INDA vs. USO
INDA (iShares MSCI India ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - INDA is a India Equities fund tracking the MSCI India 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, INDA returned 6.56%/yr vs 5.64%/yr for USO. Their 0.15 correlation means their historical movements had little consistent relationship. INDA charges 0.69%/yr vs 0.86%/yr for USO.
Performance
INDA vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, INDA achieves a -7.86% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, INDA has outperformed USO with an annualized return of 6.56%, while USO has yielded a comparatively lower 5.64% annualized return.
INDA
- 1D
- 0.20%
- 1M
- 0.48%
- 6M
- -3.75%
- YTD
- -7.86%
- 1Y
- -5.54%
- 3Y*
- 4.09%
- 5Y*
- 3.65%
- 10Y*
- 6.56%
- ALL TIME*
- 5.44%
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) |
|---|---|---|---|
| $354.20M | $298.51M | $312.64M | |
| $968.42M | $871.56M | $931.57M |
INDA vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | -7.86% | 2.68% | 8.63% | 17.16% | -8.94% | 21.36% | 14.83% | 6.49% | -6.67% | 36.08% |
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 INDA and USO is -0.42, 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. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012 | 0.15 |
The correlation between INDA and USO shifts across timeframes, from -0.42 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDA vs. USO — Risk / Return Rank
INDA
USO
INDA vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) 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.
| INDA | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.41 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.25 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 1.93 | -2.23 |
| Martin ratioReturn relative to average drawdown | -0.66 | 5.60 | -6.26 |
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Drawdowns
INDA vs. USO - Drawdown Comparison
The maximum INDA drawdown since its inception was -45.07%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for INDA and USO.
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Drawdown Indicators
| INDA | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.07% | -98.19% | +53.12% |
Max Drawdown (1Y)Largest decline over 1 year | -17.85% | -32.49% | +14.64% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | -32.49% | +9.77% |
Max Drawdown (5Y)Largest decline over 5 years | -22.72% | -36.23% | +13.51% |
Max Drawdown (10Y)Largest decline over 10 years | -45.07% | -86.75% | +41.68% |
Current DrawdownCurrent decline from peak | -15.27% | -86.26% | +70.99% |
Average DrawdownAverage peak-to-trough decline | -9.65% | -75.38% | +65.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.16% | 12.03% | -3.87% |
Volatility
INDA vs. USO - Volatility Comparison
The current volatility for iShares MSCI India ETF (INDA) is 4.11%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that INDA 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
| INDA | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.11% | 17.73% | -13.62% |
Volatility (6M)Calculated over the trailing 6-month period | 13.19% | 42.79% | -29.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.11% | 46.91% | -31.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.50% | 37.06% | -21.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.07% | 39.29% | -18.22% |
INDA vs. USO - Expense Ratio Comparison
INDA has a 0.69% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
INDA vs. USO - Dividend Comparison
Neither INDA nor USO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | 0.00% | 0.00% | 0.76% | 0.16% | 0.00% | 6.44% | 0.27% | 0.99% | 0.94% | 1.09% | 0.90% | 1.19% |
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
INDA and USO have a correlation of -0.42, 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 INDA (4.11%). In terms of maximum drawdown, INDA dropped -45.07% vs USO's -98.19%.
On 10-year performance, INDA leads with 6.56% vs 5.64% for USO. On fees, INDA is cheaper at 0.69% per year. On volatility, INDA has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, INDA has performed better with a 6.56% return vs 5.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INDA is cheaper with a 0.69% expense ratio, compared with 0.86% for USO.
INDA and USO have nearly identical dividend yields, around 0.00%.
INDA is categorized as India Equities, while USO is Oil & Gas. INDA tracks MSCI India Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.69% for INDA and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs -0.36), 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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