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IMCV vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IMCV vs. USO

Last updated Jun 4, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value 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, IMCV returned 10.40%/yr vs 4.07%/yr for USO. At a 0.30 correlation, their price movements are largely independent. IMCV charges 0.06%/yr vs 0.86%/yr for USO.

Performance

IMCV vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCV) 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, IMCV achieves a 9.96% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, IMCV has outperformed USO with an annualized return of 10.40%, while USO has yielded a comparatively lower 4.07% annualized return.

IMCV

1D
-0.21%
1M
2.12%
YTD
9.96%
6M
11.32%
1Y
23.41%
3Y*
16.66%
5Y*
8.69%
10Y*
10.40%

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

IMCV vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IMCV
iShares Morningstar Mid-Cap ETF		9.96%13.52%12.28%11.89%-6.98%33.56%-4.11%24.72%-10.93%12.60%
USO
United States Oil Fund LP		103.67%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between IMCV and USO is -0.15, 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

-0.15

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

0.03

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

0.18

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

0.26

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2006

0.30

The correlation between IMCV and USO shifts across timeframes, from -0.15 (1 year) to 0.30 (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.

iShares Morningstar Mid-Cap ETF

United States Oil Fund LP

Often compared with IMCV:
IMCV vs. VOEIMCV vs. IWSIMCV vs. MDYVIMCV vs. IJHIMCV vs. SMMDIMCV vs. NUMVIMCV vs. VOO
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

IMCV vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IMCV
IMCV Risk / Return Rank: 6363
Overall Rank
IMCV Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
IMCV Sortino Ratio Rank: 6262
Sortino Ratio Rank
IMCV Omega Ratio Rank: 5858
Omega Ratio Rank
IMCV Calmar Ratio Rank: 6868
Calmar Ratio Rank
IMCV Martin Ratio Rank: 6969
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6060
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8787
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
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.

IMCV vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) 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.

IMCVUSODifference
Sharpe ratioReturn per unit of total volatility
2.02
2.31

-0.29

Sortino ratioReturn per unit of downside risk
2.94
2.89

+0.05

Omega ratioGain probability vs. loss probability

1.36

1.38

-0.02

Calmar ratioReturn relative to maximum drawdown

3.41

5.01

-1.60

Martin ratioReturn relative to average drawdown

12.72

9.42

+3.30

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMCV vs. USO - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 2.02, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of IMCV 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

IMCVUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.02

2.31

-0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.68

-0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.10

+0.43

Sharpe Ratio (All Time)

Calculated using the full available price history

0.47

-0.18

+0.65

Drawdowns

IMCV vs. USO - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IMCV and USO.

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Drawdown Indicators

IMCVUSODifference

Max Drawdown

Largest peak-to-trough decline

-64.74%

-98.19%

+33.45%

Max Drawdown (1Y)

Largest decline over 1 year

-6.90%

-20.39%

+13.49%

Max Drawdown (3Y)

Largest decline over 3 years

-18.63%

-26.05%

+7.42%

Max Drawdown (5Y)

Largest decline over 5 years

-19.87%

-36.23%

+16.36%

Max Drawdown (10Y)

Largest decline over 10 years

-46.33%

-86.75%

+40.42%

Current Drawdown

Current decline from peak

-0.21%

-85.01%

+84.80%

Average Drawdown

Average peak-to-trough decline

-8.42%

-75.30%

+66.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.85%

10.82%

-8.97%

Volatility

IMCV vs. USO - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCV) is 2.56%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that IMCV 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

IMCVUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.56%

14.87%

-12.31%

Volatility (6M)

Calculated over the trailing 6-month period

8.00%

38.23%

-30.23%

Volatility (1Y)

Calculated over the trailing 1-year period

11.63%

44.20%

-32.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.63%

36.06%

-19.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.66%

39.00%

-19.34%

IMCV vs. USO - Expense Ratio Comparison

IMCV has a 0.06% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

IMCV vs. USO - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.94%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IMCV
iShares Morningstar Mid-Cap ETF		1.94%2.23%2.36%2.30%2.36%1.86%2.61%2.45%2.61%1.87%2.09%2.29%
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

IMCV and USO have a correlation of -0.15, 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 IMCV (2.56%). In terms of maximum drawdown, IMCV dropped -64.74% vs USO's -98.19%.

On 10-year performance, IMCV leads with 10.40% vs 4.07% for USO. On fees, IMCV is cheaper at 0.06% per year. On volatility, IMCV has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IMCV has performed better with a 10.40% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IMCV is cheaper with a 0.06% expense ratio, compared with 0.86% for USO.

IMCV has the higher dividend yield at 1.94%, compared with 0.00% for USO.

IMCV is categorized as Mid Cap Value Equities, while USO is Oil & Gas. IMCV tracks Morningstar US Mid Cap Broad Value Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.06% for IMCV and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.31 vs 2.02), 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.

Portfolio Optimizer

Find the right allocation for IMCV and USO

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