XPP vs. USO

Last updated Jun 4, 2026

XPP (ProShares Ultra FTSE China 50) and USO (United States Oil Fund LP) are both exchange-traded funds - XPP is a Leveraged Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, XPP returned -5.30%/yr vs 4.07%/yr for USO. At a 0.27 correlation, their price movements are largely independent. XPP charges 0.95%/yr vs 0.86%/yr for USO.

Performance

XPP vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPP achieves a -17.68% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, XPP has underperformed USO with an annualized return of -5.30%, while USO has yielded a comparatively higher 4.07% annualized return.

XPP

• 1D: -4.83%
• 1M: -6.40%
• YTD: -17.68%
• 6M: -20.01%
• 1Y: -5.89%
• 3Y*: 7.34%
• 5Y*: -20.12%
• 10Y*: -5.30%

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)

XPP vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-17.68%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	80.21%
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 XPP and USO is -0.16, 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	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009	0.27

The correlation between XPP and USO shifts across timeframes, from -0.16 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XPP vs. USO — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 7
XPP Sharpe Ratio Rank: 7
XPP Sortino Ratio Rank: 8
XPP Omega Ratio Rank: 8
XPP Calmar Ratio Rank: 7
XPP Martin Ratio Rank: 7

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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.

XPP vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

	XPP	USO	Difference
Sharpe ratio Return per unit of total volatility	-0.15	2.31	-2.46
Sortino ratio Return per unit of downside risk	0.06	2.89	-2.83
Omega ratio Gain probability vs. loss probability	1.01	1.38	-0.38
Calmar ratio Return relative to maximum drawdown	-0.18	5.01	-5.19
Martin ratio Return relative to average drawdown	-0.37	9.42	-9.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XPP vs. USO - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.15, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of XPP 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.

Sharpe Ratios by Period

	XPP	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.15	2.31	-2.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	0.68	-1.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	0.10	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	-0.18	+0.08

Drawdowns

XPP vs. USO - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for XPP and USO.

Drawdown Indicators

	XPP	USO	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-98.19%	+8.29%
Max Drawdown (1Y) Largest decline over 1 year	-32.60%	-20.39%	-12.21%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	-26.05%	-26.90%
Max Drawdown (5Y) Largest decline over 5 years	-85.24%	-36.23%	-49.01%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	-86.75%	-3.15%
Current Drawdown Current decline from peak	-78.21%	-85.01%	+6.80%
Average Drawdown Average peak-to-trough decline	-47.82%	-75.30%	+27.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.95%	10.82%	+5.13%

Volatility

XPP vs. USO - Volatility Comparison

ProShares Ultra FTSE China 50 (XPP) and United States Oil Fund LP (USO) have volatilities of 14.45% and 14.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPP	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.45%	14.87%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	28.79%	38.23%	-9.44%
Volatility (1Y) Calculated over the trailing 1-year period	39.27%	44.20%	-4.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.75%	36.06%	+26.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.91%	39.00%	+15.91%

XPP vs. USO - Expense Ratio Comparison

XPP has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

XPP vs. USO - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.63%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XPP ProShares Ultra FTSE China 50	2.63%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%

Frequently Asked Questions

Can I hold both XPP and USO in my portfolio?

XPP and USO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or USO?

USO has higher volatility (14.87%) compared to XPP (14.45%). In terms of maximum drawdown, XPP dropped -89.90% vs USO's -98.19%.

Which ETF is better, XPP or USO?

On 10-year performance, USO leads with 4.07% vs -5.30% for XPP. On fees, USO is cheaper at 0.86% per year. On volatility, XPP has been the lower-risk option at 14.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or USO?

Over the 10-year period, USO has performed better with a 4.07% return vs -5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or USO?

USO is cheaper with a 0.86% expense ratio, compared with 0.95% for XPP.

Which ETF pays a higher dividend yield, XPP or USO?

XPP has the higher dividend yield at 2.63%, compared with 0.00% for USO.

What is the main difference between XPP and USO?

XPP is categorized as Leveraged Equities, while USO is Oil & Gas. XPP tracks FTSE/Xinhua China 25 Index (200%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for XPP and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs -0.15), 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.