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EUSA vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EUSA vs. USO

Last updated Jun 6, 2026

EUSA (iShares MSCI USA Equal Weighted ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EUSA is a Mid Cap Blend Equities fund tracking the MSCI USA Equal Weighted 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, EUSA returned 11.40%/yr vs 3.13%/yr for USO. At a 0.24 correlation, their price movements are largely independent. EUSA charges 0.09%/yr vs 0.86%/yr for USO.

Performance

EUSA vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Equal Weighted ETF (EUSA) 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, EUSA achieves a 8.32% return, which is significantly lower than USO's 92.34% return. Over the past 10 years, EUSA has outperformed USO with an annualized return of 11.40%, while USO has yielded a comparatively lower 3.13% annualized return.

EUSA

1D
-1.56%
1M
1.24%
YTD
8.32%
6M
8.05%
1Y
17.54%
3Y*
15.47%
5Y*
7.56%
10Y*
11.40%

USO

1D
-2.72%
1M
-0.69%
YTD
92.34%
6M
84.96%
1Y
90.22%
3Y*
27.76%
5Y*
22.99%
10Y*
3.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EUSA vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EUSA
iShares MSCI USA Equal Weighted ETF		8.32%10.24%14.64%17.72%-17.13%25.60%15.03%30.56%-8.58%19.02%
USO
United States Oil Fund LP		92.34%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between EUSA and USO is -0.25, 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

-0.25

Correlation (3Y)
Calculated over the trailing 3-year period

-0.03

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

0.11

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

0.20

Correlation (All Time)
Calculated using the full available price history since May 10, 2010

0.24

The correlation between EUSA and USO shifts across timeframes, from -0.25 (1 year) to 0.24 (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.

iShares MSCI USA Equal Weighted ETF

United States Oil Fund LP

Often compared with EUSA:
EUSA vs. RSPEUSA vs. GSEWEUSA vs. VOOEUSA vs. VTIEUSA vs. ^GSPCEUSA vs. SCHGEUSA vs. ITOT
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

EUSA vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EUSA
EUSA Risk / Return Rank: 4646
Overall Rank
EUSA Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EUSA Sortino Ratio Rank: 4444
Sortino Ratio Rank
EUSA Omega Ratio Rank: 4141
Omega Ratio Rank
EUSA Calmar Ratio Rank: 4747
Calmar Ratio Rank
EUSA Martin Ratio Rank: 5353
Martin Ratio Rank
USO
USO Risk / Return Rank: 6363
Overall Rank
USO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
USO Sortino Ratio Rank: 5858
Sortino Ratio Rank
USO Omega Ratio Rank: 5858
Omega Ratio Rank
USO Calmar Ratio Rank: 8484
Calmar Ratio Rank
USO Martin Ratio Rank: 5151
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.

EUSA vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Equal Weighted ETF (EUSA) 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.

EUSAUSODifference
Sharpe ratioReturn per unit of total volatility
1.48
2.04

-0.56

Sortino ratioReturn per unit of downside risk
2.14
2.66

-0.52

Omega ratioGain probability vs. loss probability

1.26

1.35

-0.09

Calmar ratioReturn relative to maximum drawdown

2.25

4.45

-2.20

Martin ratioReturn relative to average drawdown

8.92

8.33

+0.59

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

EUSA vs. USO - Sharpe Ratio Comparison

The current EUSA Sharpe Ratio is 1.48, which is comparable to the USO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of EUSA 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

EUSAUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.48

2.04

-0.56

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.45

0.64

-0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.62

0.08

+0.54

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

-0.18

+0.88

Drawdowns

EUSA vs. USO - Drawdown Comparison

The maximum EUSA drawdown since its inception was -39.16%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EUSA and USO.

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Drawdown Indicators

EUSAUSODifference

Max Drawdown

Largest peak-to-trough decline

-39.16%

-98.19%

+59.03%

Max Drawdown (1Y)

Largest decline over 1 year

-7.82%

-20.39%

+12.57%

Max Drawdown (3Y)

Largest decline over 3 years

-18.20%

-26.05%

+7.85%

Max Drawdown (5Y)

Largest decline over 5 years

-25.24%

-36.23%

+10.99%

Max Drawdown (10Y)

Largest decline over 10 years

-39.16%

-86.75%

+47.59%

Current Drawdown

Current decline from peak

-1.56%

-85.85%

+84.29%

Average Drawdown

Average peak-to-trough decline

-4.59%

-75.30%

+70.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

10.87%

-8.90%

Volatility

EUSA vs. USO - Volatility Comparison

The current volatility for iShares MSCI USA Equal Weighted ETF (EUSA) is 3.29%, while United States Oil Fund LP (USO) has a volatility of 13.30%. This indicates that EUSA 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

EUSAUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.29%

13.30%

-10.01%

Volatility (6M)

Calculated over the trailing 6-month period

8.87%

38.49%

-29.62%

Volatility (1Y)

Calculated over the trailing 1-year period

11.91%

44.41%

-32.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.96%

36.09%

-19.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.34%

39.01%

-20.67%

EUSA vs. USO - Expense Ratio Comparison

EUSA has a 0.09% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

EUSA vs. USO - Dividend Comparison

EUSA's dividend yield for the trailing twelve months is around 1.53%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EUSA
iShares MSCI USA Equal Weighted ETF		1.53%1.63%1.47%1.53%1.73%1.23%1.45%1.49%2.01%1.50%1.59%2.21%
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

EUSA and USO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (13.30%) compared to EUSA (3.29%). In terms of maximum drawdown, EUSA dropped -39.16% vs USO's -98.19%.

On 10-year performance, EUSA leads with 11.40% vs 3.13% for USO. On fees, EUSA is cheaper at 0.09% per year. On volatility, EUSA has been the lower-risk option at 3.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EUSA has performed better with a 11.40% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EUSA is cheaper with a 0.09% expense ratio, compared with 0.86% for USO.

EUSA has the higher dividend yield at 1.53%, compared with 0.00% for USO.

EUSA is categorized as Mid Cap Blend Equities, while USO is Oil & Gas. EUSA tracks MSCI USA Equal Weighted Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.09% for EUSA and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.04 vs 1.48), 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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