VFMF vs. USO
VFMF (Vanguard U.S. Multifactor ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - VFMF is a Multi-factor fund managed by Vanguard, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Over the past 5 years, VFMF returned 13.18%/yr vs 23.67%/yr for USO. At a 0.25 correlation, their price movements are largely independent. VFMF charges 0.18%/yr vs 0.86%/yr for USO.
Performance
VFMF vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, VFMF achieves a 16.18% return, which is significantly lower than USO's 97.72% return.
VFMF
- 1D
- 1.15%
- 1M
- 2.93%
- YTD
- 16.18%
- 6M
- 17.39%
- 1Y
- 35.69%
- 3Y*
- 23.25%
- 5Y*
- 13.18%
- 10Y*
- —
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%
VFMF vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VFMF Vanguard U.S. Multifactor ETF | 16.18% | 17.38% | 15.60% | 18.52% | -5.70% | 30.05% | 4.99% | 22.34% | -11.29% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -21.65% |
Correlation
The correlation between VFMF and USO is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2018 | 0.25 |
The correlation between VFMF and USO shifts across timeframes, from -0.25 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VFMF vs. USO — Risk / Return Rank
VFMF
USO
VFMF vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Multifactor ETF (VFMF) 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.
| VFMF | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.37 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 5.07 | 4.79 | +0.27 |
| Martin ratioReturn relative to average drawdown | 19.02 | 9.00 | +10.03 |
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
| VFMF | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.73 | 2.21 | +0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.66 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | -0.18 | +0.76 |
Drawdowns
VFMF vs. USO - Drawdown Comparison
The maximum VFMF drawdown since its inception was -41.34%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for VFMF and USO.
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Drawdown Indicators
| VFMF | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.34% | -98.19% | +56.85% |
Max Drawdown (1Y)Largest decline over 1 year | -7.08% | -20.39% | +13.31% |
Max Drawdown (3Y)Largest decline over 3 years | -20.57% | -26.05% | +5.48% |
Max Drawdown (5Y)Largest decline over 5 years | -20.57% | -36.23% | +15.66% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | 0.00% | -85.45% | +85.45% |
Average DrawdownAverage peak-to-trough decline | -5.74% | -75.30% | +69.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.88% | 10.84% | -8.96% |
Volatility
VFMF vs. USO - Volatility Comparison
The current volatility for Vanguard U.S. Multifactor ETF (VFMF) is 2.93%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that VFMF 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
| VFMF | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.93% | 14.97% | -12.04% |
Volatility (6M)Calculated over the trailing 6-month period | 9.13% | 38.35% | -29.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.16% | 44.32% | -31.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.10% | 36.09% | -17.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.15% | 39.00% | -17.85% |
VFMF vs. USO - Expense Ratio Comparison
VFMF has a 0.18% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
VFMF vs. USO - Dividend Comparison
VFMF's dividend yield for the trailing twelve months is around 1.36%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VFMF Vanguard U.S. Multifactor ETF | 1.36% | 1.54% | 1.60% | 1.78% | 2.21% | 1.39% | 1.56% | 1.61% | 1.22% |
Frequently Asked Questions
VFMF and USO have a correlation of -0.25, 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 VFMF (2.93%). In terms of maximum drawdown, VFMF dropped -41.34% vs USO's -98.19%.
On 5-year performance, USO leads with 23.67% vs 13.18% for VFMF. On fees, VFMF is cheaper at 0.18% per year. On volatility, VFMF has been the lower-risk option at 2.93%. 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 23.67% return vs 13.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VFMF is cheaper with a 0.18% expense ratio, compared with 0.86% for USO.
VFMF has the higher dividend yield at 1.36%, compared with 0.00% for USO.
VFMF is categorized as Multi-factor, while USO is Oil & Gas. They also come from different issuers: Vanguard and USCF. Their fees differ too: 0.18% for VFMF and 0.86% for USO.
VFMF currently has the higher Sharpe Ratio (2.73 vs 2.21), 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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