EZA vs. USO
EZA (iShares MSCI South Africa ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa 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, EZA returned 7.31%/yr vs 4.07%/yr for USO. At a 0.29 correlation, their price movements are largely independent. EZA charges 0.59%/yr vs 0.86%/yr for USO.
Performance
EZA vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, EZA achieves a -2.56% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, EZA has outperformed USO with an annualized return of 7.31%, while USO has yielded a comparatively lower 4.07% annualized return.
EZA
- 1D
- -2.20%
- 1M
- -0.12%
- YTD
- -2.56%
- 6M
- 5.66%
- 1Y
- 34.67%
- 3Y*
- 26.60%
- 5Y*
- 8.78%
- 10Y*
- 7.31%
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%
EZA vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EZA iShares MSCI South Africa ETF | -2.56% | 75.20% | 7.16% | 1.51% | -5.18% | 7.91% | -5.19% | 9.83% | -25.24% | 36.03% |
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 EZA and USO is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2006 | 0.29 |
The correlation between EZA and USO shifts across timeframes, from -0.34 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EZA vs. USO — Risk / Return Rank
EZA
USO
EZA vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) 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.
| EZA | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.38 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 5.01 | -3.51 |
| Martin ratioReturn relative to average drawdown | 4.19 | 9.42 | -5.23 |
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
| EZA | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.12 | 2.31 | -1.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | 0.68 | -0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.10 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | -0.18 | +0.46 |
Drawdowns
EZA vs. USO - Drawdown Comparison
The maximum EZA drawdown since its inception was -64.64%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for EZA and USO.
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Drawdown Indicators
| EZA | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.64% | -98.19% | +33.55% |
Max Drawdown (1Y)Largest decline over 1 year | -23.31% | -20.39% | -2.92% |
Max Drawdown (3Y)Largest decline over 3 years | -23.31% | -26.05% | +2.74% |
Max Drawdown (5Y)Largest decline over 5 years | -34.94% | -36.23% | +1.29% |
Max Drawdown (10Y)Largest decline over 10 years | -62.25% | -86.75% | +24.50% |
Current DrawdownCurrent decline from peak | -17.84% | -85.01% | +67.17% |
Average DrawdownAverage peak-to-trough decline | -16.92% | -75.30% | +58.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.30% | 10.82% | -2.52% |
Volatility
EZA vs. USO - Volatility Comparison
The current volatility for iShares MSCI South Africa ETF (EZA) is 10.55%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that EZA 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
| EZA | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.55% | 14.87% | -4.32% |
Volatility (6M)Calculated over the trailing 6-month period | 26.15% | 38.23% | -12.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.03% | 44.20% | -13.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.69% | 36.06% | -7.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.37% | 39.00% | -7.63% |
EZA vs. USO - Expense Ratio Comparison
EZA has a 0.59% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
EZA vs. USO - Dividend Comparison
EZA's dividend yield for the trailing twelve months is around 6.32%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EZA iShares MSCI South Africa ETF | 6.32% | 6.16% | 7.26% | 2.84% | 3.90% | 2.05% | 5.51% | 12.27% | 3.81% | 1.55% | 4.10% | 3.03% |
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
EZA and USO have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.87%) compared to EZA (10.55%). In terms of maximum drawdown, EZA dropped -64.64% vs USO's -98.19%.
On 10-year performance, EZA leads with 7.31% vs 4.07% for USO. On fees, EZA is cheaper at 0.59% per year. On volatility, EZA has been the lower-risk option at 10.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EZA has performed better with a 7.31% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EZA is cheaper with a 0.59% expense ratio, compared with 0.86% for USO.
EZA has the higher dividend yield at 6.32%, compared with 0.00% for USO.
EZA is categorized as Emerging Markets Equities, while USO is Oil & Gas. EZA tracks MSCI South Africa 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 EZA and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs 1.12), 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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