United States Oil Fund LP (USO) Performance
USO total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +145.1% since Dec 31, 2025
- 1 year
- +131.3% total return
- 5 years
- +23.9% a year
- 10 years
- +6.3% a year
- Since first price
- −5.5% a year since 2006
USO trailing returns vs SPY, QQQ, AGG
| Period | USO total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +13.9% | +13.9% | −1.0% | −5.0% | +0.9% |
| 3 months | +21.5% | +21.5% | +3.2% | +1.9% | −0.4% |
| 6 months | +25.8% | +25.8% | +7.8% | +8.4% | −1.5% |
| YTD | +145.1% | +145.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +131.3% | +131.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +114.9%+29.0%/yr | +114.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +192.1%+23.9%/yr | +192.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +84.6%+6.3%/yr | +84.6% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −37.4%−3.1%/yr | −37.4% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | −59.5%−4.4%/yr | −59.5% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionApr 10, 2006 | −68.8%−5.5%/yr | −68.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: USO vs SPY
From Apr 10, 2006: USO grew to $3,115, SPY to $85,181.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
USO returns by calendar year
9 of 19 full years positive. Best 2021 (+64.7%), worst 2020 (−67.8%). 2026 is year to date.
USO annual returns table
| Year | USO | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +145.1% | −32.5% | +12.3% | +15.1% | −1.0% |
| 2025 | −8.5% | −26.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +13.4% | −18.7% | +24.9% | +25.6% | +1.3% |
| 2023 | −4.9% | −22.5% | +26.2% | +54.9% | +5.7% |
| 2022 | +29.0% | −31.8% | −18.2% | −32.6% | −13.0% |
| 2021 | +64.7% | −19.5% | +28.7% | +27.4% | −1.8% |
| 2020 | −67.8% | −83.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +32.6% | −22.8% | +31.2% | +39.0% | +8.5% |
| 2018 | −19.6% | −42.2% | −4.6% | −0.1% | +0.1% |
| 2017 | +2.5% | −25.6% | +21.7% | +32.7% | +3.6% |
| 2016 | +6.5% | −27.5% | +12.0% | +7.1% | +2.4% |
| 2015 | −46.0% | −48.8% | +1.2% | +9.4% | +0.5% |
| 2014 | −42.4% | −48.4% | +13.5% | +19.2% | +6.0% |
| 2013 | +5.8% | −15.7% | +32.3% | +36.6% | −2.0% |
| 2012 | −12.4% | −29.9% | +16.0% | +18.1% | +3.8% |
| 2011 | −2.3% | −34.1% | +1.9% | +3.4% | +7.7% |
| 2010 | −0.7% | −24.5% | +15.1% | +19.9% | +6.4% |
| 2009 | +18.7% | −38.7% | +26.4% | +54.7% | +3.0% |
| 2008 | −56.3% | −75.3% | −36.8% | −41.7% | +7.9% |
| 2007 | +46.8% | −12.5% | +5.1% | +19.0% | +6.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
USO largest drawdowns
Now 82.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 14, 2008 | −98.2% | Apr 28, 2020 | not yet | 11.8 years | 18.3 years so far |
| Jul 13, 2006 | −41.0% | Jan 18, 2007 | Oct 31, 2007 | 6 months | 1.3 years |
| Jan 2, 2008 | −12.0% | Feb 6, 2008 | Feb 19, 2008 | 35 days | 48 days |
| Nov 20, 2007 | −11.2% | Dec 5, 2007 | Jan 2, 2008 | 15 days | 43 days |
| Apr 21, 2006 | −10.5% | Jun 13, 2006 | Jul 13, 2006 | 53 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
USO risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2006 |
|---|---|---|---|---|
| Annualized return | +21.7% | +22.6% | +5.2% | −6.4% |
| Volatility (annualized) | 42.8% | 37.7% | 42.1% | 37.7% |
| Sharpe ratio | 0.54 | 0.62 | 0.30 | — |
| Sortino ratio | 1.20 | 1.25 | 0.43 | — |
| Best month | +55.3% | +55.3% | +55.3% | +55.3% |
| Worst month | −17.8% | −17.8% | −55.4% | −55.4% |
| Best 12 months | +131.4% | +131.4% | +131.4% | +131.4% |
| Worst 12 months | −18.9% | −29.1% | −82.0% | −82.0% |
| Positive months | 50% | 52% | 54% | 50% |
| Beta vs S&P 500 | -0.56 | 0.02 | 0.64 | — |
| Correlation with S&P 500 | -0.16 | 0.01 | 0.23 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
USO rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 235 | −82.0% | −0.7% | +133.6% | 48% |
| 3-year (a year) | 211 | −38.4% | −7.3% | +52.3% | 30% |
| 5-year (a year) | 187 | −34.9% | −11.0% | +27.7% | 16% |
| 10-year (a year) | 127 | −24.8% | −13.1% | +7.2% | 8% |
Every holding period starting at a month-end since 2006. Returns for 3 years and longer are annualized.
USO performance overview
United States Oil Fund LP (USO) returned +131.3% over the past year and +6.3% a year over ten years, with distributions reinvested. Since its first recorded price in 2006 it has returned −5.5% a year, turning $10,000 into about $3,115. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −98.2%, from Jul 14, 2008 to Apr 28, 2020; the fund has not yet regained that high. USO finished 9 of its 19 full calendar years with a gain; the best year was 2021 (+64.7%) and the worst 2020 (−67.8%). Volatility has been 37.7% a year.
Related: USO chart. See the USO overview for the latest quote and fund facts.
USO performance FAQ
What is the USO return over the past year?
USO returned +131.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 131.3%.
What is the average annual return of USO?
USO has returned +23.9% a year over 5 years, +6.3% a year over 10 years, −5.5% a year since April 10, 2006 (total return, distributions reinvested).
How much would $10,000 invested in USO be worth?
$10,000 invested in USO at its first recorded close on April 10, 2006 would be worth about $3,115 on October 23, 2026 with distributions reinvested.
What was the worst year for USO?
The worst calendar year was 2020, with a total return of −67.8%. The best was 2021 at +64.7%.
What is the biggest drawdown of USO?
The largest peak-to-trough decline was −98.2% between July 14, 2008 and April 28, 2020. It has not yet recovered to that high; it is 82.0% below its peak.
How volatile is USO?
Over the past 3 years USO had an annualized volatility of 42.8% and a Sharpe ratio of 0.54 (excess return over 1–3 month T-bills per unit of risk).