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 is a commodities ETF issued by USCF Investments with $1.69 billion in assets under management. It holds a C grade (65.8/100) and ranks 7th out of 22 peers in its category, placing it 178th among all 458 tracked ETFs. The fund charges an expense ratio of 0.86%, which is notably higher than the category median of 0.595%. It does not distribute dividends, contrasting with the category median yield of 2.89%. Holdings breakdown data is not available for this fund.

The fund has delivered exceptional long-term gains, with a 3-year return of 122.92% and a 1-year return of 140.03%, significantly outpacing the category median of 9.06%. Short-term momentum remains strong, with the 1-month return at 10.74% and the 1-week return at 4.80%. The current price of $169.53 sits at 99.6% of its 52-week range, indicating it is near its recent peak. The ETFValuer grade has remained unchanged at C over the last 35 tracked days. Historical price data is available for only 3.0 years.

This ETF exhibits Very High volatility at 49.55% annualized and a beta of 2.18, meaning it moves more than twice as much as the broader market. Despite the high volatility, the Sharpe ratio of 2.73 suggests strong risk-adjusted returns over the measured period. The maximum drawdown recorded is -32.49%, highlighting significant potential for loss. Liquidity is robust, with an average daily volume of 5,505,403 shares supporting easy entry and exit.

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

Market Backdrop

10-Year Treasury Yield: 4.96% (as of 2026-10-22) — 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): 19.03 (as of 2026-10-22) — 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: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

USO Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 5.5M/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $1.69B 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