SPY vs USO
State Street SPDR S&P 500 ETF Trust vs United States Oil Fund
Which is better, SPY or USO?
Large Cap Blend against Energy.
SPY has a lower expense ratio. SPY led over the full window, USO over 1Y, 3Y and 5Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPY | USO |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.86% |
| AUM | $804.7B | $1.9B |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 505 | 7 |
| YTD Return | +12.09% | +123.06%Best |
| 1Y Return | +16.29% | +105.94%Best |
| 3Y Return (annualized) | +21.20% | +23.60%Best |
| 5Y Return (annualized) | +13.37% | +25.44%Best |
| Volatility (annualized) | 15.2%Best | 37.8% |
| Max Drawdown | -56.5%Best | -98.2% |
| $10,000 over 5 years | $18,728 | $31,058Best |
| Fund Family | State Street Investment Management | USCF Investments |
| Category | Equity | Commodity |
| Style | Large Cap Blend | Energy |
| Inception | Jan 22, 1993 | Apr 10, 2006 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 10, 2006 to Sep 18, 2026 (20.4 years).
SPY vs USO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 20.4 years both funds cover.
SPY vs USO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and United States Oil Fund (USO) is an ETF from USCF Investments. Over the past year SPY returned +16.29% while USO returned +105.94%. Year to date, SPY is up 12.09% versus a gain of 123.06% for USO.
Over three years, SPY compounded at +21.20% per year against +23.60% for USO; over five years the annualized figures are +13.37% and +25.44% respectively. Across the full 20-year window we track, SPY has the edge at +9.44% annualized vs -5.99%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
USO has been the more volatile fund, with annualized monthly volatility of 37.8% compared with 15.2% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for SPY and -98.2% for USO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.33. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while USO charges 0.86%. On a $10,000 position that is $9 vs $86 annually, a gap of $77 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.00% for USO.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in USO, totalling 99.9% and 8.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 1 in USO, against full books of 505 and 7.
You are not choosing between two funds in isolation.
Whichever of SPY and USO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or USO?
SPY has an expense ratio of 0.09% while USO charges 0.86%. SPY is the cheaper option, by $77 a year on a $10,000 investment.
Which performed better, SPY or USO?
Over the past year SPY returned +16.29% vs +105.94% for USO, so USO leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +9.44% vs -5.99% for USO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or USO?
USO has been the more volatile fund at 37.8% annualized versus 15.2% for SPY. Worst drawdown: SPY -56.5% vs USO -98.2%.
Should I hold both SPY and USO?
SPY and USO have a monthly-return correlation of 0.33, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or USO?
SPY yields 0.98% while USO yields 0.00%, so SPY currently pays the higher dividend yield.
Is USO better than SPY?
SPY has a lower expense ratio. SPY led over the full window, USO over 1Y, 3Y and 5Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.