USO — United States Oil Fund, LP

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.

Overview

The United States Oil Fund, LP (USO) is a commodity-focused fund issued by USCF Investments that tracks one of 22 ETFs in the Commodities category. With an asset base of $1.88 billion and a share price of $136.69, the fund represents a significant position within its sector. It holds an overall rank of #185 out of 458 tracked ETFs across all categories, receiving an ETFValuer grade of C with a score of 63.8 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 substantial AUM relative to the category size suggests considerable investor adoption despite the mid-tier ranking. This combination of high assets and a C grade reflects a fund that is widely held but faces challenges in meeting top-tier performance or cost efficiency benchmarks.

Recent price action shows a sharp decline of 2.01% over the last day, contrasting with a robust 10.27% gain over the past week. Over the last month, returns accelerated significantly to 28.60%, while the three-month return settled at a modest 1.46%. The six-month period demonstrates extreme momentum with a 90.32% return, which is further amplified by a year-to-date gain of 98.22%. Long-term performance remains strong, with a one-year return of 81.58% and a three-year return of 86.81%. This pattern indicates a fund that has experienced massive appreciation over the last year and three years, despite recent short-term volatility and a slight deceleration in the three-month window. The divergence between the massive year-to-date figures and the more muted three-month return highlights the fund's sensitivity to recent market shifts.

The fund is classified with a Very High volatility label and exhibits a beta of 2.22, indicating that its price movements are more than twice as sensitive to market changes than the broader benchmark. This high sensitivity is reflected in a maximum drawdown of -32.49%, showing the fund has experienced significant declines from its peak values. Despite the elevated volatility and deep drawdowns, the fund maintains a Sharpe ratio of 1.68, suggesting that the returns generated have historically compensated well for the risk taken. The combination of a very high beta and a strong Sharpe ratio implies that while the fund swings violently in both directions, it has delivered substantial excess returns during its upswings. Investors in this fund should expect pronounced price swings and deep corrections alongside periods of rapid appreciation.

AI-generated summary based on the data on this page.

Market Backdrop

10-Year Treasury Yield: 4.71% (as of 2026-07-23) — 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): 18.70 (as of 2026-07-23) — 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.

USO Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.07% and average daily volume is 7.6M/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

How USO Compares to Other Commodities ETFs