IALT vs. USO

Last updated Jun 4, 2026

IALT (iShares Systematic Alternatives Active ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - IALT is a Multistrategy fund actively managed by iShares, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. IALT is actively managed, while USO is passively managed. At a correlation of -0.07, they often move in opposite directions. IALT charges 0.99%/yr vs 0.86%/yr for USO.

Performance

IALT vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Systematic Alternatives Active ETF (IALT) 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, IALT achieves a 13.14% return, which is significantly lower than USO's 103.67% return.

IALT

• 1D: -0.07%
• 1M: 2.25%
• YTD: 13.14%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

IALT vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
IALT iShares Systematic Alternatives Active ETF	13.14%	0.73%
USO United States Oil Fund LP	103.67%	-1.96%

Correlation

The correlation between IALT and USO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	-0.07

Return for Risk

IALT vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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.

IALT vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Systematic Alternatives Active ETF (IALT) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IALT	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.31	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.28	-0.18	+4.46

Drawdowns

IALT vs. USO - Drawdown Comparison

The maximum IALT drawdown since its inception was -1.47%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IALT and USO.

Drawdown Indicators

	IALT	USO	Difference
Max Drawdown Largest peak-to-trough decline	-1.47%	-98.19%	+96.72%
Max Drawdown (1Y) Largest decline over 1 year	—	-20.39%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-26.05%	—
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	-0.07%	-85.01%	+84.94%
Average Drawdown Average peak-to-trough decline	-0.32%	-75.30%	+74.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.82%	—

Volatility

Volatility by Period

	IALT	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.87%	—
Volatility (6M) Calculated over the trailing 6-month period	—	38.23%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.48%	44.20%	-36.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.48%	36.06%	-28.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.48%	39.00%	-31.52%

IALT vs. USO - Expense Ratio Comparison

IALT has a 0.99% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

IALT vs. USO - Dividend Comparison

IALT's dividend yield for the trailing twelve months is around 0.12%, while USO has not paid dividends to shareholders.

Position	TTM	2025
IALT iShares Systematic Alternatives Active ETF	0.12%	0.14%
USO United States Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both IALT and USO in my portfolio?

IALT and USO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IALT or USO?

On fees, USO is cheaper at 0.86% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IALT or USO?

USO is cheaper with a 0.86% expense ratio, compared with 0.99% for IALT.

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

IALT has the higher dividend yield at 0.12%, compared with 0.00% for USO.

What is the main difference between IALT and USO?

IALT is categorized as Multistrategy, while USO is Oil & Gas. They also come from different issuers: iShares and USCF. Their fees differ too: 0.99% for IALT and 0.86% for USO.