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VLU vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VLU vs. USO

Last updated Jun 4, 2026

VLU (SPDR S&P 1500 Value Tilt ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - VLU is a Large Cap Value Equities fund tracking the S&P 1500 Low Valuation Tilt 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, VLU returned 13.99%/yr vs 4.07%/yr for USO. At a 0.20 correlation, their price movements are largely independent. VLU charges 0.12%/yr vs 0.86%/yr for USO.

Performance

VLU vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 1500 Value Tilt ETF (VLU) 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, VLU achieves a 12.99% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, VLU has outperformed USO with an annualized return of 13.99%, while USO has yielded a comparatively lower 4.07% annualized return.

VLU

1D
-0.49%
1M
3.04%
YTD
12.99%
6M
13.61%
1Y
29.22%
3Y*
20.61%
5Y*
11.91%
10Y*
13.99%

USO

1D
2.62%
1M
-4.57%
YTD
103.67%
6M
99.35%
1Y
101.55%
3Y*
29.98%
5Y*
24.41%
10Y*
4.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VLU vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VLU
SPDR S&P 1500 Value Tilt ETF		12.99%16.70%17.24%17.18%-8.24%30.95%9.91%26.20%-7.89%18.16%
USO
United States Oil Fund LP		103.67%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between VLU and USO is -0.22, 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

-0.22

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

0.00

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

0.16

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

0.22

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2012

0.20

The correlation between VLU and USO shifts across timeframes, from -0.22 (1 year) to 0.22 (10 years), 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.

SPDR S&P 1500 Value Tilt ETF

United States Oil Fund LP

Often compared with VLU:
VLU vs. VTVVLU vs. VLUEVLU vs. VYMVLU vs. SCHDVLU vs. WTVVLU vs. AOAVLU vs. MMTM
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

VLU vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VLU
VLU Risk / Return Rank: 8383
Overall Rank
VLU Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
VLU Sortino Ratio Rank: 8383
Sortino Ratio Rank
VLU Omega Ratio Rank: 8181
Omega Ratio Rank
VLU Calmar Ratio Rank: 8484
Calmar Ratio Rank
VLU Martin Ratio Rank: 8686
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6060
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8787
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
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.

VLU vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 1500 Value Tilt ETF (VLU) 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.

VLUUSODifference
Sharpe ratioReturn per unit of total volatility
2.70
2.31

+0.39

Sortino ratioReturn per unit of downside risk
3.78
2.89

+0.89

Omega ratioGain probability vs. loss probability

1.49

1.38

+0.11

Calmar ratioReturn relative to maximum drawdown

4.63

5.01

-0.38

Martin ratioReturn relative to average drawdown

18.56

9.42

+9.14

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

VLU vs. USO - Sharpe Ratio Comparison

The current VLU Sharpe Ratio is 2.70, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of VLU 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

VLUUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.70

2.31

+0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.78

0.68

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.78

0.10

+0.67

Sharpe Ratio (All Time)

Calculated using the full available price history

0.82

-0.18

+0.99

Drawdowns

VLU vs. USO - Drawdown Comparison

The maximum VLU drawdown since its inception was -37.39%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for VLU and USO.

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Drawdown Indicators

VLUUSODifference

Max Drawdown

Largest peak-to-trough decline

-37.39%

-98.19%

+60.80%

Max Drawdown (1Y)

Largest decline over 1 year

-6.34%

-20.39%

+14.05%

Max Drawdown (3Y)

Largest decline over 3 years

-16.22%

-26.05%

+9.83%

Max Drawdown (5Y)

Largest decline over 5 years

-19.55%

-36.23%

+16.68%

Max Drawdown (10Y)

Largest decline over 10 years

-37.39%

-86.75%

+49.36%

Current Drawdown

Current decline from peak

-0.49%

-85.01%

+84.52%

Average Drawdown

Average peak-to-trough decline

-3.74%

-75.30%

+71.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.58%

10.82%

-9.24%

Volatility

VLU vs. USO - Volatility Comparison

The current volatility for SPDR S&P 1500 Value Tilt ETF (VLU) is 2.25%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that VLU 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

VLUUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.25%

14.87%

-12.62%

Volatility (6M)

Calculated over the trailing 6-month period

7.70%

38.23%

-30.53%

Volatility (1Y)

Calculated over the trailing 1-year period

10.90%

44.20%

-33.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.40%

36.06%

-20.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.09%

39.00%

-20.91%

VLU vs. USO - Expense Ratio Comparison

VLU has a 0.12% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

VLU vs. USO - Dividend Comparison

VLU's dividend yield for the trailing twelve months is around 1.62%, 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%
VLU
SPDR S&P 1500 Value Tilt ETF		1.62%1.82%2.00%2.02%2.16%1.86%1.98%2.19%2.57%1.96%2.14%6.37%

Frequently Asked Questions

VLU and USO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (14.87%) compared to VLU (2.25%). In terms of maximum drawdown, VLU dropped -37.39% vs USO's -98.19%.

On 10-year performance, VLU leads with 13.99% vs 4.07% for USO. On fees, VLU is cheaper at 0.12% per year. On volatility, VLU has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VLU has performed better with a 13.99% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VLU is cheaper with a 0.12% expense ratio, compared with 0.86% for USO.

VLU has the higher dividend yield at 1.62%, compared with 0.00% for USO.

VLU is categorized as Large Cap Value Equities, while USO is Oil & Gas. VLU tracks S&P 1500 Low Valuation Tilt Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: State Street and USCF. Their fees differ too: 0.12% for VLU and 0.86% for USO.

VLU currently has the higher Sharpe Ratio (2.70 vs 2.31), 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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