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

In the year to Oct 28, 2026, with distributions reinvested, GLDM returned +2.8% and USO +133.3%.

Which is cheaper, GLDM or USO?

GLDM is cheaper, by 0.76 percentage points a year. That is about $76 on $10,000 held for a year. Fees come from each fund's own filings.

Data as of Oct 28, 2026.

Across categories

GLDM vs USO: Differences, Returns & Fees

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GLDM is a commodity fund and USO a commodity futures fund, and over the year to Oct 28, 2026, USO returned +133.3% against +2.8%.

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Net assets: $30.6bn on Oct 27, 2026 for SPDR Gold MiniShares Trust, and $1.9bn on Oct 28, 2026 for United States Oil Fund, LP.

GLDM on its own →USO on its own →

At a glance

+2.8%

GLDM total return, 1 year

+133.3%

USO total return, 1 year

0.10%

GLDM expense ratio

0.86%

USO expense ratio

Pair scorecard

GLDM costs 0.76 points a year less; their one-year returns differ by 130.5 points; GLDM is 16.1 times larger.

GLDM vs USO: Differences, Returns & Fees
Measure	GLDM	USO
Return
Measure	GLDM	USO
Total return, 1 year	+2.8%	+133.3%
Drawdown
Measure	GLDM	USO
Below its high	24.5%, high on Jan 29, 2026	82.3%, high on Jul 14, 2008
Benchmark
Measure	GLDM	USO
What it tracks	Gold	Oil futures
Cost and size
Measure	GLDM	USO
Expense ratio	0.10%	0.86%
Net assets, as of Oct 27, 2026	$30.6bn	$1.9bn
Holdings
Measure	GLDM	USO
Holdings in common	not published

Method

Risk and return

Jul 6, 2018 to Oct 23, 2026 · 433 weekly returns

GLDM USO

Return

Total return edge GLDM +215.1% +41.7%

Annualized edge GLDM +14.8% +4.3%

Price return edge GLDM +215.1% +41.7%

Risk

Volatility edge GLDM 16.0% 43.4%

Max drawdown edge GLDM −24.0% −85.0%

Risk-adjusted

Sharpe edge GLDM 0.77 0.25

Sortino edge GLDM 1.17 0.36

Calmar edge GLDM 0.62 0.05

Reading

GLDM returned more: +215.1% to +41.7%. GLDM swung less: 16.0% to 43.4%. GLDM fell less at its worst: −24.0% to −85.0%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: GLDM vs USO: Differences, Returns & Fees
Measure	GLDM	USO	Edge	How it is measured
Return
Total return	+215.1%	+41.7%	GLDM	Price change plus distributions, reinvested.
Annualized	+14.8%	+4.3%	GLDM	Total return as a yearly rate.
Price return	+215.1%	+41.7%	GLDM	Price change alone, distributions left out.
Risk
Volatility	16.0%	43.4%	GLDM	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	10.5%	30.5%	GLDM	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−24.0%	−85.0%	GLDM	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.77	0.25	GLDM	Return above Treasury bills per unit of volatility.
Sortino	1.17	0.36	GLDM	Return above Treasury bills per unit of downside deviation.
Calmar	0.62	0.05	GLDM	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 433 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

GLDM SPDR Gold MiniShares Trust 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 +2.8% +133.3%

Its benchmark over the same days +2.5% (GLD) not measured

Gap to its benchmark +0.3 pts vs GLD not measured

Expense ratio 0.10% 0.86%

Net assets, GLDM as of Oct 27, 2026 and USO as of Oct 28, 2026 $30.6bn $1.9bn

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

Client brief · page 1 of 2 Report BR-614F4DC74B

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

What each follows. GLDM follows Gold and USO follows Oil futures.
One-year total return. Over 1 year to Oct 28, 2026 GLDM returned +2.8% and USO +133.3% with distributions reinvested, a gap of 130.5 points.
Cost. GLDM charges 0.10% of assets a year and USO 0.86%, a gap of 0.76 points.

Data as of Oct 28, 2026.

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About each fund

GLDM

Its expense ratio is 0.10% a year, for the three months to Jun 30, 2026, as its 10-Q states.

GLDM holds gold. Over the year to Oct 28, 2026 it returned +2.8% with distributions reinvested, against +2.5% for its benchmark, the price of gold. It sat 24.5% 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, GLDM or USO?: In the year to Oct 28, 2026, with distributions reinvested, GLDM returned +2.8% and USO +133.3%.
Which is cheaper, GLDM or USO?: GLDM is cheaper, by 0.76 percentage points a year. That is about $76 on $10,000 held for a year. Fees come from each fund's own filings.

Other comparisons

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Where to next

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

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