XBI vs. USO
XBI (SPDR S&P Biotech ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - XBI is a Health & Biotech Equities fund tracking the S&P Biotechnology Select Industry 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, XBI returned 8.53%/yr vs 3.57%/yr for USO. At a 0.15 correlation, their price movements are largely independent. XBI charges 0.35%/yr vs 0.86%/yr for USO.
Performance
XBI vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, XBI achieves a 9.42% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, XBI has outperformed USO with an annualized return of 8.53%, while USO has yielded a comparatively lower 3.57% annualized return.
XBI
- 1D
- 2.77%
- 1M
- -0.28%
- YTD
- 9.42%
- 6M
- 8.61%
- 1Y
- 62.35%
- 3Y*
- 15.65%
- 5Y*
- 1.14%
- 10Y*
- 8.53%
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
XBI vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XBI SPDR S&P Biotech ETF | 9.42% | 35.89% | 1.01% | 7.60% | -25.87% | -20.45% | 48.33% | 32.56% | -15.28% | 43.77% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between XBI and USO is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2006 | 0.15 |
The correlation between XBI and USO shifts across timeframes, from -0.30 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XBI vs. USO — Risk / Return Rank
XBI
USO
XBI vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Biotech ETF (XBI) 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.
| XBI | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.37 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 6.45 | 4.79 | +1.65 |
| Martin ratioReturn relative to average drawdown | 19.53 | 9.00 | +10.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XBI | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.45 | 2.21 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.04 | 0.66 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.09 | +0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | -0.18 | +0.54 |
Drawdowns
XBI vs. USO - Drawdown Comparison
The maximum XBI drawdown since its inception was -63.89%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for XBI and USO.
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Drawdown Indicators
| XBI | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.89% | -98.19% | +34.30% |
Max Drawdown (1Y)Largest decline over 1 year | -9.72% | -20.39% | +10.67% |
Max Drawdown (3Y)Largest decline over 3 years | -32.99% | -26.05% | -6.94% |
Max Drawdown (5Y)Largest decline over 5 years | -54.71% | -36.23% | -18.48% |
Max Drawdown (10Y)Largest decline over 10 years | -63.89% | -86.75% | +22.86% |
Current DrawdownCurrent decline from peak | -22.89% | -85.45% | +62.56% |
Average DrawdownAverage peak-to-trough decline | -20.93% | -75.30% | +54.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 10.84% | -7.64% |
Volatility
XBI vs. USO - Volatility Comparison
The current volatility for SPDR S&P Biotech ETF (XBI) is 9.69%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that XBI 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
| XBI | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.69% | 14.97% | -5.28% |
Volatility (6M)Calculated over the trailing 6-month period | 20.31% | 38.35% | -18.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.60% | 44.32% | -18.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.20% | 36.09% | -3.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.00% | 39.00% | -7.00% |
XBI vs. USO - Expense Ratio Comparison
XBI has a 0.35% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
XBI vs. USO - Dividend Comparison
XBI's dividend yield for the trailing twelve months is around 0.33%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XBI SPDR S&P Biotech ETF | 0.33% | 0.37% | 0.15% | 0.02% | 0.00% | 0.04% | 0.20% | 0.00% | 0.28% | 0.24% | 0.26% | 0.61% |
Frequently Asked Questions
XBI and USO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to XBI (9.69%). In terms of maximum drawdown, XBI dropped -63.89% vs USO's -98.19%.
On 10-year performance, XBI leads with 8.53% vs 3.57% for USO. On fees, XBI is cheaper at 0.35% per year. On volatility, XBI has been the lower-risk option at 9.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XBI has performed better with a 8.53% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XBI is cheaper with a 0.35% expense ratio, compared with 0.86% for USO.
XBI has the higher dividend yield at 0.33%, compared with 0.00% for USO.
XBI is categorized as Health & Biotech Equities, while USO is Oil & Gas. XBI tracks S&P Biotechnology Select Industry Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: State Street and USCF. Their fees differ too: 0.35% for XBI and 0.86% for USO.
XBI currently has the higher Sharpe Ratio (2.45 vs 2.21), 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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