IGEB vs. USO
IGEB (iShares Investment Grade Bond Factor ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - IGEB is a Corporate Bonds fund tracking the BlackRock Investment Grade Enhanced Bond Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, IGEB returned 1.10%/yr vs 24.41%/yr for USO. At a correlation of -0.09, they often move in opposite directions. IGEB charges 0.18%/yr vs 0.86%/yr for USO.
Performance
IGEB vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, IGEB achieves a 0.41% return, which is significantly lower than USO's 103.67% return.
IGEB
- 1D
- -0.22%
- 1M
- 0.57%
- YTD
- 0.41%
- 6M
- 0.32%
- 1Y
- 5.98%
- 3Y*
- 5.88%
- 5Y*
- 1.10%
- 10Y*
- —
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%
IGEB vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGEB iShares Investment Grade Bond Factor ETF | 0.41% | 8.17% | 3.10% | 9.56% | -14.85% | -1.14% | 11.23% | 15.42% | -2.05% | 1.53% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 26.82% |
Correlation
The correlation between IGEB and USO is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2017 | -0.09 |
Over the past year, the inverse relationship between IGEB and USO has strengthened: their correlation has moved from -0.09 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
IGEB vs. USO — Risk / Return Rank
IGEB
USO
IGEB vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Investment Grade Bond Factor ETF (IGEB) 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.
| IGEB | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.38 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 5.01 | -2.92 |
| Martin ratioReturn relative to average drawdown | 6.81 | 9.42 | -2.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IGEB | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 2.31 | -0.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.68 | -0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | -0.18 | +0.66 |
Drawdowns
IGEB vs. USO - Drawdown Comparison
The maximum IGEB drawdown since its inception was -21.13%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IGEB and USO.
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Drawdown Indicators
| IGEB | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.13% | -98.19% | +77.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -20.39% | +17.51% |
Max Drawdown (3Y)Largest decline over 3 years | -5.97% | -26.05% | +20.08% |
Max Drawdown (5Y)Largest decline over 5 years | -21.13% | -36.23% | +15.10% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -1.03% | -85.01% | +83.98% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -75.30% | +70.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 10.82% | -9.94% |
Volatility
IGEB vs. USO - Volatility Comparison
The current volatility for iShares Investment Grade Bond Factor ETF (IGEB) is 1.33%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that IGEB 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
| IGEB | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 14.87% | -13.54% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 38.23% | -35.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 44.20% | -40.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.70% | 36.06% | -29.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.52% | 39.00% | -32.48% |
IGEB vs. USO - Expense Ratio Comparison
IGEB has a 0.18% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
IGEB vs. USO - Dividend Comparison
IGEB's dividend yield for the trailing twelve months is around 5.06%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IGEB iShares Investment Grade Bond Factor ETF | 5.06% | 4.92% | 5.09% | 4.60% | 3.64% | 3.84% | 3.78% | 5.61% | 3.59% | 1.62% |
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% |
Frequently Asked Questions
IGEB and USO have a correlation of -0.40, 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 IGEB (1.33%). In terms of maximum drawdown, IGEB dropped -21.13% vs USO's -98.19%.
On 5-year performance, USO leads with 24.41% vs 1.10% for IGEB. On fees, IGEB is cheaper at 0.18% per year. On volatility, IGEB has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 24.41% return vs 1.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGEB is cheaper with a 0.18% expense ratio, compared with 0.86% for USO.
IGEB has the higher dividend yield at 5.06%, compared with 0.00% for USO.
IGEB is categorized as Corporate Bonds, while USO is Oil & Gas. IGEB tracks BlackRock Investment Grade Enhanced Bond Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.18% for IGEB and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs 1.44), 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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