WTI vs. USO

Last updated Jun 4, 2026

WTI (W&T Offshore, Inc.) is a stock, while USO (United States Oil Fund LP) is Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Over the past 10 years, WTI returned 7.38%/yr vs 4.07%/yr for USO. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

WTI vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in W&T Offshore, Inc. (WTI) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WTI achieves a 147.39% return, which is significantly higher than USO's 103.67% return. Over the past 10 years, WTI has outperformed USO with an annualized return of 7.38%, while USO has yielded a comparatively lower 4.07% annualized return.

WTI

• 1D: -0.25%
• 1M: -8.24%
• YTD: 147.39%
• 6M: 125.27%
• 1Y: 147.10%
• 3Y*: 1.53%
• 5Y*: -1.50%
• 10Y*: 7.38%

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)

WTI vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WTI W&T Offshore, Inc.	147.39%	0.62%	-48.17%	-41.41%	72.76%	48.85%	-60.97%	34.95%	24.47%	19.49%
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 WTI and USO is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Apr 11, 2006	0.56

The correlation between WTI and USO has been stable across timeframes, ranging from 0.56 to 0.60 - a consistent structural relationship.

Return for Risk

WTI vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WTI

WTI Risk / Return Rank: 82
WTI Sharpe Ratio Rank: 85
WTI Sortino Ratio Rank: 82
WTI Omega Ratio Rank: 78
WTI Calmar Ratio Rank: 86
WTI Martin Ratio Rank: 81

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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.

WTI vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for W&T Offshore, Inc. (WTI) 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.

	WTI	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.31	-0.55
Sortino ratio: Return per unit of downside risk	2.49	2.89	-0.40
Omega ratio: Gain probability vs. loss probability	1.30	1.38	-0.09
Calmar ratio: Return relative to maximum drawdown	3.68	5.01	-1.32
Martin ratio: Return relative to average drawdown	7.08	9.42	-2.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WTI vs. USO - Sharpe Ratio Comparison

The current WTI Sharpe Ratio is 1.76, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of WTI 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.

Sharpe Ratios by Period

	WTI	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	2.31	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.68	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.10	0.10	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	-0.18	+0.10

Drawdowns

WTI vs. USO - Drawdown Comparison

The maximum WTI drawdown since its inception was -97.59%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for WTI and USO.

Drawdown Indicators

	WTI	USO	Difference
Max Drawdown Largest peak-to-trough decline	-97.59%	-98.19%	+0.60%
Max Drawdown (1Y) Largest decline over 1 year	-40.17%	-20.39%	-19.78%
Max Drawdown (3Y) Largest decline over 3 years	-74.31%	-26.05%	-48.26%
Max Drawdown (5Y) Largest decline over 5 years	-87.31%	-36.23%	-51.08%
Max Drawdown (10Y) Largest decline over 10 years	-88.92%	-86.75%	-2.17%
Current Drawdown Current decline from peak	-90.65%	-85.01%	-5.64%
Average Drawdown Average peak-to-trough decline	-74.07%	-75.30%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.86%	10.82%	+10.04%

Volatility

WTI vs. USO - Volatility Comparison

W&T Offshore, Inc. (WTI) has a higher volatility of 24.03% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that WTI's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WTI	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.03%	14.87%	+9.16%
Volatility (6M) Calculated over the trailing 6-month period	66.16%	38.23%	+27.93%
Volatility (1Y) Calculated over the trailing 1-year period	84.36%	44.20%	+40.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.88%	36.06%	+32.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.16%	39.00%	+34.16%

Dividends

WTI vs. USO - Dividend Comparison

WTI's dividend yield for the trailing twelve months is around 1.00%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%
WTI W&T Offshore, Inc.	1.00%	2.45%	2.41%	0.31%

Frequently Asked Questions

Can I hold both WTI and USO in my portfolio?

WTI and USO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WTI or USO?

WTI has higher volatility (24.03%) compared to USO (14.87%). In terms of maximum drawdown, WTI dropped -97.59% vs USO's -98.19%.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs 1.76), 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.