USO: United States Oil Fund returns, drawdowns and risk
Funds that invest in commodity futures: oil, natural gas, agriculture, copper or a broad basket.
Data updated October 2026
USO · US exchange · USDCategory: Oil, gas and commodity ETFsData from June 2020
From June 2020 to October 2026 USO returned 32.1% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $59,032.
Its deepest fall was 36.2%, from June 2022 to March 2023, and it took about 45 months to get back to the previous high. Annual volatility was 36.5%; at the last close it was 1.3% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 76 months both have data, the correlation of monthly returns was 0.09: they moved largely independently. Beta was 0.21. In months when SPY rose, USO moved 94% as much on average; in months when SPY fell, -29% as much.
Key figures
- Annual return (CAGR)
- +32.1%
- 1-year return
- +134.1%
- 5 years, a year
- +22.7%
- 10 years, a year
- —
- Annual volatility
- 36.5%
- Maximum drawdown
- −36.2%
- Sharpe ratio
- 0.87
- Worst year
- 2025: −8.5%
Trailing returns
| Period | USO | SPY |
|---|---|---|
| 1 year | +134.1% | +16.6% |
| 3 years, a year | +25.6% | +23.1% |
| 5 years, a year | +22.7% | +12.7% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: USO vs SPY
Month-end values from July 2020, the first month both funds have data.
USO drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | USO | SPY |
|---|---|---|
| 2026(partial) | +131.1% | +13.3% |
| 2025 | −8.5% | +17.7% |
| 2024 | +13.4% | +24.9% |
| 2023 | −4.9% | +26.2% |
| 2022 | +29.0% | −18.2% |
| 2021 | +64.7% | +28.7% |
| 2020(partial) | +21.9% | — |
USO compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of USO?
From June 2020 to October 2026 USO returned 32.1% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +22.7% a year. Over the last 12 months: +134.1%.
What was the worst drawdown of USO?
36.2%, from June 2022 to March 2023; it took about 45 months from the previous high to get back to it.
How volatile is USO?
Annual volatility was 36.5% over the period. Its worst month was −17.8% and 57% of months were positive. Worst calendar year: 2025 (−8.5%).
How closely does USO follow SPY?
Over 76 months the correlation of monthly returns was 0.09, so they moved largely independently, with a beta of 0.21.
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Other Oil, gas and commodity ETFs
- All Oil, gas and commodity ETFsReturns and risk side by side
- DBC — Invesco DB Commodity Index Tracking FundCAGR +2.8%
- PDBC — Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETFCAGR +2.3%
- UNG — United States Natural Gas FundCAGR −20.7%
- DBA — Invesco DB Agriculture FundCAGR +1.5%
- CPER — United States Copper Index FundCAGR +3.1%
- GSG — iShares S&P GSCI Commodity-Indexed TrustCAGR −0.5%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.