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 commodities ETF issued by USCF Investments with $1.90 billion in assets under management. It holds a C grade (63.4/100) and ranks 10th out of 22 funds in its category, placing it in the middle of its peer group. The fund’s 0.86% expense ratio exceeds the category median of 0.595%, while its 0.00% dividend yield matches the category norm. Holdings data is not available for this fund.

Price action shows the fund trading at $146.03, which is 90.9% of its 52-week range. Short-term momentum is strong, with one-month returns of +23.78% and year-to-date gains of +111.76%. This recent acceleration contrasts with the three-year return of +83.27%, indicating a significant recent uptrend. The rating was upgraded from D to C on 2026-08-05, reflecting this improved trajectory. Historical data is limited to 3.0 years.

The fund exhibits a beta of 2.15, meaning it moves more than twice as much as the broader market. Annualized volatility is 48.43%, classified as Very High, which coincides with a maximum drawdown of -32.49%. Despite these risks, the Sharpe ratio stands at 1.98, suggesting strong risk-adjusted returns. Liquidity is supported by an average daily volume of 5,985,838 shares and a bid/ask spread of 0.54%.

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

Market Backdrop

10-Year Treasury Yield: 4.78% (as of 2026-09-04) — 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): 15.30 (as of 2026-09-07) — 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 2026-08-01) — 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 0.54% and average daily volume is 6.0M/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 $1.90B 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