Data as of Oct 28, 2026.
USO vs VOE: Differences, Returns & Fees
USO is a commodity futures fund and VOE an equity index fund, and over the year to Oct 28, 2026, USO returned +133.3% against +22.8%.
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Net assets: $1.9bn on Oct 28, 2026 for United States Oil Fund, LP, and $22.8bn on Sep 30, 2026 for Vanguard Morningstar Mid-Cap Value ETF.
Pair scorecard
VOE costs 0.81 points a year less; their one-year returns differ by 110.5 points.
| Measure | USO | VOE |
|---|---|---|
| Return | ||
| Total return, 1 year | +133.3% | +22.8% |
| Drawdown | ||
| Below its high | 82.3%, high on Jul 14, 2008 | |
| Benchmark | ||
| What it tracks | Oil futures | Morningstar US Mid Cap Value Index |
| Cost and size | ||
| Expense ratio | 0.86% | 0.05% |
| Net assets, USO as of Oct 28, 2026 and VOE as of Sep 30, 2026 | $1.9bn | $22.8bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 96% | |
| Top ten holdings, share of the fund | 14.0% | |
Risk and return
Sep 1, 2006 to Oct 23, 2026 · 1,051 weekly returnsVOE returned more: +515.4% to −66.8%. VOE swung less: 20.4% to 37.3%. VOE fell less at its worst: −61.2% to −98.0%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | USO | VOE | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | −66.8% | +515.4% | VOE | Price change plus distributions, reinvested. |
| Annualized | −5.3% | +9.4% | VOE | Total return as a yearly rate. |
| Price return | −66.8% | +301.7% | VOE | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 37.3% | 20.4% | VOE | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 27.0% | 14.5% | VOE | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −98.0% | −61.2% | VOE | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.00 | 0.46 | VOE | Return above Treasury bills per unit of volatility. |
| Sortino | 0.00 | 0.65 | VOE | Return above Treasury bills per unit of downside deviation. |
| Calmar | −0.05 | 0.15 | VOE | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,051 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
USO and VOE on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
USO and VOE do different jobs. What does each one do in a portfolio?
- What each follows. USO follows Oil futures and VOE follows Morningstar US Mid Cap Value Index.
- One-year total return. Over 1 year to Oct 28, 2026 USO returned +133.3% and VOE +22.8% with distributions reinvested, a gap of 110.5 points.
- Cost. USO charges 0.86% of assets a year and VOE 0.05%, a gap of 0.81 points.
Data as of Oct 28, 2026.
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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.
VOE
VOE tracks an index of Mid-Cap Value. Over the year to Oct 28, 2026 it returned +22.8% with distributions reinvested. The prospectus expense ratio is 0.05% a year. By its holdings published by its issuer as of Sep 30, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 169 positions, with the top ten at 14.0%.
Questions people ask
- Which returned more over the last year, USO or VOE?
- In the year to Oct 28, 2026, with distributions reinvested, USO returned +133.3% and VOE +22.8%.
- Which is cheaper, USO or VOE?
- VOE is cheaper, by 0.81 percentage points a year. That is about $81 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, USO against VOE, data as of Oct 28, 2026. https://etfiq.com/compare/any/uso-vs-voe
ETFIQ. (Oct 28, 2026). USO against VOE. Retrieved from https://etfiq.com/compare/any/uso-vs-voe
[USO against VOE (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/uso-vs-voe)
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