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EMQQ vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMQQ vs. USO

Last updated Jun 3, 2026

EMQQ (EMQQ The Emerging Markets Internet ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EMQQ is a Emerging Markets Equities fund tracking the EMQQ The Emerging Markets Internet 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, EMQQ returned 4.86%/yr vs 3.80%/yr for USO. At a 0.16 correlation, their price movements are largely independent. Both charge a 0.86% expense ratio.

Performance

EMQQ vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in EMQQ The Emerging Markets Internet ETF (EMQQ) 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, EMQQ achieves a -17.59% return, which is significantly lower than USO's 98.48% return. Over the past 10 years, EMQQ has outperformed USO with an annualized return of 4.86%, while USO has yielded a comparatively lower 3.80% annualized return.

EMQQ

1D
1.06%
1M
-3.20%
YTD
-17.59%
6M
-19.58%
1Y
-13.29%
3Y*
6.20%
5Y*
-10.61%
10Y*
4.86%

USO

1D
1.31%
1M
-3.87%
YTD
98.48%
6M
95.54%
1Y
97.37%
3Y*
28.86%
5Y*
23.92%
10Y*
3.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMQQ vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMQQ
EMQQ The Emerging Markets Internet ETF		-17.59%20.66%13.79%4.48%-30.70%-32.53%80.45%33.86%-29.82%68.20%
USO
United States Oil Fund LP		98.48%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between EMQQ 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 (3Y)
Calculated over the trailing 3-year period

-0.01

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

0.05

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

0.14

Correlation (All Time)
Calculated using the full available price history since Nov 14, 2014

0.16

The correlation between EMQQ and USO shifts across timeframes, from -0.28 (1 year) to 0.16 (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.

EMQQ The Emerging Markets Internet ETF

United States Oil Fund LP

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Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

EMQQ vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMQQ
EMQQ Risk / Return Rank: 44
Overall Rank
EMQQ Sharpe Ratio Rank: 33
Sharpe Ratio Rank
EMQQ Sortino Ratio Rank: 33
Sortino Ratio Rank
EMQQ Omega Ratio Rank: 33
Omega Ratio Rank
EMQQ Calmar Ratio Rank: 55
Calmar Ratio Rank
EMQQ Martin Ratio Rank: 55
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
USO Sortino Ratio Rank: 5959
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8888
Calmar Ratio Rank
USO Martin Ratio Rank: 5555
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.

EMQQ vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for EMQQ The Emerging Markets Internet ETF (EMQQ) 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.

EMQQUSODifference

Sharpe ratio

Return per unit of total volatility

-0.65

2.22

-2.87

Sortino ratio

Return per unit of downside risk

-0.84

2.81

-3.65

Omega ratio

Gain probability vs. loss probability

0.91

1.37

-0.47

Calmar ratio

Return relative to maximum drawdown

-0.41

5.12

-5.53

Martin ratio

Return relative to average drawdown

-0.83

9.66

-10.49

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

EMQQ vs. USO - Sharpe Ratio Comparison

The current EMQQ Sharpe Ratio is -0.65, which is lower than the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of EMQQ 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

EMQQUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.65

2.22

-2.87

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.32

0.67

-0.99

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

0.10

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.10

-0.18

+0.28

Drawdowns

EMQQ vs. USO - Drawdown Comparison

The maximum EMQQ drawdown since its inception was -73.24%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EMQQ and USO.

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Drawdown Indicators

EMQQUSODifference

Max Drawdown

Largest peak-to-trough decline

-73.24%

-98.19%

+24.95%

Max Drawdown (1Y)

Largest decline over 1 year

-29.96%

-20.39%

-9.57%

Max Drawdown (3Y)

Largest decline over 3 years

-29.96%

-26.05%

-3.91%

Max Drawdown (5Y)

Largest decline over 5 years

-66.31%

-36.23%

-30.08%

Max Drawdown (10Y)

Largest decline over 10 years

-73.24%

-86.75%

+13.51%

Current Drawdown

Current decline from peak

-56.59%

-85.39%

+28.80%

Average Drawdown

Average peak-to-trough decline

-31.35%

-75.30%

+43.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

14.93%

10.81%

+4.12%

Volatility

EMQQ vs. USO - Volatility Comparison

The current volatility for EMQQ The Emerging Markets Internet ETF (EMQQ) is 6.58%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that EMQQ 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

EMQQUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.58%

15.03%

-8.45%

Volatility (6M)

Calculated over the trailing 6-month period

16.17%

38.18%

-22.01%

Volatility (1Y)

Calculated over the trailing 1-year period

20.46%

44.26%

-23.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.12%

36.04%

-2.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.60%

39.00%

-8.40%

EMQQ vs. USO - Expense Ratio Comparison

Both EMQQ and USO have an expense ratio of 0.86%.

Dividends

EMQQ vs. USO - Dividend Comparison

EMQQ's dividend yield for the trailing twelve months is around 3.75%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EMQQ
EMQQ The Emerging Markets Internet ETF		3.75%3.09%1.70%0.79%0.00%0.00%0.18%1.29%0.00%0.94%0.75%0.08%
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%0.00%

Frequently Asked Questions

EMQQ 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.

USO has higher volatility (15.03%) compared to EMQQ (6.58%). In terms of maximum drawdown, EMQQ dropped -73.24% vs USO's -98.19%.

On 10-year performance, EMQQ leads with 4.86% vs 3.80% for USO. Both ETFs have the same 0.86% expense ratio. On volatility, EMQQ has been the lower-risk option at 6.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EMQQ has performed better with a 4.86% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EMQQ and USO have the same expense ratio: 0.86% per year.

EMQQ has the higher dividend yield at 3.75%, compared with 0.00% for USO.

EMQQ is categorized as Emerging Markets Equities, while USO is Oil & Gas. EMQQ tracks EMQQ The Emerging Markets Internet Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Exchange Traded Concepts and USCF.

USO currently has the higher Sharpe Ratio (2.22 vs -0.65), 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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