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VIOO vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIOO vs. USO

Last updated Jun 3, 2026

VIOO (Vanguard S&P Small-Cap 600 ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, VIOO returned 10.77%/yr vs 3.80%/yr for USO. At a 0.26 correlation, their price movements are largely independent. VIOO charges 0.10%/yr vs 0.86%/yr for USO.

Performance

VIOO vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 ETF (VIOO) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VIOO achieves a 16.37% return, which is significantly lower than USO's 98.48% return. Over the past 10 years, VIOO has outperformed USO with an annualized return of 10.77%, while USO has yielded a comparatively lower 3.80% annualized return.

VIOO

1D
0.91%
1M
1.63%
YTD
16.37%
6M
16.85%
1Y
34.98%
3Y*
14.74%
5Y*
5.91%
10Y*
10.77%

USO

1D
1.31%
1M
-3.87%
YTD
98.48%
6M
95.54%
1Y
97.37%
3Y*
28.86%
5Y*
23.92%
10Y*
3.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIOO vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIOO
Vanguard S&P Small-Cap 600 ETF		16.37%6.04%8.48%16.16%-16.26%26.79%11.47%22.68%-8.65%13.16%
USO
United States Oil Fund LP		98.48%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between VIOO and USO is -0.28, 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

-0.28

Correlation (3Y)
Calculated over the trailing 3-year period

-0.02

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (10Y)
Calculated over the trailing 10-year period

0.21

Correlation (All Time)
Calculated using the full available price history since Sep 10, 2010

0.26

The correlation between VIOO and USO shifts across timeframes, from -0.28 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard S&P Small-Cap 600 ETF

United States Oil Fund LP

Often compared with VIOO:
VIOO vs. VBVIOO vs. IJRVIOO vs. VOVIOO vs. AVUVVIOO vs. VIOVVIOO vs. VTWOVIOO vs. VIOG
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

VIOO vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIOO
VIOO Risk / Return Rank: 6464
Overall Rank
VIOO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
VIOO Sortino Ratio Rank: 6161
Sortino Ratio Rank
VIOO Omega Ratio Rank: 5555
Omega Ratio Rank
VIOO Calmar Ratio Rank: 7676
Calmar Ratio Rank
VIOO Martin Ratio Rank: 7070
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
USO Sortino Ratio Rank: 5959
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8888
Calmar Ratio Rank
USO Martin Ratio Rank: 5555
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VIOO vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 ETF (VIOO) 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.

VIOOUSODifference

Sharpe ratio

Return per unit of total volatility

2.00

2.22

-0.22

Sortino ratio

Return per unit of downside risk

2.88

2.81

+0.06

Omega ratio

Gain probability vs. loss probability

1.34

1.37

-0.03

Calmar ratio

Return relative to maximum drawdown

3.93

5.12

-1.19

Martin ratio

Return relative to average drawdown

13.17

9.66

+3.51

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIOO vs. USO - Sharpe Ratio Comparison

The current VIOO Sharpe Ratio is 2.00, which is comparable to the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of VIOO and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VIOOUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.00

2.22

-0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.28

0.67

-0.39

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

0.10

+0.37

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

-0.18

+0.75

Drawdowns

VIOO vs. USO - Drawdown Comparison

The maximum VIOO drawdown since its inception was -44.15%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for VIOO and USO.

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Drawdown Indicators

VIOOUSODifference

Max Drawdown

Largest peak-to-trough decline

-44.15%

-98.19%

+54.04%

Max Drawdown (1Y)

Largest decline over 1 year

-8.77%

-20.39%

+11.62%

Max Drawdown (3Y)

Largest decline over 3 years

-27.93%

-26.05%

-1.88%

Max Drawdown (5Y)

Largest decline over 5 years

-27.93%

-36.23%

+8.30%

Max Drawdown (10Y)

Largest decline over 10 years

-44.15%

-86.75%

+42.60%

Current Drawdown

Current decline from peak

-0.01%

-85.39%

+85.38%

Average Drawdown

Average peak-to-trough decline

-7.34%

-75.30%

+67.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.62%

10.81%

-8.19%

Volatility

VIOO vs. USO - Volatility Comparison

The current volatility for Vanguard S&P Small-Cap 600 ETF (VIOO) is 4.40%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that VIOO 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

VIOOUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.40%

15.03%

-10.63%

Volatility (6M)

Calculated over the trailing 6-month period

11.69%

38.18%

-26.49%

Volatility (1Y)

Calculated over the trailing 1-year period

17.57%

44.26%

-26.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.40%

36.04%

-14.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.99%

39.00%

-16.01%

VIOO vs. USO - Expense Ratio Comparison

VIOO has a 0.10% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

VIOO vs. USO - Dividend Comparison

VIOO's dividend yield for the trailing twelve months is around 1.17%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
VIOO
Vanguard S&P Small-Cap 600 ETF		1.17%1.36%1.48%1.47%1.51%1.16%1.09%1.37%1.32%1.11%1.06%1.26%

Frequently Asked Questions

VIOO and USO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (15.03%) compared to VIOO (4.40%). In terms of maximum drawdown, VIOO dropped -44.15% vs USO's -98.19%.

On 10-year performance, VIOO leads with 10.77% vs 3.80% for USO. On fees, VIOO is cheaper at 0.10% per year. On volatility, VIOO has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VIOO has performed better with a 10.77% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VIOO is cheaper with a 0.10% expense ratio, compared with 0.86% for USO.

VIOO has the higher dividend yield at 1.17%, compared with 0.00% for USO.

VIOO is categorized as Small Cap Blend Equities, while USO is Oil & Gas. VIOO tracks S&P SmallCap 600 Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Vanguard and USCF. Their fees differ too: 0.10% for VIOO and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.22 vs 2.00), 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.

Portfolio Optimizer

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