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

In the year to Oct 28, 2026, with distributions reinvested, TLT returned −7.9% and USO +133.3%.

Which is cheaper, TLT or USO?

TLT is cheaper, by 0.71 percentage points a year. That is about $71 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

TLT vs USO: Differences, Returns & Fees

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TLT is a bond index fund and USO a commodity futures fund, and over the year to Oct 28, 2026, USO returned +133.3% against −7.9%.

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Net assets: $47.4bn on Oct 27, 2026 for iShares 20+ Year Treasury Bond ETF, and $1.9bn on Oct 28, 2026 for United States Oil Fund, LP.

TLT on its own →USO on its own →

At a glance

−7.9%

TLT total return, 1 year

+133.3%

USO total return, 1 year

0.15%

TLT expense ratio

0.86%

USO expense ratio

Pair scorecard

TLT costs 0.71 points a year less; their one-year returns differ by 141.2 points; TLT is far larger, $47.4bn against $1.9bn.

TLT vs USO: Differences, Returns & Fees
Measure	TLT	USO
Return
Measure	TLT	USO
Total return, 1 year	−7.9%	+133.3%
Drawdown
Measure	TLT	USO
Below its high	42.6%, high on Aug 4, 2020	82.3%, high on Jul 14, 2008
Benchmark
Measure	TLT	USO
What it tracks	ICE U.S. Treasury 20+ Year Bond Index	Oil futures
Cost and size
Measure	TLT	USO
Expense ratio	0.15%	0.86%
Net assets, as of Oct 27, 2026	$47.4bn	$1.9bn
Holdings
Measure	TLT	USO
Holdings in common	not published

Method

Risk and return

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

TLT USO

Return

Total return edge TLT +85.2% −70.9%

Annualized edge TLT +3.0% −5.8%

Price return edge TLT −4.1% −70.9%

Risk

Volatility edge TLT 14.0% 37.1%

Max drawdown edge TLT −47.8% −98.0%

Risk-adjusted

Sharpe edge TLT 0.16 −0.02

Sortino edge TLT 0.23 −0.03

Calmar edge TLT 0.06 −0.06

Reading

TLT returned more: +85.2% to −70.9%. TLT swung less: 14.0% to 37.1%. TLT fell less at its worst: −47.8% to −98.0%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: TLT vs USO: Differences, Returns & Fees
Measure	TLT	USO	Edge	How it is measured
Return
Total return	+85.2%	−70.9%	TLT	Price change plus distributions, reinvested.
Annualized	+3.0%	−5.8%	TLT	Total return as a yearly rate.
Price return	−4.1%	−70.9%	TLT	Price change alone, distributions left out.
Risk
Volatility	14.0%	37.1%	TLT	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	9.8%	26.9%	TLT	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−47.8%	−98.0%	TLT	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.16	−0.02	TLT	Return above Treasury bills per unit of volatility.
Sortino	0.23	−0.03	TLT	Return above Treasury bills per unit of downside deviation.
Calmar	0.06	−0.06	TLT	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

TLT iShares 20+ Year Treasury Bond ETF USO United States Oil Fund, LP

Where it sits Bond ETF Commodity ETF

Issuer iShares USCF

What it is Tracks an index of 20+ year Treasuries Holds oil futures

Total return, 1 year −7.9% +133.3%

Its benchmark over the same days −7.8% (BBLB) not measured

Gap to its benchmark −0.1 pts vs BBLB not measured

Expense ratio 0.15% 0.86%

Holdings 47 not counted

Net assets, TLT as of Oct 27, 2026 and USO as of Oct 28, 2026 $47.4bn $1.9bn

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

Client brief · page 1 of 2 Report BR-3141660CE8

TLT and USO do different jobs. What does each one do in a portfolio?

What each follows. TLT follows ICE U.S. Treasury 20+ Year Bond Index and USO follows Oil futures.
One-year total return. Over 1 year to Oct 28, 2026 TLT returned −7.9% and USO +133.3% with distributions reinvested, a gap of 141.2 points.
Cost. TLT charges 0.15% of assets a year and USO 0.86%, a gap of 0.71 points.

Data as of Oct 28, 2026.

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About each fund

TLT

TLT tracks an index of 20+ year Treasuries. Over the year to Oct 28, 2026 it returned −7.9% with distributions reinvested, against −7.8% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 42.6% below its high of Aug 4, 2020 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, TLT or USO?: In the year to Oct 28, 2026, with distributions reinvested, TLT returned −7.9% and USO +133.3%.
Which is cheaper, TLT or USO?: TLT is cheaper, by 0.71 percentage points a year. That is about $71 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

BWET vs TLT GLD vs TLT GLDM vs TLT IAU vs TLT EDV vs USO USO vs VGLT JAAA vs USO BNDX vs USO

Where to next

TLT on its own →USO on its own →Hold both: look the portfolio through →Rankings →TLT dividend history →TLT holdings →Standards and sources →

Sources and dates

TLT filings on SEC EDGAR ↗

TLT prospectus with the expense ratio (SEC) ↗

iShares page for TLT ↗

USCF website ↗

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

Cite this pageCitation, APA and Markdown

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

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.