EMEQ vs. USO
EMEQ (Nomura Focused Emerging Markets Equity ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EMEQ is a Emerging Markets Diversified fund actively managed by Nomura, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. EMEQ is actively managed, while USO is passively managed. Over the past year, EMEQ returned 154.82% vs 97.20% for USO. At a correlation of -0.07, they often move in opposite directions. Both charge a 0.86% expense ratio.
Performance
EMEQ vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, EMEQ achieves a 74.89% return, which is significantly lower than USO's 97.72% return.
EMEQ
- 1D
- -1.80%
- 1M
- 16.61%
- YTD
- 74.89%
- 6M
- 86.91%
- 1Y
- 154.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
EMEQ vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EMEQ Nomura Focused Emerging Markets Equity ETF | 74.89% | 69.78% | -1.16% |
USO United States Oil Fund LP | 97.72% | -8.46% | 8.10% |
Correlation
The correlation between EMEQ and USO is -0.28, 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 | -0.28 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024 | -0.07 |
Over the past year, the inverse relationship between EMEQ and USO has strengthened: their correlation has moved from -0.07 to -0.28, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
EMEQ vs. USO — Risk / Return Rank
EMEQ
USO
EMEQ vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nomura Focused Emerging Markets Equity ETF (EMEQ) 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.
| EMEQ | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.65 | ||
| Sortino ratioReturn per unit of downside risk | +2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 1.37 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 8.70 | 4.79 | +3.90 |
| Martin ratioReturn relative to average drawdown | 34.77 | 9.00 | +25.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMEQ | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.85 | 2.21 | +2.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.87 | -0.18 | +3.05 |
Drawdowns
EMEQ vs. USO - Drawdown Comparison
The maximum EMEQ drawdown since its inception was -19.99%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EMEQ and USO.
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Drawdown Indicators
| EMEQ | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.99% | -98.19% | +78.20% |
Max Drawdown (1Y)Largest decline over 1 year | -17.91% | -20.39% | +2.48% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.05% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -3.05% | -85.45% | +82.40% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -75.30% | +71.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.47% | 10.84% | -6.37% |
Volatility
EMEQ vs. USO - Volatility Comparison
Nomura Focused Emerging Markets Equity ETF (EMEQ) and United States Oil Fund LP (USO) have volatilities of 15.07% and 14.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMEQ | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.07% | 14.97% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 28.60% | 38.35% | -9.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.17% | 44.32% | -12.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.97% | 36.09% | -6.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.97% | 39.00% | -9.03% |
EMEQ vs. USO - Expense Ratio Comparison
Both EMEQ and USO have an expense ratio of 0.86%.
Dividends
EMEQ vs. USO - Dividend Comparison
EMEQ's dividend yield for the trailing twelve months is around 1.58%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
EMEQ Nomura Focused Emerging Markets Equity ETF | 1.58% | 2.76% | 0.84% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMEQ and USO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMEQ has higher volatility (15.07%) compared to USO (14.97%). In terms of maximum drawdown, EMEQ dropped -19.99% vs USO's -98.19%.
On 1-year performance, EMEQ leads with 154.82% vs 97.20% for USO. Both ETFs have the same 0.86% expense ratio. On volatility, USO has been the lower-risk option at 14.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EMEQ has performed better with a 154.82% return vs 97.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMEQ and USO have the same expense ratio: 0.86% per year.
EMEQ has the higher dividend yield at 1.58%, compared with 0.00% for USO.
EMEQ is categorized as Emerging Markets Diversified, while USO is Oil & Gas. They also come from different issuers: Nomura and USCF.
EMEQ currently has the higher Sharpe Ratio (4.85 vs 2.21), 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.
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