EMTL vs. USO
EMTL (SPDR DoubleLine Emerging Markets Fixed Income ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EMTL is a Emerging Markets Bonds fund actively managed by State Street, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. EMTL is actively managed, while USO is passively managed. Over the past 10 years, EMTL returned 3.00%/yr vs 5.64%/yr for USO. Their 0.02 correlation means their historical movements had little consistent relationship. EMTL charges 0.65%/yr vs 0.86%/yr for USO.
Performance
EMTL vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, EMTL achieves a 0.65% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, EMTL has underperformed USO with an annualized return of 3.00%, while USO has yielded a comparatively higher 5.64% annualized return.
EMTL
- 1D
- 0.00%
- 1M
- -0.06%
- 6M
- 0.05%
- YTD
- 0.65%
- 1Y
- 3.21%
- 3Y*
- 6.49%
- 5Y*
- 1.51%
- 10Y*
- 3.00%
- ALL TIME*
- 3.41%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $352.14K | $728.16K | $831.05K | |
| $968.42M | $871.56M | $931.57M |
EMTL vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF | 0.65% | 8.27% | 5.86% | 9.60% | -14.31% | 0.56% | 3.48% | 11.99% | -2.37% | 7.59% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between EMTL and USO is -0.27, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.27 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2016 | 0.02 |
The correlation between EMTL and USO shifts across timeframes, from -0.27 (1 year) to 0.02 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMTL vs. USO — Risk / Return Rank
EMTL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
USO
EMTL vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) 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.
| EMTL | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.25 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 1.93 | -0.18 |
| Martin ratioReturn relative to average drawdown | 6.17 | 5.60 | +0.57 |
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Drawdowns
EMTL vs. USO - Drawdown Comparison
The maximum EMTL drawdown since its inception was -22.91%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EMTL and USO.
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Drawdown Indicators
| EMTL | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.91% | -98.19% | +75.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.00% | -32.49% | +30.49% |
Max Drawdown (3Y)Largest decline over 3 years | -3.53% | -32.49% | +28.96% |
Max Drawdown (5Y)Largest decline over 5 years | -22.91% | -36.23% | +13.32% |
Max Drawdown (10Y)Largest decline over 10 years | -22.91% | -86.75% | +63.84% |
Current DrawdownCurrent decline from peak | -0.17% | -86.26% | +86.09% |
Average DrawdownAverage peak-to-trough decline | -3.78% | -75.38% | +71.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 12.03% | -11.46% |
Volatility
EMTL vs. USO - Volatility Comparison
The current volatility for SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) is 0.43%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that EMTL 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
| EMTL | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 17.73% | -17.30% |
Volatility (6M)Calculated over the trailing 6-month period | 1.72% | 42.79% | -41.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 46.91% | -44.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.86% | 37.06% | -32.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 39.29% | -34.64% |
EMTL vs. USO - Expense Ratio Comparison
EMTL has a 0.65% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
EMTL vs. USO - Dividend Comparison
Neither EMTL nor USO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF | 4.53% | 5.09% | 5.34% | 4.78% | 4.19% | 5.43% | 3.28% | 3.96% | 3.35% | 4.16% | 8.87% |
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
EMTL and USO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (17.73%) compared to EMTL (0.43%). In terms of maximum drawdown, EMTL dropped -22.91% vs USO's -98.19%.
On 10-year performance, USO leads with 5.64% vs 3.00% for EMTL. On fees, EMTL is cheaper at 0.65% per year. On volatility, EMTL has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USO has performed better with a 5.64% return vs 3.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMTL is cheaper with a 0.65% expense ratio, compared with 0.86% for USO.
EMTL has the higher dividend yield at 4.53%, compared with 0.00% for USO.
EMTL is categorized as Emerging Markets Bonds, while USO is Oil & Gas. They also come from different issuers: State Street and USCF. Their fees differ too: 0.65% for EMTL and 0.86% for USO.
EMTL currently has the higher Sharpe Ratio (1.55 vs 1.34), 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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