PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EMGF vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMGF vs. USO

Last updated Jun 4, 2026

EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EMGF is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Diversified Multiple-Factor 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, EMGF returned 11.48%/yr vs 4.07%/yr for USO. At a 0.18 correlation, their price movements are largely independent. EMGF charges 0.45%/yr vs 0.86%/yr for USO.

Performance

EMGF vs. USO - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, EMGF achieves a 30.01% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, EMGF has outperformed USO with an annualized return of 11.48%, while USO has yielded a comparatively lower 4.07% annualized return.

EMGF

1D
-1.20%
1M
9.65%
YTD
30.01%
6M
32.52%
1Y
55.31%
3Y*
26.88%
5Y*
10.38%
10Y*
11.48%

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)

EMGF vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMGF
iShares Edge MSCI Multifactor Emerging Markets ETF		30.01%31.41%9.06%10.86%-16.55%6.65%10.27%20.96%-19.71%42.37%
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 EMGF 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

-0.01

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

0.09

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

0.18

Correlation (All Time)
Calculated using the full available price history since Dec 11, 2015

0.18

The correlation between EMGF and USO shifts across timeframes, from -0.31 (1 year) to 0.18 (10 years), 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.

iShares Edge MSCI Multifactor Emerging Markets ETF

United States Oil Fund LP

Often compared with EMGF:
EMGF vs. SPEMEMGF vs. AVESEMGF vs. EEMEMGF vs. FDEMEMGF vs. VWOEMGF vs. XCEMEMGF vs. SPY
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

EMGF vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMGF
EMGF Risk / Return Rank: 8181
Overall Rank
EMGF Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
EMGF Sortino Ratio Rank: 8080
Sortino Ratio Rank
EMGF Omega Ratio Rank: 8383
Omega Ratio Rank
EMGF Calmar Ratio Rank: 7979
Calmar Ratio Rank
EMGF Martin Ratio Rank: 8080
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.

EMGF vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) 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.

EMGFUSODifference
Sharpe ratioReturn per unit of total volatility
2.78
2.31

+0.47

Sortino ratioReturn per unit of downside risk
3.62
2.89

+0.73

Omega ratioGain probability vs. loss probability

1.51

1.38

+0.12

Calmar ratioReturn relative to maximum drawdown

4.11

5.01

-0.90

Martin ratioReturn relative to average drawdown

15.84

9.42

+6.42

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

EMGF vs. USO - Sharpe Ratio Comparison

The current EMGF Sharpe Ratio is 2.78, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of EMGF 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.

Loading charts...

Sharpe Ratios by Period

EMGFUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.78

2.31

+0.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

0.68

-0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

0.10

+0.49

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

-0.18

+0.74

Drawdowns

EMGF vs. USO - Drawdown Comparison

The maximum EMGF drawdown since its inception was -40.23%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EMGF and USO.

Loading charts...

Drawdown Indicators

EMGFUSODifference

Max Drawdown

Largest peak-to-trough decline

-40.23%

-98.19%

+57.96%

Max Drawdown (1Y)

Largest decline over 1 year

-13.54%

-20.39%

+6.85%

Max Drawdown (3Y)

Largest decline over 3 years

-17.65%

-26.05%

+8.40%

Max Drawdown (5Y)

Largest decline over 5 years

-28.60%

-36.23%

+7.63%

Max Drawdown (10Y)

Largest decline over 10 years

-40.23%

-86.75%

+46.52%

Current Drawdown

Current decline from peak

-1.20%

-85.01%

+83.81%

Average Drawdown

Average peak-to-trough decline

-10.05%

-75.30%

+65.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.50%

10.82%

-7.32%

Volatility

EMGF vs. USO - Volatility Comparison

The current volatility for iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) is 9.20%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that EMGF 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.

Loading charts...

Volatility by Period

EMGFUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.20%

14.87%

-5.67%

Volatility (6M)

Calculated over the trailing 6-month period

17.50%

38.23%

-20.73%

Volatility (1Y)

Calculated over the trailing 1-year period

19.99%

44.20%

-24.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.69%

36.06%

-18.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.48%

39.00%

-19.52%

EMGF vs. USO - Expense Ratio Comparison

EMGF has a 0.45% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

EMGF vs. USO - Dividend Comparison

EMGF's dividend yield for the trailing twelve months is around 1.94%, while USO has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
EMGF
iShares Edge MSCI Multifactor Emerging Markets ETF		1.94%2.52%3.42%5.94%4.04%2.48%1.95%2.63%2.73%1.94%2.04%
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

EMGF 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 EMGF (9.20%). In terms of maximum drawdown, EMGF dropped -40.23% vs USO's -98.19%.

On 10-year performance, EMGF leads with 11.48% vs 4.07% for USO. On fees, EMGF is cheaper at 0.45% per year. On volatility, EMGF has been the lower-risk option at 9.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EMGF has performed better with a 11.48% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EMGF is cheaper with a 0.45% expense ratio, compared with 0.86% for USO.

EMGF has the higher dividend yield at 1.94%, compared with 0.00% for USO.

EMGF is categorized as Emerging Markets Equities, while USO is Oil & Gas. EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.45% for EMGF and 0.86% for USO.

EMGF currently has the higher Sharpe Ratio (2.78 vs 2.31), 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

Find the right allocation for EMGF and USO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer