IAUM vs. USO
IAUM (iShares Gold Trust Micro) and USO (United States Oil Fund LP) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, IAUM returned 29.28%/yr vs 26.38%/yr for USO. At a 0.13 correlation, their price movements are largely independent. IAUM charges 0.09%/yr vs 0.86%/yr for USO.
Performance
IAUM vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, IAUM achieves a -2.40% return, which is significantly lower than USO's 81.36% return.
IAUM
- 1D
- 0.10%
- 1M
- -9.51%
- YTD
- -2.40%
- 6M
- -2.08%
- 1Y
- 22.55%
- 3Y*
- 29.28%
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- -2.64%
- 1M
- -12.29%
- YTD
- 81.36%
- 6M
- 82.28%
- 1Y
- 56.36%
- 3Y*
- 26.38%
- 5Y*
- 21.14%
- 10Y*
- 2.94%
IAUM vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IAUM iShares Gold Trust Micro | -2.40% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
USO United States Oil Fund LP | 81.36% | -8.46% | 13.35% | -4.94% | 28.97% | 9.73% |
Correlation
The correlation between IAUM and USO is -0.06, 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 (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021 | 0.13 |
The correlation between IAUM and USO shifts across timeframes, from -0.06 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IAUM vs. USO — Risk / Return Rank
IAUM
USO
IAUM vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) 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.
| IAUM | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.28 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 3.31 | -2.31 |
| Martin ratioReturn relative to average drawdown | 2.87 | 6.09 | -3.22 |
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Drawdowns
IAUM vs. USO - Drawdown Comparison
The maximum IAUM drawdown since its inception was -24.37%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IAUM and USO.
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Drawdown Indicators
| IAUM | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.37% | -98.19% | +73.82% |
Max Drawdown (1Y)Largest decline over 1 year | -24.37% | -20.39% | -3.98% |
Max Drawdown (3Y)Largest decline over 3 years | -24.37% | -26.05% | +1.68% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -21.99% | -86.65% | +64.66% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -75.30% | +69.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.46% | 11.06% | -2.60% |
Volatility
IAUM vs. USO - Volatility Comparison
The current volatility for iShares Gold Trust Micro (IAUM) is 7.71%, while United States Oil Fund LP (USO) has a volatility of 13.27%. This indicates that IAUM 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
| IAUM | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.71% | 13.27% | -5.56% |
Volatility (6M)Calculated over the trailing 6-month period | 23.82% | 38.99% | -15.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.06% | 44.64% | -17.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.05% | 36.20% | -18.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 39.03% | -20.98% |
IAUM vs. USO - Expense Ratio Comparison
IAUM has a 0.09% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
IAUM vs. USO - Dividend Comparison
Neither IAUM nor USO has paid dividends to shareholders.
Frequently Asked Questions
IAUM and USO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (13.27%) compared to IAUM (7.71%). In terms of maximum drawdown, IAUM dropped -24.37% vs USO's -98.19%.
On 3-year performance, IAUM leads with 29.28% vs 26.38% for USO. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IAUM has performed better with a 29.28% return vs 26.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.86% for USO.
IAUM and USO have nearly identical dividend yields, around 0.00%.
IAUM is categorized as Gold, while USO is Oil & Gas. IAUM tracks LBMA Gold Price PM, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.09% for IAUM and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.51 vs 0.90), 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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