USO’s worst drop since 2006 was 98%
United States Oil Fund (USO) fell 98% from Jul 2008 to Apr 2020. It has not closed above that Jul 2008 peak since, 18.2 years later. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 2nd deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2006 to now
How USO held up in each crash
| Crash | Years | USO | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −80.5% | −55.2% |
| COVID crash | 2020 | −83.8% | −33.7% |
| 2022 rate shock | 2022 | −31.8% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was USO’s maximum drawdown?
USO’s deepest fall since 2006 was 98.2%, from its high on July 14, 2008 to its low on April 28, 2020. The figure uses daily prices with dividends reinvested.
How long did USO take to recover?
It has not recovered yet. As of October 13, 2026 it sits 83.7% below that Jul 2008 high.
Was USO riskier than the S&P 500?
Over the same years, USO’s worst drop was 98.2% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −83.9% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, April 11, 2006 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.