While spot prices for oil are up more than 50 percent this year, ETFs tracking those markets through derivatives are heavily underperforming. For example, the U.S. Oil Fund (NYSEArca: USO) is up some 8 percent so far, notes this Wall Street Journal story.

The article also points out that besides headwinds in futures markets, oil ETFs like USO also are fighting contango.

You can read the story here.