- 1M
- -1.57%
- 6M
- -1.15%
- YTD
- -0.91%
- 1Y
- 1.38%
- 3Y*
- 4.64%
- 5Y*
- -0.23%
- 10Y*
- —
- ALL TIME*
- 0.11%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $968.42M | $871.56M | $931.57M | |
| $3.14M | $4.62M | $5.43M |
VCEB vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VCEB Vanguard ESG U.S. Corporate Bond ETF | -0.91% | 7.48% | 2.23% | 8.52% | -15.15% | -1.99% | 2.45% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | 17.77% |
Correlation
The correlation between VCEB and USO is -0.44, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.44 |
Correlation (3Y) Balances recent behavior with more history. | -0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | -0.12 |
Over the past year, the inverse relationship between VCEB and USO has strengthened: their correlation has moved from -0.12 to -0.44, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
VCEB vs. USO — Risk / Return Rank
VCEB
USO
VCEB vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG U.S. Corporate Bond ETF (VCEB) 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.
| VCEB | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.25 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 1.93 | -1.16 |
| Martin ratioReturn relative to average drawdown | 2.01 | 5.60 | -3.58 |
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Drawdowns
VCEB vs. USO - Drawdown Comparison
The maximum VCEB drawdown since its inception was -21.60%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for VCEB and USO.
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Drawdown Indicators
| VCEB | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.60% | -98.19% | +76.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -32.49% | +29.67% |
Max Drawdown (3Y)Largest decline over 3 years | -5.00% | -32.49% | +27.49% |
Max Drawdown (5Y)Largest decline over 5 years | -21.39% | -36.23% | +14.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -2.26% | -86.26% | +84.00% |
Average DrawdownAverage peak-to-trough decline | -7.46% | -75.38% | +67.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 12.03% | -10.96% |
Volatility
VCEB vs. USO - Volatility Comparison
The current volatility for Vanguard ESG U.S. Corporate Bond ETF (VCEB) is 1.12%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that VCEB 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
| VCEB | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 17.73% | -16.61% |
Volatility (6M)Calculated over the trailing 6-month period | 3.33% | 42.79% | -39.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.20% | 46.91% | -42.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.84% | 37.06% | -30.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.60% | 39.29% | -32.69% |
VCEB vs. USO - Expense Ratio Comparison
VCEB has a 0.12% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
VCEB vs. USO - Dividend Comparison
VCEB's dividend yield for the trailing twelve months is around 4.73%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 4.33% | 4.57% | 4.47% | 3.70% | 2.84% | 1.69% | 0.43% |
Frequently Asked Questions
VCEB and USO have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (17.73%) compared to VCEB (1.12%). In terms of maximum drawdown, VCEB dropped -21.60% vs USO's -98.19%.
On 5-year performance, USO leads with 20.59% vs -0.23% for VCEB. On fees, VCEB is cheaper at 0.12% per year. On volatility, VCEB has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 20.59% return vs -0.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCEB is cheaper with a 0.12% expense ratio, compared with 0.86% for USO.
VCEB has the higher dividend yield at 4.33%, compared with 0.00% for USO.
VCEB is categorized as Corporate Bonds, while USO is Oil & Gas. VCEB tracks Bloomberg Barclays MSCI US Corp SRI Select Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Vanguard and USCF. Their fees differ too: 0.12% for VCEB and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs 0.51), 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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