---
title: "USO up 65% this year, down 77% from what it should be"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/290258238.md"
description: "The United States Oil Fund (USO) has risen 65% year-to-date but remains 77% below its theoretical value due to structural costs. These include roll decay from contango futures curves, K-1 tax complexities, and geopolitical volatility. While USO suits short-term trading, long-term investors face significant hidden fees. Alternatives like USL, DBO, or energy equity ETFs offer lower friction and different risk profiles for crude exposure."
datetime: "2026-06-19T01:11:38.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/290258238.md)
  - [en](https://longbridge.com/en/news/290258238.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/290258238.md)
generator: "portal-rs"
---

# USO up 65% this year, down 77% from what it should be

Quick ReadUSO returned just 22% over a decade while crude swung from $16 to $115, as monthly futures roll decay silently drains NAV.USL and DBO reduce contango drag by spreading or optimizing futures rolls, keeping more of crude's price movement in investors' pockets.USO's K-1 tax treatment marks gains 60% long-term and 40% short-term regardless of...

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- [UCO.US](https://longbridge.com/en/quote/UCO.US.md)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**