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EMDV vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMDV vs. USO

Last updated Jun 4, 2026

EMDV (ProShares MSCI Emerging Markets Dividend Growers ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EMDV is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Dividend Masters Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, EMDV returned 2.64%/yr vs 4.07%/yr for USO. At a 0.18 correlation, their price movements are largely independent. EMDV charges 0.60%/yr vs 0.86%/yr for USO.

Performance

EMDV vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EMDV achieves a 1.17% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, EMDV has underperformed USO with an annualized return of 2.64%, while USO has yielded a comparatively higher 4.07% annualized return.

EMDV

1D
-1.57%
1M
0.78%
YTD
1.17%
6M
1.13%
1Y
7.88%
3Y*
2.77%
5Y*
-3.15%
10Y*
2.64%

USO

1D
2.62%
1M
-4.57%
YTD
103.67%
6M
99.35%
1Y
101.55%
3Y*
29.98%
5Y*
24.41%
10Y*
4.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMDV vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMDV
ProShares MSCI Emerging Markets Dividend Growers ETF		1.17%11.90%0.06%-1.03%-18.19%1.11%-0.09%14.93%-7.52%26.98%
USO
United States Oil Fund LP		103.67%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between EMDV and USO is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.31

Correlation (3Y)
Calculated over the trailing 3-year period

0.00

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

0.18

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2016

0.18

The correlation between EMDV and USO shifts across timeframes, from -0.31 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares MSCI Emerging Markets Dividend Growers ETF

United States Oil Fund LP

Often compared with EMDV:
EMDV vs. CRBNEMDV vs. VWOEMDV vs. SCHDEMDV vs. EMBEMDV vs. DIVOEMDV vs. NOBLEMDV vs. BDVG
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

EMDV vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMDV
EMDV Risk / Return Rank: 2222
Overall Rank
EMDV Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
EMDV Sortino Ratio Rank: 2020
Sortino Ratio Rank
EMDV Omega Ratio Rank: 2020
Omega Ratio Rank
EMDV Calmar Ratio Rank: 2424
Calmar Ratio Rank
EMDV Martin Ratio Rank: 2424
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6060
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8787
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMDV vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) and United States Oil Fund LP (USO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

EMDVUSODifference
Sharpe ratioReturn per unit of total volatility
0.71
2.31

-1.60

Sortino ratioReturn per unit of downside risk
1.07
2.89

-1.82

Omega ratioGain probability vs. loss probability

1.13

1.38

-0.25

Calmar ratioReturn relative to maximum drawdown

1.09

5.01

-3.91

Martin ratioReturn relative to average drawdown

3.33

9.42

-6.09

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMDV vs. USO - Sharpe Ratio Comparison

The current EMDV Sharpe Ratio is 0.71, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of EMDV and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EMDVUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.71

2.31

-1.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.21

0.68

-0.89

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.15

0.10

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.22

-0.18

+0.39

Drawdowns

EMDV vs. USO - Drawdown Comparison

The maximum EMDV drawdown since its inception was -39.20%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EMDV and USO.

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Drawdown Indicators

EMDVUSODifference

Max Drawdown

Largest peak-to-trough decline

-39.20%

-98.19%

+58.99%

Max Drawdown (1Y)

Largest decline over 1 year

-7.24%

-20.39%

+13.15%

Max Drawdown (3Y)

Largest decline over 3 years

-20.71%

-26.05%

+5.34%

Max Drawdown (5Y)

Largest decline over 5 years

-34.97%

-36.23%

+1.26%

Max Drawdown (10Y)

Largest decline over 10 years

-39.20%

-86.75%

+47.55%

Current Drawdown

Current decline from peak

-14.80%

-85.01%

+70.21%

Average Drawdown

Average peak-to-trough decline

-13.55%

-75.30%

+61.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.37%

10.82%

-8.45%

Volatility

EMDV vs. USO - Volatility Comparison

The current volatility for ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) is 4.17%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that EMDV experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMDVUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.17%

14.87%

-10.70%

Volatility (6M)

Calculated over the trailing 6-month period

9.21%

38.23%

-29.02%

Volatility (1Y)

Calculated over the trailing 1-year period

11.21%

44.20%

-32.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.42%

36.06%

-20.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.26%

39.00%

-20.74%

EMDV vs. USO - Expense Ratio Comparison

EMDV has a 0.60% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

EMDV vs. USO - Dividend Comparison

EMDV's dividend yield for the trailing twelve months is around 2.41%, while USO has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
EMDV
ProShares MSCI Emerging Markets Dividend Growers ETF		2.41%2.46%2.79%1.88%3.68%2.12%3.12%2.38%1.27%2.09%2.87%
USO
United States Oil Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EMDV and USO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (14.87%) compared to EMDV (4.17%). In terms of maximum drawdown, EMDV dropped -39.20% vs USO's -98.19%.

On 10-year performance, USO leads with 4.07% vs 2.64% for EMDV. On fees, EMDV is cheaper at 0.60% per year. On volatility, EMDV has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USO has performed better with a 4.07% return vs 2.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EMDV is cheaper with a 0.60% expense ratio, compared with 0.86% for USO.

EMDV has the higher dividend yield at 2.41%, compared with 0.00% for USO.

EMDV is categorized as Emerging Markets Equities, while USO is Oil & Gas. EMDV tracks MSCI Emerging Markets Dividend Masters Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.60% for EMDV and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.31 vs 0.71), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

Portfolio Optimizer

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