XME vs. USO
XME (SPDR S&P Metals & Mining ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - XME is a Materials fund tracking the S&P Metals & Mining 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, XME returned 19.09%/yr vs 3.13%/yr for USO. At a 0.39 correlation, their price movements are largely independent. XME charges 0.35%/yr vs 0.86%/yr for USO.
Performance
XME vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, XME achieves a 14.54% return, which is significantly lower than USO's 92.34% return. Over the past 10 years, XME has outperformed USO with an annualized return of 19.09%, while USO has yielded a comparatively lower 3.13% annualized return.
XME
- 1D
- -7.81%
- 1M
- -4.46%
- YTD
- 14.54%
- 6M
- 19.13%
- 1Y
- 85.74%
- 3Y*
- 35.87%
- 5Y*
- 21.62%
- 10Y*
- 19.09%
USO
- 1D
- -2.72%
- 1M
- -0.69%
- YTD
- 92.34%
- 6M
- 84.96%
- 1Y
- 90.22%
- 3Y*
- 27.76%
- 5Y*
- 22.99%
- 10Y*
- 3.13%
XME vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XME SPDR S&P Metals & Mining ETF | 14.54% | 83.47% | -4.54% | 21.51% | 13.13% | 34.92% | 15.95% | 14.69% | -26.78% | 21.17% |
USO United States Oil Fund LP | 92.34% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between XME and USO is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006 | 0.39 |
The correlation between XME and USO shifts across timeframes, from -0.15 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XME vs. USO — Risk / Return Rank
XME
USO
XME vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Metals & Mining ETF (XME) 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.
| XME | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.35 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.81 | 4.45 | -0.63 |
| Martin ratioReturn relative to average drawdown | 9.67 | 8.33 | +1.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XME | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 2.04 | +0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.64 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.08 | +0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | -0.18 | +0.35 |
Drawdowns
XME vs. USO - Drawdown Comparison
The maximum XME drawdown since its inception was -85.89%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for XME and USO.
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Drawdown Indicators
| XME | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.89% | -98.19% | +12.30% |
Max Drawdown (1Y)Largest decline over 1 year | -22.60% | -20.39% | -2.21% |
Max Drawdown (3Y)Largest decline over 3 years | -30.47% | -26.05% | -4.42% |
Max Drawdown (5Y)Largest decline over 5 years | -37.27% | -36.23% | -1.04% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -86.75% | +25.06% |
Current DrawdownCurrent decline from peak | -10.71% | -85.85% | +75.14% |
Average DrawdownAverage peak-to-trough decline | -44.13% | -75.30% | +31.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.89% | 10.87% | -1.98% |
Volatility
XME vs. USO - Volatility Comparison
SPDR S&P Metals & Mining ETF (XME) has a higher volatility of 14.30% compared to United States Oil Fund LP (USO) at 13.30%. This indicates that XME'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.
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Volatility by Period
| XME | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.30% | 13.30% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 27.85% | 38.49% | -10.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.53% | 44.41% | -8.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.72% | 36.09% | -3.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.93% | 39.01% | -6.08% |
XME vs. USO - Expense Ratio Comparison
XME has a 0.35% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
XME vs. USO - Dividend Comparison
XME's dividend yield for the trailing twelve months is around 0.32%, 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% |
XME SPDR S&P Metals & Mining ETF | 0.32% | 0.38% | 0.65% | 1.00% | 1.64% | 0.70% | 0.99% | 2.43% | 2.23% | 1.15% | 1.02% | 2.61% |
Frequently Asked Questions
XME and USO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XME has higher volatility (14.30%) compared to USO (13.30%). In terms of maximum drawdown, XME dropped -85.89% vs USO's -98.19%.
On 10-year performance, XME leads with 19.09% vs 3.13% for USO. On fees, XME is cheaper at 0.35% per year. On volatility, USO has been the lower-risk option at 13.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XME has performed better with a 19.09% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XME is cheaper with a 0.35% expense ratio, compared with 0.86% for USO.
XME has the higher dividend yield at 0.32%, compared with 0.00% for USO.
XME is categorized as Materials, while USO is Oil & Gas. XME tracks S&P Metals & Mining 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 XME and 0.86% for USO.
XME currently has the higher Sharpe Ratio (2.43 vs 2.04), 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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