ZVOL vs. USO
ZVOL (Volatility Premium Plus ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - ZVOL is a Volatility fund tracking the S&P 500 VIX Mid Term Futures Inverse Daily 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, ZVOL returned 9.26%/yr vs 29.98%/yr for USO. At a correlation of -0.03, they often move in opposite directions. ZVOL charges 1.35%/yr vs 0.86%/yr for USO.
Performance
ZVOL vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, ZVOL achieves a -2.29% return, which is significantly lower than USO's 103.67% return.
ZVOL
- 1D
- -0.60%
- 1M
- 2.30%
- YTD
- -2.29%
- 6M
- 2.14%
- 1Y
- 8.27%
- 3Y*
- 9.26%
- 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%
ZVOL vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZVOL Volatility Premium Plus ETF | -2.29% | -10.71% | 9.27% | 51.65% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -3.82% |
Correlation
The correlation between ZVOL and USO is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2023 | -0.03 |
The correlation between ZVOL and USO shifts across timeframes, from -0.22 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZVOL vs. USO — Risk / Return Rank
ZVOL
USO
ZVOL vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) 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.
| ZVOL | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.38 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | 5.01 | -4.50 |
| Martin ratioReturn relative to average drawdown | 1.62 | 9.42 | -7.80 |
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
| ZVOL | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.44 | 2.31 | -1.87 |
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 | 0.43 | -0.18 | +0.61 |
Drawdowns
ZVOL vs. USO - Drawdown Comparison
The maximum ZVOL drawdown since its inception was -37.25%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for ZVOL and USO.
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Drawdown Indicators
| ZVOL | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.25% | -98.19% | +60.94% |
Max Drawdown (1Y)Largest decline over 1 year | -16.46% | -20.39% | +3.93% |
Max Drawdown (3Y)Largest decline over 3 years | -37.25% | -26.05% | -11.20% |
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 | -22.17% | -85.01% | +62.84% |
Average DrawdownAverage peak-to-trough decline | -13.43% | -75.30% | +61.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.12% | 10.82% | -5.70% |
Volatility
ZVOL vs. USO - Volatility Comparison
The current volatility for Volatility Premium Plus ETF (ZVOL) is 3.59%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that ZVOL 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
| ZVOL | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.59% | 14.87% | -11.28% |
Volatility (6M)Calculated over the trailing 6-month period | 13.27% | 38.23% | -24.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.74% | 44.20% | -25.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.27% | 36.06% | -6.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.27% | 39.00% | -9.73% |
ZVOL vs. USO - Expense Ratio Comparison
ZVOL has a 1.35% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
ZVOL vs. USO - Dividend Comparison
ZVOL's dividend yield for the trailing twelve months is around 71.14%, 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% |
ZVOL Volatility Premium Plus ETF | 71.14% | 53.44% | 30.68% | 0.55% |
Frequently Asked Questions
ZVOL and USO have a correlation of -0.22, 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 ZVOL (3.59%). In terms of maximum drawdown, ZVOL dropped -37.25% vs USO's -98.19%.
On 3-year performance, USO leads with 29.98% vs 9.26% for ZVOL. On fees, USO is cheaper at 0.86% per year. On volatility, ZVOL has been the lower-risk option at 3.59%. 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 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 1.35% for ZVOL.
ZVOL has the higher dividend yield at 71.14%, compared with 0.00% for USO.
ZVOL is categorized as Volatility, while USO is Oil & Gas. ZVOL tracks S&P 500 VIX Mid Term Futures Inverse Daily Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Volatility Shares and USCF. Their fees differ too: 1.35% for ZVOL and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs 0.44), 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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