PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XSD vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSD vs. USO

Last updated Jun 4, 2026

XSD (SPDR S&P Semiconductor ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - XSD is a Semiconductors fund tracking the S&P Semiconductor 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, XSD returned 31.10%/yr vs 4.07%/yr for USO. At a 0.20 correlation, their price movements are largely independent. XSD charges 0.35%/yr vs 0.86%/yr for USO.

Performance

XSD vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Semiconductor ETF (XSD) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

The year-to-date returns for both investments are quite close, with XSD having a 102.14% return and USO slightly higher at 103.67%. Over the past 10 years, XSD has outperformed USO with an annualized return of 31.10%, while USO has yielded a comparatively lower 4.07% annualized return.

XSD

1D
1.51%
1M
30.91%
YTD
102.14%
6M
92.84%
1Y
180.25%
3Y*
46.41%
5Y*
29.69%
10Y*
31.10%

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)

XSD vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSD
SPDR S&P Semiconductor ETF		102.14%29.85%10.75%34.87%-30.92%42.54%61.95%64.66%-6.35%25.21%
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 XSD and USO is -0.21, 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

-0.21

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

-0.01

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

0.07

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

0.13

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2006

0.20

The correlation between XSD and USO shifts across timeframes, from -0.21 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Semiconductor ETF

United States Oil Fund LP

Often compared with XSD:
XSD vs. SMHXSD vs. SOXXXSD vs. SOXQXSD vs. FSELXXSD vs. PSIXSD vs. QQQXSD vs. FTXL
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

XSD vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSD
XSD Risk / Return Rank: 9595
Overall Rank
XSD Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
XSD Sortino Ratio Rank: 9494
Sortino Ratio Rank
XSD Omega Ratio Rank: 9393
Omega Ratio Rank
XSD Calmar Ratio Rank: 9696
Calmar Ratio Rank
XSD Martin Ratio Rank: 9696
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.

XSD vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Semiconductor ETF (XSD) 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.

XSDUSODifference
Sharpe ratioReturn per unit of total volatility
5.00
2.31

+2.69

Sortino ratioReturn per unit of downside risk
5.03
2.89

+2.13

Omega ratioGain probability vs. loss probability

1.65

1.38

+0.26

Calmar ratioReturn relative to maximum drawdown

9.75

5.01

+4.74

Martin ratioReturn relative to average drawdown

33.91

9.42

+24.49

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

XSD vs. USO - Sharpe Ratio Comparison

The current XSD Sharpe Ratio is 5.00, which is higher than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of XSD 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.

Loading charts...

Sharpe Ratios by Period

XSDUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

5.00

2.31

+2.69

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.78

0.68

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.89

0.10

+0.79

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

-0.18

+0.61

Drawdowns

XSD vs. USO - Drawdown Comparison

The maximum XSD drawdown since its inception was -64.56%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for XSD and USO.

Loading charts...

Drawdown Indicators

XSDUSODifference

Max Drawdown

Largest peak-to-trough decline

-64.56%

-98.19%

+33.63%

Max Drawdown (1Y)

Largest decline over 1 year

-18.61%

-20.39%

+1.78%

Max Drawdown (3Y)

Largest decline over 3 years

-41.25%

-26.05%

-15.20%

Max Drawdown (5Y)

Largest decline over 5 years

-42.27%

-36.23%

-6.04%

Max Drawdown (10Y)

Largest decline over 10 years

-42.27%

-86.75%

+44.48%

Current Drawdown

Current decline from peak

0.00%

-85.01%

+85.01%

Average Drawdown

Average peak-to-trough decline

-13.74%

-75.30%

+61.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.34%

10.82%

-5.48%

Volatility

XSD vs. USO - Volatility Comparison

SPDR S&P Semiconductor ETF (XSD) and United States Oil Fund LP (USO) have volatilities of 14.94% 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.

Loading charts...

Volatility by Period

XSDUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

14.94%

14.87%

+0.07%

Volatility (6M)

Calculated over the trailing 6-month period

27.89%

38.23%

-10.34%

Volatility (1Y)

Calculated over the trailing 1-year period

36.39%

44.20%

-7.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.25%

36.06%

+2.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.96%

39.00%

-4.04%

XSD vs. USO - Expense Ratio Comparison

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

Dividends

XSD vs. USO - Dividend Comparison

XSD's dividend yield for the trailing twelve months is around 0.12%, 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%
XSD
SPDR S&P Semiconductor ETF		0.12%0.26%0.20%0.31%0.44%0.10%0.26%0.51%1.16%0.59%0.64%0.58%

Frequently Asked Questions

XSD and USO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XSD has higher volatility (14.94%) compared to USO (14.87%). In terms of maximum drawdown, XSD dropped -64.56% vs USO's -98.19%.

On 10-year performance, XSD leads with 31.10% vs 4.07% for USO. On fees, XSD is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XSD has performed better with a 31.10% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

XSD has the higher dividend yield at 0.12%, compared with 0.00% for USO.

XSD is categorized as Semiconductors, while USO is Oil & Gas. XSD tracks S&P Semiconductor 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 XSD and 0.86% for USO.

XSD currently has the higher Sharpe Ratio (5.00 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.

Portfolio Optimizer

Find the right allocation for XSD and USO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer