ZSB vs. USO
ZSB (USCF Sustainable Battery Metals Strategy Fund) and USO (United States Oil Fund LP) are both exchange-traded funds - ZSB is a Commodities fund tracking the S&P GSCI Electric Vehicle Meals Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, ZSB returned 5.94%/yr vs 29.98%/yr for USO. At a 0.10 correlation, their price movements are largely independent. ZSB charges 0.59%/yr vs 0.86%/yr for USO.
Performance
ZSB vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, ZSB achieves a 11.80% return, which is significantly lower than USO's 103.67% return.
ZSB
- 1D
- -1.94%
- 1M
- 1.21%
- YTD
- 11.80%
- 6M
- 25.71%
- 1Y
- 75.67%
- 3Y*
- 5.94%
- 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%
ZSB vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZSB USCF Sustainable Battery Metals Strategy Fund | 11.80% | 64.34% | -19.70% | -31.38% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -2.06% |
Correlation
The correlation between ZSB and USO is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | 0.10 |
The correlation between ZSB and USO shifts across timeframes, from -0.06 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZSB vs. USO — Risk / Return Rank
ZSB
USO
ZSB vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Battery Metals Strategy Fund (ZSB) 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.
| ZSB | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.38 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 4.54 | 5.01 | -0.47 |
| Martin ratioReturn relative to average drawdown | 12.79 | 9.42 | +3.37 |
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
| ZSB | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.88 | 2.31 | +0.57 |
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 | 0.02 | -0.18 | +0.19 |
Drawdowns
ZSB vs. USO - Drawdown Comparison
The maximum ZSB drawdown since its inception was -49.26%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for ZSB and USO.
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Drawdown Indicators
| ZSB | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.26% | -98.19% | +48.93% |
Max Drawdown (1Y)Largest decline over 1 year | -16.75% | -20.39% | +3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -43.22% | -26.05% | -17.17% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -5.74% | -85.01% | +79.27% |
Average DrawdownAverage peak-to-trough decline | -30.95% | -75.30% | +44.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.93% | 10.82% | -4.89% |
Volatility
ZSB vs. USO - Volatility Comparison
The current volatility for USCF Sustainable Battery Metals Strategy Fund (ZSB) is 5.71%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that ZSB 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
| ZSB | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.71% | 14.87% | -9.16% |
Volatility (6M)Calculated over the trailing 6-month period | 22.65% | 38.23% | -15.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.40% | 44.20% | -17.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.62% | 36.06% | -16.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.62% | 39.00% | -19.38% |
ZSB vs. USO - Expense Ratio Comparison
ZSB has a 0.59% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
ZSB vs. USO - Dividend Comparison
ZSB's dividend yield for the trailing twelve months is around 0.82%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
ZSB USCF Sustainable Battery Metals Strategy Fund | 0.82% | 0.92% | 2.96% | 3.59% |
Frequently Asked Questions
ZSB and USO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.87%) compared to ZSB (5.71%). In terms of maximum drawdown, ZSB dropped -49.26% vs USO's -98.19%.
On 3-year performance, USO leads with 29.98% vs 5.94% for ZSB. On fees, ZSB is cheaper at 0.59% per year. On volatility, ZSB has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 29.98% return vs 5.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZSB is cheaper with a 0.59% expense ratio, compared with 0.86% for USO.
ZSB has the higher dividend yield at 0.82%, compared with 0.00% for USO.
ZSB is categorized as Commodities, while USO is Oil & Gas. ZSB tracks S&P GSCI Electric Vehicle Meals Index, while USO tracks Front Month Light Sweet Crude Oil. Their fees differ too: 0.59% for ZSB and 0.86% for USO.
ZSB currently has the higher Sharpe Ratio (2.88 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.
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