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EWN vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWN vs. USO

Last updated Jun 5, 2026

EWN (iShares MSCI Netherlands ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EWN is a Europe Equities fund tracking the MSCI Netherlands Investable Market 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, EWN returned 12.93%/yr vs 3.57%/yr for USO. At a 0.25 correlation, their price movements are largely independent. EWN charges 0.50%/yr vs 0.86%/yr for USO.

Performance

EWN vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Netherlands ETF (EWN) 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, EWN achieves a 19.59% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, EWN has outperformed USO with an annualized return of 12.93%, while USO has yielded a comparatively lower 3.57% annualized return.

EWN

1D
1.27%
1M
7.50%
YTD
19.59%
6M
20.46%
1Y
34.80%
3Y*
20.61%
5Y*
8.97%
10Y*
12.93%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWN vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWN
iShares MSCI Netherlands ETF		19.59%34.87%1.67%22.08%-24.43%22.74%23.23%32.45%-15.37%33.73%
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 EWN and USO is -0.41, 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

-0.41

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

-0.11

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

0.03

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

0.13

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2006

0.25

The correlation between EWN and USO shifts across timeframes, from -0.41 (1 year) to 0.25 (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 Netherlands ETF

United States Oil Fund LP

Often compared with EWN:
EWN vs. EDENEWN vs. EWQEWN vs. FEZEWN vs. EWCEWN vs. EWDEWN vs. VOOEWN vs. ICLN
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

EWN vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWN
EWN Risk / Return Rank: 5353
Overall Rank
EWN Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
EWN Sortino Ratio Rank: 5353
Sortino Ratio Rank
EWN Omega Ratio Rank: 4949
Omega Ratio Rank
EWN Calmar Ratio Rank: 5454
Calmar Ratio Rank
EWN Martin Ratio Rank: 5757
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6161
Sortino Ratio Rank
USO Omega Ratio Rank: 6262
Omega Ratio Rank
USO Calmar Ratio Rank: 8686
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
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.

EWN vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Netherlands ETF (EWN) 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.

EWNUSODifference
Sharpe ratioReturn per unit of total volatility
1.78
2.21

-0.43

Sortino ratioReturn per unit of downside risk
2.53
2.80

-0.27

Omega ratioGain probability vs. loss probability

1.30

1.37

-0.07

Calmar ratioReturn relative to maximum drawdown

2.64

4.79

-2.15

Martin ratioReturn relative to average drawdown

9.98

9.00

+0.99

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

EWN vs. USO - Sharpe Ratio Comparison

The current EWN Sharpe Ratio is 1.78, which is comparable to the USO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of EWN 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

EWNUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.78

2.21

-0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.39

0.66

-0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.09

+0.52

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

-0.18

+0.49

Drawdowns

EWN vs. USO - Drawdown Comparison

The maximum EWN drawdown since its inception was -65.22%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EWN and USO.

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Drawdown Indicators

EWNUSODifference

Max Drawdown

Largest peak-to-trough decline

-65.22%

-98.19%

+32.97%

Max Drawdown (1Y)

Largest decline over 1 year

-13.24%

-20.39%

+7.15%

Max Drawdown (3Y)

Largest decline over 3 years

-19.77%

-26.05%

+6.28%

Max Drawdown (5Y)

Largest decline over 5 years

-43.57%

-36.23%

-7.34%

Max Drawdown (10Y)

Largest decline over 10 years

-43.57%

-86.75%

+43.18%

Current Drawdown

Current decline from peak

-0.04%

-85.45%

+85.41%

Average Drawdown

Average peak-to-trough decline

-16.35%

-75.30%

+58.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.49%

10.84%

-7.35%

Volatility

EWN vs. USO - Volatility Comparison

The current volatility for iShares MSCI Netherlands ETF (EWN) is 7.31%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that EWN 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

EWNUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.31%

14.97%

-7.66%

Volatility (6M)

Calculated over the trailing 6-month period

16.41%

38.35%

-21.94%

Volatility (1Y)

Calculated over the trailing 1-year period

19.70%

44.32%

-24.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.89%

36.09%

-13.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.36%

39.00%

-17.64%

EWN vs. USO - Expense Ratio Comparison

EWN has a 0.50% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

EWN vs. USO - Dividend Comparison

EWN's dividend yield for the trailing twelve months is around 4.21%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EWN
iShares MSCI Netherlands ETF		4.21%5.03%2.18%1.79%1.98%1.01%0.78%2.57%2.40%1.68%2.71%1.92%
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

EWN and USO have a correlation of -0.41, 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 EWN (7.31%). In terms of maximum drawdown, EWN dropped -65.22% vs USO's -98.19%.

On 10-year performance, EWN leads with 12.93% vs 3.57% for USO. On fees, EWN is cheaper at 0.50% per year. On volatility, EWN has been the lower-risk option at 7.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWN has performed better with a 12.93% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWN is cheaper with a 0.50% expense ratio, compared with 0.86% for USO.

EWN has the higher dividend yield at 4.21%, compared with 0.00% for USO.

EWN is categorized as Europe Equities, while USO is Oil & Gas. EWN tracks MSCI Netherlands Investable Market Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.50% for EWN and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.21 vs 1.78), 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.

Portfolio Optimizer

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