Which returned more over the last year, GLD or USO?

In the year to Oct 28, 2026, with distributions reinvested, GLD returned +2.5% and USO +133.3%.

Which is cheaper, GLD or USO?

GLD is cheaper, by 0.46 percentage points a year. That is about $46 on $10,000 held for a year. Fees come from each fund's own filings.

Data as of Oct 28, 2026.

Across categories

GLD vs USO: Differences, Returns & Fees

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GLD is a commodity fund and USO a commodity futures fund, and over the year to Oct 28, 2026, USO returned +133.3% against +2.5%.

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Net assets: $135.8bn on Oct 27, 2026 for SPDR Gold Shares, and $1.9bn on Oct 28, 2026 for United States Oil Fund, LP.

GLD on its own →USO on its own →

At a glance

+2.5%

GLD total return, 1 year

+133.3%

USO total return, 1 year

0.40%

GLD expense ratio

0.86%

USO expense ratio

Pair scorecard

GLD costs 0.46 points a year less; their one-year returns differ by 130.8 points; GLD is far larger, $135.8bn against $1.9bn.

GLD vs USO: Differences, Returns & Fees
Measure	GLD	USO
Return
Measure	GLD	USO
Total return, 1 year	+2.5%	+133.3%
Drawdown
Measure	GLD	USO
Below its high	24.7%, high on Jan 29, 2026	82.3%, high on Jul 14, 2008
Benchmark
Measure	GLD	USO
What it tracks	Gold	Oil futures
Cost and size
Measure	GLD	USO
Expense ratio	0.40%	0.86%
Net assets, as of Oct 27, 2026	$135.8bn	$1.9bn
Holdings
Measure	GLD	USO
Holdings in common	not published

Method

Risk and return

Apr 21, 2006 to Oct 23, 2026 · 1,070 weekly returns

GLD USO

Return

Total return edge GLD +480.1% −70.9%

Annualized edge GLD +8.9% −5.8%

Price return edge GLD +480.1% −70.9%

Risk

Volatility edge GLD 17.4% 37.1%

Max drawdown edge GLD −44.7% −98.0%

Risk-adjusted

Sharpe edge GLD 0.48 −0.02

Sortino edge GLD 0.69 −0.03

Calmar edge GLD 0.20 −0.06

Reading

GLD returned more: +480.1% to −70.9%. GLD swung less: 17.4% to 37.1%. GLD fell less at its worst: −44.7% to −98.0%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: GLD vs USO: Differences, Returns & Fees
Measure	GLD	USO	Edge	How it is measured
Return
Total return	+480.1%	−70.9%	GLD	Price change plus distributions, reinvested.
Annualized	+8.9%	−5.8%	GLD	Total return as a yearly rate.
Price return	+480.1%	−70.9%	GLD	Price change alone, distributions left out.
Risk
Volatility	17.4%	37.1%	GLD	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	12.0%	26.9%	GLD	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−44.7%	−98.0%	GLD	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.48	−0.02	GLD	Return above Treasury bills per unit of volatility.
Sortino	0.69	−0.03	GLD	Return above Treasury bills per unit of downside deviation.
Calmar	0.20	−0.06	GLD	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,070 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

GLD SPDR Gold Shares USO United States Oil Fund, LP

Where it sits Commodity ETF Commodity ETF

Issuer State Street USCF

What it is Holds gold Holds oil futures

Total return, 1 year +2.5% +133.3%

Its benchmark over the same days +2.7% (IAU) not measured

Gap to its benchmark −0.2 pts vs IAU not measured

Expense ratio 0.40% 0.86%

Net assets, GLD as of Oct 27, 2026 and USO as of Oct 28, 2026 $135.8bn $1.9bn

GLD and USO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-56002B551C

GLD and USO are built for the same job. How do they differ in cost, holdings and results?

What each follows. GLD follows Gold and USO follows Oil futures.
One-year total return. Over 1 year to Oct 28, 2026 GLD returned +2.5% and USO +133.3% with distributions reinvested, a gap of 130.8 points.
Cost. GLD charges 0.40% of assets a year and USO 0.86%, a gap of 0.46 points.

Data as of Oct 28, 2026.

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About each fund

GLD

Its expense ratio is 0.40% a year, for the three months to Jun 30, 2026, as its 10-Q states.

GLD holds gold. Over the year to Oct 28, 2026 it returned +2.5% with distributions reinvested, against +2.7% for its benchmark, the price of gold. It sat 24.7% below its high of Jan 29, 2026 on Oct 28, 2026.

USO

USO holds oil futures. Over the year to Oct 28, 2026 it returned +133.3% with distributions reinvested. The prospectus expense ratio is 0.86% a year. It sat 82.3% below its high of Jul 14, 2008 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, GLD or USO?: In the year to Oct 28, 2026, with distributions reinvested, GLD returned +2.5% and USO +133.3%.
Which is cheaper, GLD or USO?: GLD is cheaper, by 0.46 percentage points a year. That is about $46 on $10,000 held for a year. Fees come from each fund's own filings.

Other comparisons

GLD vs SLV AAAU vs GLD GLD vs OUNZ BAR vs GLD IAU vs USO GLDM vs USO SLV vs USO BNO vs USO

Where to next

GLD on its own →USO on its own →Hold both: look the portfolio through →Rankings →Standards and sources →

Sources and dates

State Street website ↗

USCF website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, GLD against USO, data as of Oct 28, 2026. https://etfiq.com/compare/any/gld-vs-uso

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