IAU vs. USO
IAU (iShares Gold Trust) and USO (United States Oil Fund LP) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, IAU returned 11.59%/yr vs 5.42%/yr for USO. Their 0.19 correlation means their historical movements had little consistent relationship. IAU charges 0.25%/yr vs 0.86%/yr for USO.
Performance
IAU vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, IAU achieves a -6.09% return, which is significantly lower than USO's 97.64% return. Over the past 10 years, IAU has outperformed USO with an annualized return of 11.59%, while USO has yielded a comparatively lower 5.42% annualized return.
IAU
- 1D
- 0.11%
- 1M
- 0.69%
- 6M
- -18.72%
- YTD
- -6.09%
- 1Y
- 21.17%
- 3Y*
- 26.99%
- 5Y*
- 17.33%
- 10Y*
- 11.59%
- ALL TIME*
- 10.72%
USO
- 1D
- -2.01%
- 1M
- 25.05%
- 6M
- 84.84%
- YTD
- 97.64%
- 1Y
- 82.62%
- 3Y*
- 24.31%
- 5Y*
- 22.54%
- 10Y*
- 5.42%
- ALL TIME*
- -6.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $367.78M | $389.80M | $488.83M | |
| $1.02B | $802.47M | $996.79M |
IAU vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | -6.09% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
USO United States Oil Fund LP | 97.64% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between IAU and USO is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2006 | 0.19 |
The correlation between IAU and USO shifts across timeframes, from -0.09 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IAU vs. USO — Risk / Return Rank
IAU
USO
IAU vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) 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.
| IAU | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.30 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | 2.46 | -1.70 |
| Martin ratioReturn relative to average drawdown | 1.72 | 6.41 | -4.69 |
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Drawdowns
IAU vs. USO - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IAU and USO.
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Drawdown Indicators
| IAU | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -98.19% | +53.05% |
Max Drawdown (1Y)Largest decline over 1 year | -26.36% | -32.49% | +6.13% |
Max Drawdown (3Y)Largest decline over 3 years | -26.36% | -32.49% | +6.13% |
Max Drawdown (5Y)Largest decline over 5 years | -26.36% | -36.23% | +9.87% |
Max Drawdown (10Y)Largest decline over 10 years | -26.36% | -86.75% | +60.39% |
Current DrawdownCurrent decline from peak | -24.95% | -85.46% | +60.51% |
Average DrawdownAverage peak-to-trough decline | -16.01% | -75.37% | +59.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.65% | 12.47% | -0.82% |
Volatility
IAU vs. USO - Volatility Comparison
The current volatility for iShares Gold Trust (IAU) is 6.07%, while United States Oil Fund LP (USO) has a volatility of 13.60%. This indicates that IAU 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
| IAU | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.07% | 13.60% | -7.53% |
Volatility (6M)Calculated over the trailing 6-month period | 23.78% | 41.19% | -17.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.88% | 45.56% | -17.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.39% | 36.67% | -18.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.06% | 39.13% | -23.07% |
IAU vs. USO - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
IAU vs. USO - Dividend Comparison
Neither IAU nor USO has paid dividends to shareholders.
Frequently Asked Questions
IAU and USO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (13.60%) compared to IAU (6.07%). In terms of maximum drawdown, IAU dropped -45.14% vs USO's -98.19%.
On 10-year performance, IAU leads with 11.59% vs 5.42% for USO. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 6.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.59% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.86% for USO.
IAU and USO have nearly identical dividend yields, around 0.00%.
IAU is categorized as Gold, while USO is Oil & Gas. IAU tracks LBMA Gold Price, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.25% for IAU and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.76 vs 0.72), 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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