VTEC vs. USO
VTEC (Vanguard California Tax-Exempt Bond ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - VTEC is a Municipal Bonds fund tracking the S&P California AMT-Free Municipal Bond Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, VTEC returned 4.35% vs 66.76% for USO. Their -0.20 correlation means they have often moved in opposite directions in the past. VTEC charges 0.08%/yr vs 0.86%/yr for USO.
Performance
VTEC vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, VTEC achieves a -0.07% return, which is significantly lower than USO's 86.77% return.
VTEC
- 1D
- -0.07%
- 1M
- -1.73%
- 6M
- -0.76%
- YTD
- -0.07%
- 1Y
- 4.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.14%
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 | |
| $29.98M | $33.04M | $31.95M |
VTEC vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VTEC Vanguard California Tax-Exempt Bond ETF | -0.07% | 3.98% | 1.48% |
USO United States Oil Fund LP | 86.77% | -8.46% | 4.86% |
Correlation
The correlation between VTEC and USO is -0.32, 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. | -0.32 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024 | -0.20 |
The correlation between VTEC and USO shifts across timeframes, from -0.32 (1 year) to -0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VTEC vs. USO — Risk / Return Rank
VTEC
USO
VTEC vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard California Tax-Exempt Bond ETF (VTEC) 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.
| VTEC | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.25 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 1.93 | -0.15 |
| Martin ratioReturn relative to average drawdown | 5.53 | 5.60 | -0.07 |
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Drawdowns
VTEC vs. USO - Drawdown Comparison
The maximum VTEC drawdown since its inception was -4.50%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for VTEC and USO.
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Drawdown Indicators
| VTEC | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.50% | -98.19% | +93.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -32.49% | +29.64% |
Max Drawdown (3Y)Largest decline over 3 years | — | -32.49% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -1.85% | -86.26% | +84.41% |
Average DrawdownAverage peak-to-trough decline | -1.10% | -75.38% | +74.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 12.03% | -11.11% |
Volatility
VTEC vs. USO - Volatility Comparison
The current volatility for Vanguard California Tax-Exempt Bond ETF (VTEC) is 0.85%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that VTEC 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
| VTEC | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 17.73% | -16.88% |
Volatility (6M)Calculated over the trailing 6-month period | 2.06% | 42.79% | -40.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 46.91% | -44.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.69% | 37.06% | -33.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.69% | 39.29% | -35.60% |
VTEC vs. USO - Expense Ratio Comparison
VTEC has a 0.08% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
VTEC vs. USO - Dividend Comparison
VTEC's dividend yield for the trailing twelve months is around 3.19%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% |
VTEC Vanguard California Tax-Exempt Bond ETF | 2.95% | 3.13% | 2.54% |
Frequently Asked Questions
VTEC and USO have a correlation of -0.32, 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 VTEC (0.85%). In terms of maximum drawdown, VTEC dropped -4.50% vs USO's -98.19%.
On 1-year performance, USO leads with 66.76% vs 4.35% for VTEC. On fees, VTEC is cheaper at 0.08% per year. On volatility, VTEC has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USO has performed better with a 66.76% return vs 4.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEC is cheaper with a 0.08% expense ratio, compared with 0.86% for USO.
VTEC has the higher dividend yield at 2.95%, compared with 0.00% for USO.
VTEC is categorized as Municipal Bonds, while USO is Oil & Gas. VTEC tracks S&P California AMT-Free Municipal Bond Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Vanguard and USCF. Their fees differ too: 0.08% for VTEC and 0.86% for USO.
VTEC currently has the higher Sharpe Ratio (1.88 vs 1.34), 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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