XLE vs. USO

Last updated Apr 1, 2026

Compare and contrast key facts about State Street Energy Select Sector SPDR ETF (XLE) and United States Oil Fund LP (USO).

XLE and USO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XLE is a passively managed fund by State Street that tracks the performance of the Energy Select Sector Index. It was launched on Dec 16, 1998. USO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Light Sweet Crude Oil. It was launched on Apr 10, 2006. Both XLE and USO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XLE vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR ETF (XLE) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

XLE vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLE State Street Energy Select Sector SPDR ETF	37.91%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%
USO United States Oil Fund LP	83.99%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-19.57%	2.47%

Returns By Period

In the year-to-date period, XLE achieves a 37.91% return, which is significantly lower than USO's 83.99% return. Over the past 10 years, XLE has outperformed USO with an annualized return of 11.65%, while USO has yielded a comparatively lower 5.48% annualized return.

XLE

• 1D: -1.13%
• 1M: 10.27%
• YTD: 37.91%
• 6M: 39.21%
• 1Y: 35.32%
• 3Y*: 17.71%
• 5Y*: 23.99%
• 10Y*: 11.65%

USO

• 1D: -1.99%
• 1M: 55.28%
• YTD: 83.99%
• 6M: 72.54%
• 1Y: 64.55%
• 3Y*: 24.19%
• 5Y*: 24.91%
• 10Y*: 5.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XLE vs. USO - Expense Ratio Comparison

XLE has a 0.08% expense ratio, which is lower than USO's 0.79% expense ratio.

USO

United States Oil Fund LP

XLE

State Street Energy Select Sector SPDR ETF

Return for Risk

XLE vs. USO — Risk / Return Rank

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

XLE

XLE Risk / Return Rank: 73
XLE Sharpe Ratio Rank: 79
XLE Sortino Ratio Rank: 76
XLE Omega Ratio Rank: 77
XLE Calmar Ratio Rank: 78
XLE Martin Ratio Rank: 58

USO

USO Risk / Return Rank: 82
USO Sharpe Ratio Rank: 85
USO Sortino Ratio Rank: 88
USO Omega Ratio Rank: 80
USO Calmar Ratio Rank: 93
USO Martin Ratio Rank: 64

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.

XLE vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) 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.

	XLE	USO	Difference
Sharpe ratio Return per unit of total volatility	1.42	1.65	-0.23
Sortino ratio Return per unit of downside risk	1.84	2.32	-0.49
Omega ratio Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio Return relative to maximum drawdown	1.96	3.44	-1.48
Martin ratio Return relative to average drawdown	5.16	5.96	-0.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLE vs. USO - Sharpe Ratio Comparison

The current XLE Sharpe Ratio is 1.42, which is comparable to the USO Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of XLE and USO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XLE	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	1.65	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.73	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.14	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	-0.19	+0.51

Correlation

The correlation between XLE and USO is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XLE vs. USO - Dividend Comparison

XLE's dividend yield for the trailing twelve months is around 2.44%, while USO has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XLE State Street Energy Select Sector SPDR ETF	2.44%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%
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%

Drawdowns

XLE vs. USO - Drawdown Comparison

The maximum XLE drawdown since its inception was -71.26%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for XLE and USO.

Drawdown Indicators

	XLE	USO	Difference
Max Drawdown Largest peak-to-trough decline	-71.26%	-98.19%	+26.93%
Max Drawdown (1Y) Largest decline over 1 year	-18.79%	-20.39%	+1.60%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-36.23%	+10.19%
Max Drawdown (10Y) Largest decline over 10 years	-66.81%	-86.75%	+19.94%
Current Drawdown Current decline from peak	-2.08%	-86.46%	+84.38%
Average Drawdown Average peak-to-trough decline	-18.05%	-75.21%	+57.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.14%	11.77%	-4.63%

Volatility

XLE vs. USO - Volatility Comparison

The current volatility for State Street Energy Select Sector SPDR ETF (XLE) is 5.05%, while United States Oil Fund LP (USO) has a volatility of 21.87%. This indicates that XLE 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.

Volatility by Period

	XLE	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	21.87%	-16.82%
Volatility (6M) Calculated over the trailing 6-month period	13.94%	29.71%	-15.77%
Volatility (1Y) Calculated over the trailing 1-year period	24.93%	39.38%	-14.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.06%	34.41%	-8.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.48%	38.33%	-8.85%