EWI vs. USO
EWI (iShares MSCI Italy ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy 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, EWI returned 13.06%/yr vs 3.57%/yr for USO. At a 0.29 correlation, their price movements are largely independent. EWI charges 0.49%/yr vs 0.86%/yr for USO.
Performance
EWI vs. USO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EWI achieves a 8.74% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, EWI has outperformed USO with an annualized return of 13.06%, while USO has yielded a comparatively lower 3.57% annualized return.
EWI
- 1D
- 0.97%
- 1M
- 2.18%
- YTD
- 8.74%
- 6M
- 12.61%
- 1Y
- 27.58%
- 3Y*
- 29.18%
- 5Y*
- 15.62%
- 10Y*
- 13.06%
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
EWI vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWI iShares MSCI Italy ETF | 8.74% | 55.72% | 10.23% | 30.63% | -14.16% | 14.38% | 1.69% | 26.98% | -17.18% | 28.70% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between EWI and USO is -0.35, 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2006 | 0.29 |
The correlation between EWI and USO shifts across timeframes, from -0.35 (1 year) to 0.29 (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.
Return for Risk
EWI vs. USO — Risk / Return Rank
EWI
USO
EWI vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) 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.
| EWI | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.37 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 4.79 | -2.57 |
| Martin ratioReturn relative to average drawdown | 8.27 | 9.00 | -0.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EWI | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 2.21 | -0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.74 | 0.66 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.09 | +0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | -0.18 | +0.41 |
Drawdowns
EWI vs. USO - Drawdown Comparison
The maximum EWI drawdown since its inception was -70.38%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EWI and USO.
Loading charts...
Drawdown Indicators
| EWI | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.38% | -98.19% | +27.81% |
Max Drawdown (1Y)Largest decline over 1 year | -12.48% | -20.39% | +7.91% |
Max Drawdown (3Y)Largest decline over 3 years | -16.80% | -26.05% | +9.25% |
Max Drawdown (5Y)Largest decline over 5 years | -35.25% | -36.23% | +0.98% |
Max Drawdown (10Y)Largest decline over 10 years | -43.00% | -86.75% | +43.75% |
Current DrawdownCurrent decline from peak | -0.89% | -85.45% | +84.56% |
Average DrawdownAverage peak-to-trough decline | -28.94% | -75.30% | +46.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 10.84% | -7.50% |
Volatility
EWI vs. USO - Volatility Comparison
The current volatility for iShares MSCI Italy ETF (EWI) is 6.17%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that EWI 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.
Loading charts...
Volatility by Period
| EWI | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.17% | 14.97% | -8.80% |
Volatility (6M)Calculated over the trailing 6-month period | 14.70% | 38.35% | -23.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.05% | 44.32% | -26.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.10% | 36.09% | -14.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 39.00% | -15.74% |
EWI vs. USO - Expense Ratio Comparison
EWI has a 0.49% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
EWI vs. USO - Dividend Comparison
EWI's dividend yield for the trailing twelve months is around 2.58%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWI iShares MSCI Italy ETF | 2.58% | 2.80% | 4.07% | 3.40% | 4.57% | 2.63% | 1.66% | 3.80% | 4.71% | 2.19% | 3.64% | 2.31% |
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
EWI and USO have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to EWI (6.17%). In terms of maximum drawdown, EWI dropped -70.38% vs USO's -98.19%.
On 10-year performance, EWI leads with 13.06% vs 3.57% for USO. On fees, EWI is cheaper at 0.49% per year. On volatility, EWI has been the lower-risk option at 6.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWI has performed better with a 13.06% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWI is cheaper with a 0.49% expense ratio, compared with 0.86% for USO.
EWI has the higher dividend yield at 2.58%, compared with 0.00% for USO.
EWI is categorized as Europe Equities, while USO is Oil & Gas. EWI tracks MSCI Italy Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.49% for EWI and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs 1.54), 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.
Find the right allocation for EWI and USO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer