IEMG vs. USO
IEMG (iShares Core MSCI Emerging Markets ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - IEMG is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, IEMG returned 8.78%/yr vs 5.42%/yr for USO. Their 0.24 correlation means their historical movements had little consistent relationship. IEMG charges 0.09%/yr vs 0.86%/yr for USO.
Performance
IEMG vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, IEMG achieves a 15.55% return, which is significantly lower than USO's 97.64% return. Over the past 10 years, IEMG has outperformed USO with an annualized return of 8.78%, while USO has yielded a comparatively lower 5.42% annualized return.
IEMG
- 1D
- -1.78%
- 1M
- -6.23%
- 6M
- 7.28%
- YTD
- 15.55%
- 1Y
- 28.48%
- 3Y*
- 17.89%
- 5Y*
- 6.77%
- 10Y*
- 8.78%
- ALL TIME*
- 6.06%
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) |
|---|---|---|---|
| $959.90M | $1.12B | $1.07B | |
| $1.02B | $802.47M | $996.79M |
IEMG vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 15.55% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 17.87% | 17.81% | -14.92% | 37.38% |
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 IEMG and USO is -0.24, 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. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | 0.24 |
The correlation between IEMG and USO shifts across timeframes, from -0.24 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IEMG vs. USO — Risk / Return Rank
IEMG
USO
IEMG vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) 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.
| IEMG | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.30 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.46 | -0.33 |
| Martin ratioReturn relative to average drawdown | 6.72 | 6.41 | +0.31 |
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Drawdowns
IEMG vs. USO - Drawdown Comparison
The maximum IEMG drawdown since its inception was -38.71%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IEMG and USO.
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Drawdown Indicators
| IEMG | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.71% | -98.19% | +59.48% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -32.49% | +19.28% |
Max Drawdown (3Y)Largest decline over 3 years | -17.21% | -32.49% | +15.28% |
Max Drawdown (5Y)Largest decline over 5 years | -33.61% | -36.23% | +2.62% |
Max Drawdown (10Y)Largest decline over 10 years | -38.71% | -86.75% | +48.04% |
Current DrawdownCurrent decline from peak | -10.41% | -85.46% | +75.05% |
Average DrawdownAverage peak-to-trough decline | -12.90% | -75.37% | +62.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 12.47% | -8.28% |
Volatility
IEMG vs. USO - Volatility Comparison
The current volatility for iShares Core MSCI Emerging Markets ETF (IEMG) is 7.86%, while United States Oil Fund LP (USO) has a volatility of 13.60%. This indicates that IEMG 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
| IEMG | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.86% | 13.60% | -5.74% |
Volatility (6M)Calculated over the trailing 6-month period | 21.27% | 41.19% | -19.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.23% | 45.56% | -22.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.21% | 36.67% | -17.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.26% | 39.13% | -18.87% |
IEMG vs. USO - Expense Ratio Comparison
IEMG has a 0.09% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
IEMG vs. USO - Dividend Comparison
IEMG's dividend yield for the trailing twelve months is around 2.33%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 2.33% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
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
IEMG and USO have a correlation of -0.24, 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 IEMG (7.86%). In terms of maximum drawdown, IEMG dropped -38.71% vs USO's -98.19%.
On 10-year performance, IEMG leads with 8.78% vs 5.42% for USO. On fees, IEMG is cheaper at 0.09% per year. On volatility, IEMG has been the lower-risk option at 7.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEMG has performed better with a 8.78% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.86% for USO.
IEMG has the higher dividend yield at 2.33%, compared with 0.00% for USO.
IEMG is categorized as Emerging Markets Equities, while USO is Oil & Gas. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), 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 IEMG and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.76 vs 1.21), 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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