XXXX vs. USO

Last updated Jun 4, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and USO (United States Oil Fund LP) are both exchange-traded funds - XXXX is a Leveraged Equities fund tracking the S&P 500, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, XXXX returned 86.73% vs 101.55% for USO. At a correlation of -0.08, they often move in opposite directions. XXXX charges 2.95%/yr vs 0.86%/yr for USO.

Performance

XXXX vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) 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, XXXX achieves a 29.32% return, which is significantly lower than USO's 103.67% return.

XXXX

• 1D: -2.88%
• 1M: 18.44%
• YTD: 29.32%
• 6M: 26.06%
• 1Y: 86.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

XXXX vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XXXX MAX S&P 500 4X Leveraged ETN	29.32%	17.36%	61.36%	16.31%
USO United States Oil Fund LP	103.67%	-8.46%	13.35%	-1.38%

Correlation

The correlation between XXXX and USO is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023	-0.08

Over the past year, the inverse relationship between XXXX and USO has strengthened: their correlation has moved from -0.08 to -0.33, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

XXXX vs. USO — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 49
XXXX Sharpe Ratio Rank: 53
XXXX Sortino Ratio Rank: 45
XXXX Omega Ratio Rank: 47
XXXX Calmar Ratio Rank: 46
XXXX Martin Ratio Rank: 52

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.

XXXX vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) 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.

	XXXX	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.31	-0.45
Sortino ratio: Return per unit of downside risk	2.31	2.89	-0.58
Omega ratio: Gain probability vs. loss probability	1.30	1.38	-0.08
Calmar ratio: Return relative to maximum drawdown	2.34	5.01	-2.67
Martin ratio: Return relative to average drawdown	8.95	9.42	-0.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XXXX vs. USO - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.86, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of XXXX 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

	XXXX	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.31	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	-0.18	+1.04

Drawdowns

XXXX vs. USO - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for XXXX and USO.

Drawdown Indicators

	XXXX	USO	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-98.19%	+35.92%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-20.39%	-16.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-2.88%	-85.01%	+82.13%
Average Drawdown Average peak-to-trough decline	-11.60%	-75.30%	+63.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.73%	10.82%	-1.09%

Volatility

XXXX vs. USO - Volatility Comparison

The current volatility for MAX S&P 500 4X Leveraged ETN (XXXX) is 11.32%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that XXXX 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

	XXXX	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.32%	14.87%	-3.55%
Volatility (6M) Calculated over the trailing 6-month period	35.41%	38.23%	-2.82%
Volatility (1Y) Calculated over the trailing 1-year period	46.83%	44.20%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.75%	36.06%	+24.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.75%	39.00%	+21.75%

XXXX vs. USO - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

XXXX vs. USO - Dividend Comparison

Neither XXXX nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XXXX and USO in my portfolio?

XXXX and USO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XXXX or USO?

USO has higher volatility (14.87%) compared to XXXX (11.32%). In terms of maximum drawdown, XXXX dropped -62.27% vs USO's -98.19%.

Which ETF is better, XXXX or USO?

On 1-year performance, USO leads with 101.55% vs 86.73% for XXXX. On fees, USO is cheaper at 0.86% per year. On volatility, XXXX has been the lower-risk option at 11.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or USO?

Over the 1-year period, USO has performed better with a 101.55% return vs 86.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or USO?

USO is cheaper with a 0.86% expense ratio, compared with 2.95% for XXXX.

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

XXXX and USO have nearly identical dividend yields, around 0.00%.

What is the main difference between XXXX and USO?

XXXX is categorized as Leveraged Equities, while USO is Oil & Gas. XXXX tracks S&P 500, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Max and USCF. Their fees differ too: 2.95% for XXXX and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 vs 1.86), 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.