USO — United States Oil Fund, LP
Commodities Ranked #220 of 458 tracked ETFs · Issued by USCF Investments
USO Price Performance — Growth of $10,000
Value of a $10,000 investment in USO over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.
USO Drawdown
The "underwater" chart: USO's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.
What If You'd Invested in USO?
See what a lump sum in USO would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The United States Oil Fund, LP (USO) operates within the Commodities category, which currently contains 22 ETFs tracked by ETFValuer. Issued by USCF Investments, the fund has accumulated assets under management of $1.88 billion while trading at a price of $129.31 per share. It holds an overall rank of #220 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 61.6 out of 100. The fund carries an expense ratio of 0.86% and offers a dividend yield of 0.00%, indicating it does not distribute income to shareholders. The combination of a substantial asset base and a mid-tier ranking suggests significant investor adoption despite the fund's specific commodity focus. Its position as the lowest-ranked fund in its specific category among the 22 tracked options highlights a distinct performance profile relative to peers.
Recent price action shows a sharp 1-day gain of +7.32% following a 1-week decline of -1.80%, while the 1-month return has surged to +20.76%. Over the longer term, the fund has experienced a 3-month loss of -7.37% before accelerating into a 6-month return of +70.91%. Year-to-date performance stands at +87.51%, which aligns with a 1-year return of +67.57% and a 3-year return of +76.80%. This pattern indicates a period of recent volatility where short-term fluctuations contrasted with strong multi-month and multi-year appreciation. The divergence between the negative 3-month figure and the positive 6-month figure suggests a recovery phase occurred after a mid-term dip. All annualized and multi-year figures remain positive, reflecting a generally upward trajectory over extended periods despite interim corrections.
The fund is classified with a Very High volatility label and exhibits a beta of 2.22, indicating price movements that are more than double the magnitude of the broader market. A Sharpe ratio of 1.33 suggests that the returns generated have been substantial relative to the risk taken, despite the high volatility. However, the maximum drawdown of -32.49% illustrates the potential for significant temporary losses during market downturns. This combination of a high beta and deep drawdown implies the fund is highly sensitive to market shifts and can experience severe declines even if long-term trends are positive. Investors face a profile where large gains are possible, but the path to those gains involves substantial price swings and the risk of deep interim losses.
AI-generated summary based on the data on this page.
Market Backdrop
10-Year Treasury Yield: 4.61% (as of 2026-07-28) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.
CBOE Volatility Index (VIX): 18.21 (as of 2026-07-28) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.
Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What USO's Fees Cost You
USO charges an expense ratio of 0.86% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
USO Liquidity, Domicile & Tax Treatment
Liquidity: Quoted bid/ask spread is 0.02% and average daily volume is 7.5M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $1.88B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: USO is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.
USO Performance History
| Period | Return |
|---|---|
| 1-Day | +7.32% |
| 1-Week | -1.80% |
| 1-Month | +20.76% |
| 3-Month | -7.37% |
| 6-Month | +70.91% |
| YTD | +87.51% |
| 1-Year | +67.57% |
| 3-Year | +76.80% |
How USO Compares to Other Commodities ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #55 | B |
BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | +32.59% | 0.26% | $2.28B |
| #107 | B |
PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | +36.62% | 0.59% | $5.33B |
| #138 | B |
DJP | iPath Bloomberg Commodity Index Total Return(SM) ETN | +36.99% | 0.7% | $850M |
| #162 | B |
DBC | Invesco DB Commodity Index Tracking Fund | +35.76% | 0.85% | $1.58B |
| #163 | B |
COMT | iShares GSCI Commodity Dynamic Roll Strategy ETF | +33.21% | 0.48% | $1.11B |
| #170 | C |
GSG | iShares S&P GSCI Commodity-Indexed Trust | +41.48% | 0.75% | $839M |
| #175 | C |
GLDM | SPDR Gold MiniShares | +21.81% | 0.1% | $27.3B |
| #183 | C |
DBB | Invesco DB Base Metals Fund | +29.83% | 0.75% | $355M |
| #186 | C |
IAU | iShares Gold Trust | +21.63% | 0.25% | $60.1B |
| #196 | C |
SLV | iShares Silver Trust | +49.45% | 0.5% | $28.2B |
| #202 | C |
GLD | SPDR Gold Shares | +21.50% | 0.4% | $130B |
| #203 | C |
IAUM | iShares Gold Trust Micro | +21.89% | 0.09% | $6.31B |
| #220 | C |
USO | United States Oil Fund, LP | +67.57% | 0.86% | $1.88B |
| #230 | C |
SGOL | abrdn Physical Gold Shares ETF | +21.71% | 0.17% | $6.74B |
| #281 | C |
OUNZ | VanEck Merk Gold Trust | +21.66% | 0.25% | $2.50B |
| #283 | C |
BAR | GraniteShares Gold Trust | +21.76% | 0.1749% | $1.33B |
| #379 | C |
DBA | Invesco DB Agriculture Fund | +8.58% | 0.85% | $1.15B |
| #400 | D |
PPLT | abrdn Physical Platinum Shares ETF | +16.00% | 0.6% | $1.77B |
| #419 | D |
CPER | United States Copper Index Fund, LP | +10.23% | 0.88% | $738M |
| #451 | F |
WEAT | Teucrium Wheat Fund | +10.11% | 1% | $269M |
| #452 | F |
PALL | abrdn Physical Palladium Shares ETF | +1.72% | 0.6% | $591M |
| #457 | F |
UNG | United States Natural Gas Fund, LP | -27.36% | 1.17% | $419M |