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IEZ vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEZ vs. USO

Last updated Jun 3, 2026

IEZ (iShares U.S. Oil Equipment & Services ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - IEZ is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Equipment & Services 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, IEZ returned -0.14%/yr vs 3.80%/yr for USO. A 0.60 correlation means they provide meaningful diversification when combined. IEZ charges 0.42%/yr vs 0.86%/yr for USO.

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.

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Returns By Period

In the year-to-date period, IEZ achieves a 47.79% return, which is significantly lower than USO's 98.48% return. Over the past 10 years, IEZ has underperformed USO with an annualized return of -0.14%, while USO has yielded a comparatively higher 3.80% annualized return.

IEZ

1D
2.36%
1M
-3.90%
YTD
47.79%
6M
47.74%
1Y
90.56%
3Y*
19.16%
5Y*
14.05%
10Y*
-0.14%

USO

1D
1.31%
1M
-3.87%
YTD
98.48%
6M
95.54%
1Y
97.37%
3Y*
28.86%
5Y*
23.92%
10Y*
3.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEZ vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEZ
iShares U.S. Oil Equipment & Services ETF		47.79%7.51%-8.15%4.43%65.73%15.98%-42.98%1.82%-42.47%-18.18%
USO
United States Oil Fund LP		98.48%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between IEZ and USO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

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

0.48

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

0.57

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

0.57

Correlation (All Time)
Calculated using the full available price history since May 8, 2006

0.60

Over the past year, the correlation between IEZ and USO has dropped to 0.32 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

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

iShares U.S. Oil Equipment & Services ETF

United States Oil Fund LP

Often compared with IEZ:
IEZ vs. XESIEZ vs. XOPIEZ vs. FCGIEZ vs. EZUIEZ vs. IEOIEZ vs. IBBQIEZ vs. VDE
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

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: 8989
Overall Rank
IEZ Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
IEZ Sortino Ratio Rank: 8585
Sortino Ratio Rank
IEZ Omega Ratio Rank: 8080
Omega Ratio Rank
IEZ Calmar Ratio Rank: 9696
Calmar Ratio Rank
IEZ Martin Ratio Rank: 9393
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
USO Sortino Ratio Rank: 5959
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8888
Calmar Ratio Rank
USO Martin Ratio Rank: 5555
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.

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.

IEZUSODifference

Sharpe ratio

Return per unit of total volatility

3.18

2.22

+0.96

Sortino ratio

Return per unit of downside risk

3.88

2.81

+1.07

Omega ratio

Gain probability vs. loss probability

1.48

1.37

+0.11

Calmar ratio

Return relative to maximum drawdown

9.02

5.12

+3.89

Martin ratio

Return relative to average drawdown

24.71

9.66

+15.05

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 3.18, which is higher than the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of IEZ 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

IEZUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.18

2.22

+0.96

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.39

0.67

-0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.00

0.10

-0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.04

-0.18

+0.14

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.

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Drawdown Indicators

IEZUSODifference

Max Drawdown

Largest peak-to-trough decline

-92.52%

-98.19%

+5.67%

Max Drawdown (1Y)

Largest decline over 1 year

-10.32%

-20.39%

+10.07%

Max Drawdown (3Y)

Largest decline over 3 years

-40.25%

-26.05%

-14.20%

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

-51.22%

-85.39%

+34.17%

Average Drawdown

Average peak-to-trough decline

-48.26%

-75.30%

+27.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.76%

10.81%

-7.05%

Volatility

IEZ vs. USO - Volatility Comparison

The current volatility for iShares U.S. Oil Equipment & Services ETF (IEZ) is 7.95%, while United States Oil Fund LP (USO) has a volatility of 15.03%. 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.

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Volatility by Period

IEZUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.95%

15.03%

-7.08%

Volatility (6M)

Calculated over the trailing 6-month period

20.12%

38.18%

-18.06%

Volatility (1Y)

Calculated over the trailing 1-year period

28.64%

44.26%

-15.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.35%

36.04%

+0.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

41.57%

39.00%

+2.57%

IEZ vs. USO - Expense Ratio Comparison

IEZ has a 0.42% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

IEZ vs. USO - Dividend Comparison

IEZ's dividend yield for the trailing twelve months is around 1.18%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IEZ
iShares U.S. Oil Equipment & Services ETF		1.18%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%

Frequently Asked Questions

IEZ and USO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (15.03%) compared to IEZ (7.95%). In terms of maximum drawdown, IEZ dropped -92.52% vs USO's -98.19%.

On 10-year performance, USO leads with 3.80% vs -0.14% for IEZ. On fees, IEZ is cheaper at 0.42% per year. On volatility, IEZ has been the lower-risk option at 7.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USO has performed better with a 3.80% return vs -0.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEZ is cheaper with a 0.42% expense ratio, compared with 0.86% for USO.

IEZ has the higher dividend yield at 1.18%, compared with 0.00% for USO.

IEZ is categorized as Energy Equities, while USO is Oil & Gas. IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.42% for IEZ and 0.86% for USO.

IEZ currently has the higher Sharpe Ratio (3.18 vs 2.22), 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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