EMOT vs. USO

Last updated Jun 23, 2026

EMOT (First Trust S&P 500 Economic Moat ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EMOT is a S&P 500 fund tracking the S&P 500 Economic Moat Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, EMOT returned 18.68% vs 35.58% for USO. At a correlation of -0.13, they often move in opposite directions. EMOT charges 0.60%/yr vs 0.86%/yr for USO.

Performance

EMOT vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P 500 Economic Moat ETF (EMOT) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMOT achieves a 9.61% return, which is significantly lower than USO's 62.94% return.

EMOT

• 1D: -1.12%
• 1M: -0.06%
• YTD: 9.61%
• 6M: 8.78%
• 1Y: 18.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: -1.90%
• 1M: -20.03%
• YTD: 62.94%
• 6M: 61.61%
• 1Y: 35.58%
• 3Y*: 21.76%
• 5Y*: 17.78%
• 10Y*: 2.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMOT vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMOT First Trust S&P 500 Economic Moat ETF	9.61%	14.17%	5.53%
USO United States Oil Fund LP	62.94%	-8.46%	-4.06%

Correlation

The correlation between EMOT and USO is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Jun 27, 2024	-0.13

The correlation between EMOT and USO shifts across timeframes, from -0.26 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMOT vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMOT

EMOT Risk / Return Rank: 46
EMOT Sharpe Ratio Rank: 48
EMOT Sortino Ratio Rank: 47
EMOT Omega Ratio Rank: 45
EMOT Calmar Ratio Rank: 43
EMOT Martin Ratio Rank: 49

USO

USO Risk / Return Rank: 26
USO Sharpe Ratio Rank: 23
USO Sortino Ratio Rank: 26
USO Omega Ratio Rank: 26
USO Calmar Ratio Rank: 28
USO Martin Ratio Rank: 28

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.

EMOT vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P 500 Economic Moat ETF (EMOT) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EMOT	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.60	0.81	+0.80
Sortino ratio: Return per unit of downside risk	2.28	1.38	+0.90
Omega ratio: Gain probability vs. loss probability	1.28	1.17	+0.11
Calmar ratio: Return relative to maximum drawdown	2.04	1.36	+0.68
Martin ratio: Return relative to average drawdown	8.00	3.61	+4.39

EMOT vs. USO - Sharpe Ratio Comparison

The current EMOT Sharpe Ratio is 1.60, which is higher than the USO Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of EMOT 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.

Drawdowns

EMOT vs. USO - Drawdown Comparison

The maximum EMOT drawdown since its inception was -16.41%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EMOT and USO.

Drawdown Indicators

	EMOT	USO	Difference
Max Drawdown Largest peak-to-trough decline	-16.41%	-98.19%	+81.78%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-26.33%	+17.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-2.28%	-88.01%	+85.73%
Average Drawdown Average peak-to-trough decline	-2.06%	-75.31%	+73.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	11.59%	-9.25%

Volatility

EMOT vs. USO - Volatility Comparison

The current volatility for First Trust S&P 500 Economic Moat ETF (EMOT) is 4.01%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that EMOT 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.

Volatility by Period

	EMOT	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	11.79%	-7.78%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	39.34%	-30.34%
Volatility (1Y) Calculated over the trailing 1-year period	11.73%	44.41%	-32.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.95%	36.32%	-21.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.95%	39.05%	-24.10%

EMOT vs. USO - Expense Ratio Comparison

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

Dividends

EMOT vs. USO - Dividend Comparison

EMOT's dividend yield for the trailing twelve months is around 1.08%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
EMOT First Trust S&P 500 Economic Moat ETF	1.08%	0.84%	0.37%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMOT and USO in my portfolio?

EMOT and USO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMOT or USO?

USO has higher volatility (11.79%) compared to EMOT (4.01%). In terms of maximum drawdown, EMOT dropped -16.41% vs USO's -98.19%.

Which ETF is better, EMOT or USO?

On 1-year performance, USO leads with 35.58% vs 18.68% for EMOT. On fees, EMOT is cheaper at 0.60% per year. On volatility, EMOT has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMOT or USO?

Over the 1-year period, USO has performed better with a 35.58% return vs 18.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMOT or USO?

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

Which ETF pays a higher dividend yield, EMOT or USO?

EMOT has the higher dividend yield at 1.08%, compared with 0.00% for USO.

What is the main difference between EMOT and USO?

EMOT is categorized as S&P 500, while USO is Oil & Gas. EMOT tracks S&P 500 Economic Moat Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: First Trust and USCF. Their fees differ too: 0.60% for EMOT and 0.86% for USO.

Which has better risk-adjusted returns?

EMOT currently has the higher Sharpe Ratio (1.60 vs 0.81), 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.