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XES vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XES vs. USO

Last updated Jun 4, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services 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, XES returned -2.47%/yr vs 4.07%/yr for USO. A 0.60 correlation means they provide meaningful diversification when combined. XES charges 0.35%/yr vs 0.86%/yr for USO.

Performance

XES vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Oil & Gas Equipment & Services ETF (XES) 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, XES achieves a 50.69% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, XES has underperformed USO with an annualized return of -2.47%, while USO has yielded a comparatively higher 4.07% annualized return.

XES

1D
-0.56%
1M
-4.59%
YTD
50.69%
6M
43.67%
1Y
97.14%
3Y*
19.81%
5Y*
13.75%
10Y*
-2.47%

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)

XES vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XES
SPDR S&P Oil & Gas Equipment & Services ETF		50.69%5.89%-5.44%6.68%62.03%12.00%-43.38%-9.00%-46.99%-21.93%
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 XES and USO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

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

0.51

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

0.57

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

0.57

Correlation (All Time)
Calculated using the full available price history since Jun 23, 2006

0.60

Over the past year, the correlation between XES and USO has dropped to 0.36 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

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SPDR S&P Oil & Gas Equipment & Services ETF

United States Oil Fund LP

Often compared with XES:
XES vs. OIHXES vs. XLEXES vs. IEZXES vs. PSCEXES vs. PXJXES vs. VDEXES vs. FENY
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

XES vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XES
XES Risk / Return Rank: 8989
Overall Rank
XES Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
XES Sortino Ratio Rank: 8585
Sortino Ratio Rank
XES Omega Ratio Rank: 7979
Omega Ratio Rank
XES Calmar Ratio Rank: 9696
Calmar Ratio Rank
XES Martin Ratio Rank: 9494
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.

XES vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Equipment & Services ETF (XES) 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.

XESUSODifference

Sharpe ratio

Return per unit of total volatility

3.23

2.31

+0.92

Sortino ratio

Return per unit of downside risk

3.86

2.89

+0.96

Omega ratio

Gain probability vs. loss probability

1.48

1.38

+0.10

Calmar ratio

Return relative to maximum drawdown

9.93

5.01

+4.92

Martin ratio

Return relative to average drawdown

26.79

9.42

+17.37

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

XES vs. USO - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 3.23, which is higher than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of XES 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

XESUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.23

2.31

+0.92

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

0.68

-0.33

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.05

0.10

-0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.07

-0.18

+0.10

Drawdowns

XES vs. USO - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for XES and USO.

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Drawdown Indicators

XESUSODifference

Max Drawdown

Largest peak-to-trough decline

-95.65%

-98.19%

+2.54%

Max Drawdown (1Y)

Largest decline over 1 year

-9.84%

-20.39%

+10.55%

Max Drawdown (3Y)

Largest decline over 3 years

-45.95%

-26.05%

-19.90%

Max Drawdown (5Y)

Largest decline over 5 years

-45.95%

-36.23%

-9.72%

Max Drawdown (10Y)

Largest decline over 10 years

-91.23%

-86.75%

-4.48%

Current Drawdown

Current decline from peak

-70.90%

-85.01%

+14.11%

Average Drawdown

Average peak-to-trough decline

-54.36%

-75.30%

+20.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.64%

10.82%

-7.18%

Volatility

XES vs. USO - Volatility Comparison

The current volatility for SPDR S&P Oil & Gas Equipment & Services ETF (XES) is 8.22%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that XES 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

XESUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.22%

14.87%

-6.65%

Volatility (6M)

Calculated over the trailing 6-month period

20.52%

38.23%

-17.71%

Volatility (1Y)

Calculated over the trailing 1-year period

30.50%

44.20%

-13.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.04%

36.06%

+2.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

45.04%

39.00%

+6.04%

XES vs. USO - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

XES vs. USO - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.12%, 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%
XES
SPDR S&P Oil & Gas Equipment & Services ETF		1.12%1.69%1.31%0.66%0.36%1.81%1.33%1.43%1.14%1.68%0.64%2.47%

Frequently Asked Questions

XES and USO have a correlation of 0.36, 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 XES (8.22%). In terms of maximum drawdown, XES dropped -95.65% vs USO's -98.19%.

On 10-year performance, USO leads with 4.07% vs -2.47% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, XES has been the lower-risk option at 8.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USO has performed better with a 4.07% return vs -2.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XES is cheaper with a 0.35% expense ratio, compared with 0.86% for USO.

XES has the higher dividend yield at 1.12%, compared with 0.00% for USO.

XES is categorized as Energy Equities, while USO is Oil & Gas. XES tracks S&P Oil & Gas Equipment & Services 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 XES and 0.86% for USO.

XES currently has the higher Sharpe Ratio (3.23 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.

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