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VOT vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VOT vs. USO

Last updated Jun 4, 2026

VOT (Vanguard Mid-Cap Growth ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - VOT is a Mid Cap Growth Equities fund tracking the CRSP US Mid Cap Growth 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, VOT returned 12.18%/yr vs 4.07%/yr for USO. At a 0.28 correlation, their price movements are largely independent. VOT charges 0.07%/yr vs 0.86%/yr for USO.

Performance

VOT vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Growth ETF (VOT) 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, VOT achieves a 8.39% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, VOT has outperformed USO with an annualized return of 12.18%, while USO has yielded a comparatively lower 4.07% annualized return.

VOT

1D
-0.83%
1M
5.62%
YTD
8.39%
6M
6.44%
1Y
11.36%
3Y*
16.24%
5Y*
6.88%
10Y*
12.18%

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)

VOT vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VOT
Vanguard Mid-Cap Growth ETF		8.39%10.72%16.38%23.10%-28.87%20.50%34.50%33.76%-5.56%21.80%
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 VOT and USO is -0.29, 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

-0.29

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

-0.05

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

0.07

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

0.16

Correlation (All Time)
Calculated using the full available price history since Aug 28, 2006

0.28

The correlation between VOT and USO shifts across timeframes, from -0.29 (1 year) to 0.28 (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 Mid-Cap Growth ETF

United States Oil Fund LP

Often compared with VOT:
VOT vs. VOVOT vs. VOEVOT vs. IWPVOT vs. VMGMXVOT vs. IJHVOT vs. IMCGVOT vs. FMDGX
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

VOT vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VOT
VOT Risk / Return Rank: 1919
Overall Rank
VOT Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
VOT Sortino Ratio Rank: 2020
Sortino Ratio Rank
VOT Omega Ratio Rank: 1919
Omega Ratio Rank
VOT Calmar Ratio Rank: 1717
Calmar Ratio Rank
VOT Martin Ratio Rank: 1919
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.

VOT vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Growth ETF (VOT) 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.

VOTUSODifference

Sharpe ratio

Return per unit of total volatility

0.72

2.31

-1.59

Sortino ratio

Return per unit of downside risk

1.10

2.89

-1.79

Omega ratio

Gain probability vs. loss probability

1.13

1.38

-0.25

Calmar ratio

Return relative to maximum drawdown

0.72

5.01

-4.29

Martin ratio

Return relative to average drawdown

2.14

9.42

-7.28

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

VOT vs. USO - Sharpe Ratio Comparison

The current VOT Sharpe Ratio is 0.72, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of VOT 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

VOTUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.72

2.31

-1.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

0.68

-0.36

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.10

+0.48

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

-0.18

+0.63

Drawdowns

VOT vs. USO - Drawdown Comparison

The maximum VOT drawdown since its inception was -60.16%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for VOT and USO.

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Drawdown Indicators

VOTUSODifference

Max Drawdown

Largest peak-to-trough decline

-60.16%

-98.19%

+38.03%

Max Drawdown (1Y)

Largest decline over 1 year

-15.96%

-20.39%

+4.43%

Max Drawdown (3Y)

Largest decline over 3 years

-21.77%

-26.05%

+4.28%

Max Drawdown (5Y)

Largest decline over 5 years

-37.19%

-36.23%

-0.96%

Max Drawdown (10Y)

Largest decline over 10 years

-37.19%

-86.75%

+49.56%

Current Drawdown

Current decline from peak

-0.83%

-85.01%

+84.18%

Average Drawdown

Average peak-to-trough decline

-9.96%

-75.30%

+65.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.32%

10.82%

-5.50%

Volatility

VOT vs. USO - Volatility Comparison

The current volatility for Vanguard Mid-Cap Growth ETF (VOT) is 4.37%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that VOT 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

VOTUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.37%

14.87%

-10.50%

Volatility (6M)

Calculated over the trailing 6-month period

12.36%

38.23%

-25.87%

Volatility (1Y)

Calculated over the trailing 1-year period

15.81%

44.20%

-28.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.36%

36.06%

-14.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.99%

39.00%

-18.01%

VOT vs. USO - Expense Ratio Comparison

VOT has a 0.07% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

VOT vs. USO - Dividend Comparison

VOT's dividend yield for the trailing twelve months is around 0.61%, 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%
VOT
Vanguard Mid-Cap Growth ETF		0.61%0.64%0.67%0.71%0.78%0.34%0.56%0.78%0.84%0.72%0.81%0.81%

Frequently Asked Questions

VOT and USO have a correlation of -0.29, 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 VOT (4.37%). In terms of maximum drawdown, VOT dropped -60.16% vs USO's -98.19%.

On 10-year performance, VOT leads with 12.18% vs 4.07% for USO. On fees, VOT is cheaper at 0.07% per year. On volatility, VOT has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOT has performed better with a 12.18% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOT is cheaper with a 0.07% expense ratio, compared with 0.86% for USO.

VOT has the higher dividend yield at 0.61%, compared with 0.00% for USO.

VOT is categorized as Mid Cap Growth Equities, while USO is Oil & Gas. VOT tracks CRSP US Mid Cap Growth Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Vanguard and USCF. Their fees differ too: 0.07% for VOT and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.31 vs 0.72), 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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