EWY vs. USO
EWY (iShares MSCI South Korea ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea 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, EWY returned 17.46%/yr vs 4.07%/yr for USO. At a 0.25 correlation, their price movements are largely independent. EWY charges 0.59%/yr vs 0.86%/yr for USO.
Performance
EWY vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, EWY achieves a 119.05% return, which is significantly higher than USO's 103.67% return. Over the past 10 years, EWY has outperformed USO with an annualized return of 17.46%, while USO has yielded a comparatively lower 4.07% annualized return.
EWY
- 1D
- -0.73%
- 1M
- 30.18%
- YTD
- 119.05%
- 6M
- 134.13%
- 1Y
- 251.82%
- 3Y*
- 51.99%
- 5Y*
- 20.31%
- 10Y*
- 17.46%
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
EWY vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 119.05% | 95.33% | -20.48% | 19.05% | -26.59% | -7.58% | 39.43% | 7.97% | -20.37% | 44.97% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between EWY 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 | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2006 | 0.25 |
The correlation between EWY and USO shifts across timeframes, from -0.25 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EWY vs. USO — Risk / Return Rank
EWY
USO
EWY vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) 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.
| EWY | USO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 6.02 | 2.31 | +3.71 |
Sortino ratioReturn per unit of downside risk | 5.31 | 2.89 | +2.42 |
Omega ratioGain probability vs. loss probability | 1.74 | 1.38 | +0.36 |
Calmar ratioReturn relative to maximum drawdown | 10.99 | 5.01 | +5.98 |
Martin ratioReturn relative to average drawdown | 40.91 | 9.42 | +31.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EWY | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.02 | 2.31 | +3.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.68 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.10 | +0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | -0.18 | +0.51 |
Drawdowns
EWY vs. USO - Drawdown Comparison
The maximum EWY drawdown since its inception was -74.14%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EWY and USO.
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Drawdown Indicators
| EWY | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.14% | -98.19% | +24.05% |
Max Drawdown (1Y)Largest decline over 1 year | -23.08% | -20.39% | -2.69% |
Max Drawdown (3Y)Largest decline over 3 years | -27.36% | -26.05% | -1.31% |
Max Drawdown (5Y)Largest decline over 5 years | -48.55% | -36.23% | -12.32% |
Max Drawdown (10Y)Largest decline over 10 years | -49.73% | -86.75% | +37.02% |
Current DrawdownCurrent decline from peak | -1.73% | -85.01% | +83.28% |
Average DrawdownAverage peak-to-trough decline | -20.13% | -75.30% | +55.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.19% | 10.82% | -4.63% |
Volatility
EWY vs. USO - Volatility Comparison
iShares MSCI South Korea ETF (EWY) has a higher volatility of 20.32% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier 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
| EWY | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.32% | 14.87% | +5.45% |
Volatility (6M)Calculated over the trailing 6-month period | 37.41% | 38.23% | -0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.10% | 44.20% | -2.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.83% | 36.06% | -7.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.37% | 39.00% | -11.63% |
EWY vs. USO - Expense Ratio Comparison
EWY has a 0.59% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
EWY vs. USO - Dividend Comparison
EWY's dividend yield for the trailing twelve months is around 0.96%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 0.96% | 2.10% | 2.55% | 2.52% | 1.23% | 2.16% | 0.73% | 2.10% | 1.34% | 2.90% | 1.21% | 2.42% |
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
EWY 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.
EWY has higher volatility (20.32%) compared to USO (14.87%). In terms of maximum drawdown, EWY dropped -74.14% vs USO's -98.19%.
On 10-year performance, EWY leads with 17.46% vs 4.07% for USO. On fees, EWY is cheaper at 0.59% per year. On volatility, USO has been the lower-risk option at 14.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWY has performed better with a 17.46% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWY is cheaper with a 0.59% expense ratio, compared with 0.86% for USO.
EWY has the higher dividend yield at 0.96%, compared with 0.00% for USO.
EWY is categorized as Asia Pacific Equities, while USO is Oil & Gas. EWY tracks MSCI Korea Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.59% for EWY and 0.86% for USO.
EWY currently has the higher Sharpe Ratio (6.02 vs 2.31), 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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