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ICLN vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICLN vs. USO

Last updated Jun 4, 2026

ICLN (iShares Global Clean Energy ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy 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, ICLN returned 11.99%/yr vs 4.07%/yr for USO. At a 0.27 correlation, their price movements are largely independent. ICLN charges 0.46%/yr vs 0.86%/yr for USO.

Performance

ICLN vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Clean Energy ETF (ICLN) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ICLN achieves a 40.54% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, ICLN has outperformed USO with an annualized return of 11.99%, while USO has yielded a comparatively lower 4.07% annualized return.

ICLN

1D
-2.78%
1M
11.22%
YTD
40.54%
6M
39.84%
1Y
83.73%
3Y*
8.92%
5Y*
2.10%
10Y*
11.99%

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)

ICLN vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ICLN
iShares Global Clean Energy ETF		40.54%47.05%-25.72%-20.41%-5.43%-24.18%141.82%44.36%-9.03%21.47%
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 ICLN and USO is -0.21, 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

-0.21

Correlation (3Y)
Calculated over the trailing 3-year period

-0.02

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2008

0.27

The correlation between ICLN and USO shifts across timeframes, from -0.21 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Global Clean Energy ETF

United States Oil Fund LP

Often compared with ICLN:
ICLN vs. TANICLN vs. QCLNICLN vs. GRIDICLN vs. INRG.LICLN vs. PBWICLN vs. CNRGICLN vs. LIT
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

ICLN vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICLN
ICLN Risk / Return Rank: 8787
Overall Rank
ICLN Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
ICLN Sortino Ratio Rank: 8484
Sortino Ratio Rank
ICLN Omega Ratio Rank: 7878
Omega Ratio Rank
ICLN Calmar Ratio Rank: 9494
Calmar Ratio Rank
ICLN Martin Ratio Rank: 9090
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6060
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8787
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
Martin Ratio Rank
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.

ICLN vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) 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.

ICLNUSODifference

Sharpe ratio

Return per unit of total volatility

3.20

2.31

+0.89

Sortino ratio

Return per unit of downside risk

3.86

2.89

+0.97

Omega ratio

Gain probability vs. loss probability

1.48

1.38

+0.09

Calmar ratio

Return relative to maximum drawdown

7.50

5.01

+2.50

Martin ratio

Return relative to average drawdown

21.35

9.42

+11.93

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICLN vs. USO - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 3.20, which is higher than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of ICLN 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.

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Sharpe Ratios by Period

ICLNUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.20

2.31

+0.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.08

0.68

-0.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.10

+0.34

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.08

-0.18

+0.10

Drawdowns

ICLN vs. USO - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for ICLN and USO.

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Drawdown Indicators

ICLNUSODifference

Max Drawdown

Largest peak-to-trough decline

-87.15%

-98.19%

+11.04%

Max Drawdown (1Y)

Largest decline over 1 year

-11.22%

-20.39%

+9.17%

Max Drawdown (3Y)

Largest decline over 3 years

-43.18%

-26.05%

-17.13%

Max Drawdown (5Y)

Largest decline over 5 years

-57.16%

-36.23%

-20.93%

Max Drawdown (10Y)

Largest decline over 10 years

-66.75%

-86.75%

+20.00%

Current Drawdown

Current decline from peak

-37.13%

-85.01%

+47.88%

Average Drawdown

Average peak-to-trough decline

-66.61%

-75.30%

+8.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.94%

10.82%

-6.88%

Volatility

ICLN vs. USO - Volatility Comparison

The current volatility for iShares Global Clean Energy ETF (ICLN) is 9.53%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that ICLN 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

ICLNUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.53%

14.87%

-5.34%

Volatility (6M)

Calculated over the trailing 6-month period

20.21%

38.23%

-18.02%

Volatility (1Y)

Calculated over the trailing 1-year period

26.38%

44.20%

-17.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.21%

36.06%

-8.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.20%

39.00%

-11.80%

ICLN vs. USO - Expense Ratio Comparison

ICLN has a 0.46% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

ICLN vs. USO - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 1.16%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
ICLN
iShares Global Clean Energy ETF		1.16%1.63%1.85%1.59%0.89%1.18%0.34%1.36%2.77%2.49%3.88%2.36%
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

ICLN and USO have a correlation of -0.21, 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 ICLN (9.53%). In terms of maximum drawdown, ICLN dropped -87.15% vs USO's -98.19%.

On 10-year performance, ICLN leads with 11.99% vs 4.07% for USO. On fees, ICLN is cheaper at 0.46% per year. On volatility, ICLN has been the lower-risk option at 9.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ICLN has performed better with a 11.99% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ICLN is cheaper with a 0.46% expense ratio, compared with 0.86% for USO.

ICLN has the higher dividend yield at 1.16%, compared with 0.00% for USO.

ICLN is categorized as Alternative Energy Equities, while USO is Oil & Gas. ICLN tracks S&P Global Clean Energy Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.46% for ICLN and 0.86% for USO.

ICLN currently has the higher Sharpe Ratio (3.20 vs 2.31), 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.

Portfolio Optimizer

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