IEZ vs. USO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares U.S. Oil Equipment & Services ETF (IEZ) and United States Oil Fund LP (USO).

IEZ and USO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IEZ is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Select Oil Equipment & Services Index. It was launched on May 5, 2006. USO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Light Sweet Crude Oil. It was launched on Apr 10, 2006. Both IEZ and USO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IEZ vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Oil Equipment & Services ETF (IEZ) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

IEZ vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEZ iShares U.S. Oil Equipment & Services ETF	39.05%	7.51%	-8.15%	4.43%	65.73%	15.98%	-42.98%	1.82%	-42.47%	-18.18%
USO United States Oil Fund LP	83.99%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-19.57%	2.47%

Returns By Period

In the year-to-date period, IEZ achieves a 39.05% return, which is significantly lower than USO's 83.99% return. Over the past 10 years, IEZ has underperformed USO with an annualized return of -0.06%, while USO has yielded a comparatively higher 5.48% annualized return.

IEZ

• 1D: 0.63%
• 1M: 0.17%
• YTD: 39.05%
• 6M: 51.03%
• 1Y: 51.15%
• 3Y*: 16.17%
• 5Y*: 17.40%
• 10Y*: -0.06%

USO

• 1D: -1.99%
• 1M: 55.28%
• YTD: 83.99%
• 6M: 72.54%
• 1Y: 64.55%
• 3Y*: 24.19%
• 5Y*: 24.91%
• 10Y*: 5.48%

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

IEZ vs. USO - Expense Ratio Comparison

IEZ has a 0.42% expense ratio, which is lower than USO's 0.79% expense ratio.

USO

United States Oil Fund LP

IEZ

iShares U.S. Oil Equipment & Services ETF

Return for Risk

IEZ vs. USO — Risk / Return Rank

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

IEZ

IEZ Risk / Return Rank: 72
IEZ Sharpe Ratio Rank: 77
IEZ Sortino Ratio Rank: 76
IEZ Omega Ratio Rank: 74
IEZ Calmar Ratio Rank: 78
IEZ Martin Ratio Rank: 58

USO

USO Risk / Return Rank: 82
USO Sharpe Ratio Rank: 85
USO Sortino Ratio Rank: 88
USO Omega Ratio Rank: 80
USO Calmar Ratio Rank: 93
USO Martin Ratio Rank: 64

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.

IEZ vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Oil Equipment & Services ETF (IEZ) 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.

	IEZ	USO	Difference
Sharpe ratio Return per unit of total volatility	1.39	1.65	-0.26
Sortino ratio Return per unit of downside risk	1.88	2.32	-0.44
Omega ratio Gain probability vs. loss probability	1.27	1.30	-0.03
Calmar ratio Return relative to maximum drawdown	2.04	3.44	-1.41
Martin ratio Return relative to average drawdown	5.55	5.96	-0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEZ vs. USO - Sharpe Ratio Comparison

The current IEZ Sharpe Ratio is 1.39, which is comparable to the USO Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of IEZ and USO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IEZ	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.65	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.73	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.00	0.14	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	-0.19	+0.15

Correlation

The correlation between IEZ and USO is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IEZ vs. USO - Dividend Comparison

IEZ's dividend yield for the trailing twelve months is around 1.25%, while USO has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEZ iShares U.S. Oil Equipment & Services ETF	1.25%	1.87%	1.76%	0.97%	0.65%	1.20%	2.07%	2.28%	1.81%	3.42%	0.91%	2.40%
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%

Drawdowns

IEZ vs. USO - Drawdown Comparison

The maximum IEZ drawdown since its inception was -92.52%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IEZ and USO.

Drawdown Indicators

	IEZ	USO	Difference
Max Drawdown Largest peak-to-trough decline	-92.52%	-98.19%	+5.67%
Max Drawdown (1Y) Largest decline over 1 year	-25.55%	-20.39%	-5.16%
Max Drawdown (5Y) Largest decline over 5 years	-40.25%	-36.23%	-4.02%
Max Drawdown (10Y) Largest decline over 10 years	-88.29%	-86.75%	-1.54%
Current Drawdown Current decline from peak	-54.11%	-86.46%	+32.35%
Average Drawdown Average peak-to-trough decline	-48.23%	-75.21%	+26.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.37%	11.77%	-2.40%

Volatility

IEZ vs. USO - Volatility Comparison

The current volatility for iShares U.S. Oil Equipment & Services ETF (IEZ) is 9.57%, while United States Oil Fund LP (USO) has a volatility of 21.87%. This indicates that IEZ 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.

Volatility by Period

	IEZ	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.57%	21.87%	-12.30%
Volatility (6M) Calculated over the trailing 6-month period	21.26%	29.71%	-8.45%
Volatility (1Y) Calculated over the trailing 1-year period	36.94%	39.38%	-2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.04%	34.41%	+2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.67%	38.33%	+3.34%