GIND vs. USO

Last updated Aug 5, 2026

GIND (Goldman Sachs India Equity ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - GIND is a India Equities fund actively managed by Goldman Sachs, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. GIND is actively managed, while USO is passively managed. Over the past year, GIND returned -4.06% vs 52.12% for USO. Their -0.34 correlation means they have often moved in opposite directions in the past. GIND charges 0.75%/yr vs 0.86%/yr for USO.

Performance

GIND vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs India Equity ETF (GIND) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GIND achieves a -4.76% return, which is significantly lower than USO's 67.41% return.

GIND

• 1D: 1.00%
• 1M: 2.45%
• 6M: -1.35%
• YTD: -4.76%
• 1Y: -4.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.22%

USO

• 1D: -5.19%
• 1M: 11.35%
• 6M: 49.45%
• YTD: 67.41%
• 1Y: 52.12%
• 3Y*: 16.20%
• 5Y*: 19.21%
• 10Y*: 3.91%
• ALL TIME*: -7.35%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GIND Goldman Sachs India Equity ETF	$322.48K	$247.32K	$253.29K
USO United States Oil Fund LP	$990.59M	$905.37M	$892.65M

GIND vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
GIND Goldman Sachs India Equity ETF	-4.76%	4.70%
USO United States Oil Fund LP	67.41%	-11.04%

Correlation

The correlation between GIND and USO is -0.42, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.42
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	-0.34

Return for Risk

GIND vs. USO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GIND

GIND Risk / Return Rank: 7
GIND Sharpe Ratio Rank: 7
GIND Sortino Ratio Rank: 7
GIND Omega Ratio Rank: 7
GIND Calmar Ratio Rank: 8
GIND Martin Ratio Rank: 8

USO

USO Risk / Return Rank: 41
USO Sharpe Ratio Rank: 39
USO Sortino Ratio Rank: 42
USO Omega Ratio Rank: 41
USO Calmar Ratio Rank: 41
USO Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GIND vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs India Equity ETF (GIND) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GIND	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	1.11	-1.35
Sortino ratio: Return per unit of downside risk	-0.23	1.73	-1.97
Omega ratio: Gain probability vs. loss probability	0.97	1.21	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.19	1.61	-1.80
Martin ratio: Return relative to average drawdown	-0.42	4.70	-5.11

GIND vs. USO - Sharpe Ratio Comparison

The current GIND Sharpe Ratio is -0.24, which is lower than the USO Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of GIND 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.

Drawdowns

GIND vs. USO - Drawdown Comparison

The maximum GIND drawdown since its inception was -22.97%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GIND and USO.

Drawdown Indicators

	GIND	USO	Difference
Max Drawdown Largest peak-to-trough decline	-22.97%	-98.19%	+75.22%
Max Drawdown (1Y) Largest decline over 1 year	-21.90%	-32.49%	+10.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-9.71%	-87.68%	+77.97%
Average Drawdown Average peak-to-trough decline	-7.64%	-75.38%	+67.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.75%	11.15%	-1.40%

Volatility

GIND vs. USO - Volatility Comparison

The current volatility for Goldman Sachs India Equity ETF (GIND) is 5.04%, while United States Oil Fund LP (USO) has a volatility of 19.90%. This indicates that GIND 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.

Volatility by Period

	GIND	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	19.90%	-14.86%
Volatility (6M) Calculated over the trailing 6-month period	14.43%	43.20%	-28.77%
Volatility (1Y) Calculated over the trailing 1-year period	16.95%	47.43%	-30.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	37.17%	-20.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	39.35%	-22.28%

GIND vs. USO - Expense Ratio Comparison

GIND has a 0.75% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

GIND vs. USO - Dividend Comparison

Neither GIND nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GIND and USO in my portfolio?

GIND and USO have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIND or USO?

USO has higher volatility (19.90%) compared to GIND (5.04%). In terms of maximum drawdown, GIND dropped -22.97% vs USO's -98.19%.

Which ETF is better, GIND or USO?

On 1-year performance, USO leads with 52.12% vs -4.06% for GIND. On fees, GIND is cheaper at 0.75% per year. On volatility, GIND has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIND or USO?

Over the 1-year period, USO has performed better with a 52.12% return vs -4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIND or USO?

GIND is cheaper with a 0.75% expense ratio, compared with 0.86% for USO.

Which ETF pays a higher dividend yield, GIND or USO?

GIND and USO have nearly identical dividend yields, around 0.00%.

What is the main difference between GIND and USO?

GIND is categorized as India Equities, while USO is Oil & Gas. They also come from different issuers: Goldman Sachs and USCF. Their fees differ too: 0.75% for GIND and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (1.11 vs -0.24), 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.