XOP vs. USO
XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, XOP returned 5.00%/yr vs 5.64%/yr for USO. Their 0.64 correlation means they have sometimes moved together and sometimes differently. XOP charges 0.35%/yr vs 0.86%/yr for USO.
Performance
XOP vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, XOP achieves a 41.76% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, XOP has underperformed USO with an annualized return of 5.00%, while USO has yielded a comparatively higher 5.64% annualized return.
XOP
- 1D
- 1.45%
- 1M
- 14.72%
- 6M
- 27.63%
- YTD
- 41.76%
- 1Y
- 46.74%
- 3Y*
- 10.13%
- 5Y*
- 19.29%
- 10Y*
- 5.00%
- ALL TIME*
- 2.68%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $968.42M | $871.56M | $931.57M | |
| $553.31M | $544.38M | $598.08M |
XOP vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 41.76% | -2.15% | -1.00% | 3.56% | 45.37% | 66.74% | -36.40% | -9.44% | -28.10% | -9.47% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between XOP and USO is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.64 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006 | 0.64 |
The correlation between XOP and USO has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.
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Return for Risk
XOP vs. USO — Risk / Return Rank
XOP
USO
XOP vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| XOP | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 1.93 | +0.33 |
| Martin ratioReturn relative to average drawdown | 5.48 | 5.60 | -0.12 |
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Drawdowns
XOP vs. USO - Drawdown Comparison
The maximum XOP drawdown since its inception was -90.27%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for XOP and USO.
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Drawdown Indicators
| XOP | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.27% | -98.19% | +7.92% |
Max Drawdown (1Y)Largest decline over 1 year | -18.50% | -32.49% | +13.99% |
Max Drawdown (3Y)Largest decline over 3 years | -34.98% | -32.49% | -2.49% |
Max Drawdown (5Y)Largest decline over 5 years | -34.98% | -36.23% | +1.25% |
Max Drawdown (10Y)Largest decline over 10 years | -82.61% | -86.75% | +4.14% |
Current DrawdownCurrent decline from peak | -33.74% | -86.26% | +52.52% |
Average DrawdownAverage peak-to-trough decline | -42.56% | -75.38% | +32.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.67% | 12.03% | -4.36% |
Volatility
XOP vs. USO - Volatility Comparison
The current volatility for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is 8.28%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that XOP 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
| XOP | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.28% | 17.73% | -9.45% |
Volatility (6M)Calculated over the trailing 6-month period | 22.52% | 42.79% | -20.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.49% | 46.91% | -18.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.53% | 37.06% | -3.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.15% | 39.29% | +0.86% |
XOP vs. USO - Expense Ratio Comparison
XOP has a 0.35% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
XOP vs. USO - Dividend Comparison
XOP's dividend yield for the trailing twelve months is around 1.83%, 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% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 1.83% | 2.62% | 2.45% | 2.63% | 2.47% | 1.61% | 2.34% | 1.47% | 0.99% | 0.76% | 0.76% | 2.21% |
Frequently Asked Questions
XOP and USO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (17.73%) compared to XOP (8.28%). In terms of maximum drawdown, XOP dropped -90.27% vs USO's -98.19%.
On 10-year performance, USO leads with 5.64% vs 5.00% for XOP. On fees, XOP is cheaper at 0.35% per year. On volatility, XOP has been the lower-risk option at 8.28%. 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 5.64% return vs 5.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XOP is cheaper with a 0.35% expense ratio, compared with 0.86% for USO.
XOP has the higher dividend yield at 1.83%, compared with 0.00% for USO.
XOP is categorized as Energy Equities, while USO is Oil & Gas. XOP tracks S&P Oil & Gas Exploration & Production Select Industry, 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 XOP and 0.86% for USO.
XOP currently has the higher Sharpe Ratio (1.47 vs 1.34), 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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