IHI vs. USO
IHI (iShares U.S. Medical Devices ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - IHI is a Health & Biotech Equities fund tracking the Dow Jones U.S. Select Medical Equipment 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, IHI returned 8.58%/yr vs 5.64%/yr for USO. Their 0.16 correlation means their historical movements had little consistent relationship. IHI charges 0.38%/yr vs 0.86%/yr for USO.
Performance
IHI vs. USO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IHI achieves a -15.32% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, IHI has outperformed USO with an annualized return of 8.58%, while USO has yielded a comparatively lower 5.64% annualized return.
IHI
- 1D
- -0.44%
- 1M
- 1.21%
- 6M
- -12.40%
- YTD
- -15.32%
- 1Y
- -11.60%
- 3Y*
- -1.46%
- 5Y*
- -3.35%
- 10Y*
- 8.58%
- ALL TIME*
- 10.02%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $145.90M | $167.07M | $148.77M | |
| $968.42M | $871.56M | $931.57M |
IHI vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHI iShares U.S. Medical Devices ETF | -15.32% | 6.88% | 8.62% | 3.24% | -19.80% | 21.03% | 24.17% | 32.75% | 15.45% | 30.81% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between IHI and USO is -0.28, 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. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.06 |
Correlation (All Time) Calculated using the full available price history since May 5, 2006 | 0.16 |
The correlation between IHI and USO shifts across timeframes, from -0.28 (1 year) to 0.16 (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.
Return for Risk
IHI vs. USO — Risk / Return Rank
IHI
USO
IHI vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Medical Devices ETF (IHI) 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.
| IHI | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.93 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.25 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | 1.93 | -2.38 |
| Martin ratioReturn relative to average drawdown | -0.88 | 5.60 | -6.48 |
Loading charts...
Drawdowns
IHI vs. USO - Drawdown Comparison
The maximum IHI drawdown since its inception was -49.65%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IHI and USO.
Loading charts...
Drawdown Indicators
| IHI | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.65% | -98.19% | +48.54% |
Max Drawdown (1Y)Largest decline over 1 year | -26.11% | -32.49% | +6.38% |
Max Drawdown (3Y)Largest decline over 3 years | -26.64% | -32.49% | +5.85% |
Max Drawdown (5Y)Largest decline over 5 years | -33.12% | -36.23% | +3.11% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -86.75% | +53.50% |
Current DrawdownCurrent decline from peak | -20.04% | -86.26% | +66.22% |
Average DrawdownAverage peak-to-trough decline | -8.43% | -75.38% | +66.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.27% | 12.03% | +1.24% |
Volatility
IHI vs. USO - Volatility Comparison
The current volatility for iShares U.S. Medical Devices ETF (IHI) is 9.58%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that IHI 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.
Loading charts...
Volatility by Period
| IHI | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.58% | 17.73% | -8.15% |
Volatility (6M)Calculated over the trailing 6-month period | 16.58% | 42.79% | -26.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.90% | 46.91% | -27.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.55% | 37.06% | -17.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.01% | 39.29% | -19.28% |
IHI vs. USO - Expense Ratio Comparison
IHI has a 0.38% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
IHI vs. USO - Dividend Comparison
IHI's dividend yield for the trailing twelve months is around 0.46%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IHI iShares U.S. Medical Devices ETF | 0.46% | 0.34% | 0.46% | 0.53% | 0.45% | 0.25% | 0.25% | 0.33% | 0.26% | 0.37% | 0.55% | 1.28% |
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
IHI and USO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (17.73%) compared to IHI (9.58%). In terms of maximum drawdown, IHI dropped -49.65% vs USO's -98.19%.
On 10-year performance, IHI leads with 8.58% vs 5.64% for USO. On fees, IHI is cheaper at 0.38% per year. On volatility, IHI has been the lower-risk option at 9.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IHI has performed better with a 8.58% return vs 5.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IHI is cheaper with a 0.38% expense ratio, compared with 0.86% for USO.
IHI has the higher dividend yield at 0.46%, compared with 0.00% for USO.
IHI is categorized as Health & Biotech Equities, while USO is Oil & Gas. IHI tracks Dow Jones U.S. Select Medical Equipment Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.38% for IHI and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs -0.59), 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.
Find the right allocation for IHI and USO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer