EMSF vs. USO

Last updated Jun 3, 2026

EMSF (Matthews Emerging Markets Sustainable Future Active ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EMSF is a Emerging Markets Diversified fund actively managed by Matthews, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. EMSF is actively managed, while USO is passively managed. Over the past year, EMSF returned 65.26% vs 97.37% for USO. At a correlation of -0.03, they often move in opposite directions. EMSF charges 0.79%/yr vs 0.86%/yr for USO.

Performance

EMSF vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Sustainable Future Active ETF (EMSF) 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, EMSF achieves a 46.95% return, which is significantly lower than USO's 98.48% return.

EMSF

• 1D: 1.74%
• 1M: 10.89%
• YTD: 46.95%
• 6M: 41.41%
• 1Y: 65.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

EMSF vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	46.95%	19.20%	-3.09%	1.88%
USO United States Oil Fund LP	98.48%	-8.46%	13.35%	-17.34%

Correlation

The correlation between EMSF and USO is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	-0.03

Over the past year, the inverse relationship between EMSF and USO has strengthened: their correlation has moved from -0.03 to -0.32, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

EMSF vs. USO — Risk / Return Rank

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

EMSF

EMSF Risk / Return Rank: 76
EMSF Sharpe Ratio Rank: 78
EMSF Sortino Ratio Rank: 69
EMSF Omega Ratio Rank: 73
EMSF Calmar Ratio Rank: 84
EMSF Martin Ratio Rank: 77

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 66
USO Sortino Ratio Rank: 59
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 88
USO Martin Ratio Rank: 55

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.

EMSF vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Sustainable Future Active ETF (EMSF) 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.

	EMSF	USO	Difference
Sharpe ratio Return per unit of total volatility	2.59	2.22	+0.37
Sortino ratio Return per unit of downside risk	3.22	2.81	+0.40
Omega ratio Gain probability vs. loss probability	1.44	1.37	+0.07
Calmar ratio Return relative to maximum drawdown	4.59	5.12	-0.53
Martin ratio Return relative to average drawdown	15.38	9.66	+5.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMSF vs. USO - Sharpe Ratio Comparison

The current EMSF Sharpe Ratio is 2.59, which is comparable to the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of EMSF 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.

Sharpe Ratios by Period

	EMSF	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.22	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	-0.18	+1.18

Drawdowns

EMSF vs. USO - Drawdown Comparison

The maximum EMSF drawdown since its inception was -24.75%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EMSF and USO.

Drawdown Indicators

	EMSF	USO	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-98.19%	+73.44%
Max Drawdown (1Y) Largest decline over 1 year	-14.57%	-20.39%	+5.82%
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 Drawdown Current decline from peak	0.00%	-85.39%	+85.39%
Average Drawdown Average peak-to-trough decline	-5.73%	-75.30%	+69.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	10.81%	-6.46%

Volatility

EMSF vs. USO - Volatility Comparison

The current volatility for Matthews Emerging Markets Sustainable Future Active ETF (EMSF) is 9.85%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that EMSF 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

	EMSF	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.85%	15.03%	-5.18%
Volatility (6M) Calculated over the trailing 6-month period	21.95%	38.18%	-16.23%
Volatility (1Y) Calculated over the trailing 1-year period	25.33%	44.26%	-18.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.75%	36.04%	-13.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.75%	39.00%	-16.25%

EMSF vs. USO - Expense Ratio Comparison

EMSF has a 0.79% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

EMSF vs. USO - Dividend Comparison

EMSF's dividend yield for the trailing twelve months is around 1.28%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.28%	1.88%	3.29%	0.02%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMSF and USO in my portfolio?

EMSF and USO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMSF or USO?

USO has higher volatility (15.03%) compared to EMSF (9.85%). In terms of maximum drawdown, EMSF dropped -24.75% vs USO's -98.19%.

Which ETF is better, EMSF or USO?

On 1-year performance, USO leads with 97.37% vs 65.26% for EMSF. On fees, EMSF is cheaper at 0.79% per year. On volatility, EMSF has been the lower-risk option at 9.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMSF or USO?

Over the 1-year period, USO has performed better with a 97.37% return vs 65.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMSF or USO?

EMSF is cheaper with a 0.79% expense ratio, compared with 0.86% for USO.

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

EMSF has the higher dividend yield at 1.28%, compared with 0.00% for USO.

What is the main difference between EMSF and USO?

EMSF is categorized as Emerging Markets Diversified, while USO is Oil & Gas. They also come from different issuers: Matthews and USCF. Their fees differ too: 0.79% for EMSF and 0.86% for USO.

Which has better risk-adjusted returns?

EMSF currently has the higher Sharpe Ratio (2.59 vs 2.22), 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.