INDA vs. USO
INDA (iShares MSCI India ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - INDA is a Asia Pacific 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 6.72%/yr vs 3.57%/yr for USO. At a 0.16 correlation, their price movements are largely independent. 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 -11.16% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, INDA has outperformed USO with an annualized return of 6.72%, while USO has yielded a comparatively lower 3.57% annualized return.
INDA
- 1D
- 1.39%
- 1M
- -2.32%
- YTD
- -11.16%
- 6M
- -10.68%
- 1Y
- -10.94%
- 3Y*
- 4.75%
- 5Y*
- 2.60%
- 10Y*
- 6.72%
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
INDA vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | -11.16% | 2.68% | 8.63% | 17.16% | -8.94% | 21.36% | 14.83% | 6.49% | -6.67% | 36.08% |
USO United States Oil Fund LP | 97.72% | -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 -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2012 | 0.16 |
The correlation between INDA and USO shifts across timeframes, from -0.36 (1 year) to 0.16 (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.
| INDA | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.95 | ||
| Sortino ratioReturn per unit of downside risk | -3.81 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.37 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 4.79 | -5.38 |
| Martin ratioReturn relative to average drawdown | -1.41 | 9.00 | -10.41 |
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
| INDA | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.75 | 2.21 | -2.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.66 | -0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 0.09 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | -0.18 | +0.42 |
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 | -18.69% | -20.39% | +1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | -26.05% | +3.33% |
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 | -18.30% | -85.45% | +67.15% |
Average DrawdownAverage peak-to-trough decline | -9.57% | -75.30% | +65.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.76% | 10.84% | -3.08% |
Volatility
INDA vs. USO - Volatility Comparison
The current volatility for iShares MSCI India ETF (INDA) is 5.34%, while United States Oil Fund LP (USO) has a volatility of 14.97%. 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 | 5.34% | 14.97% | -9.63% |
Volatility (6M)Calculated over the trailing 6-month period | 12.72% | 38.35% | -25.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.71% | 44.32% | -29.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.38% | 36.09% | -20.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.12% | 39.00% | -17.88% |
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 -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to INDA (5.34%). In terms of maximum drawdown, INDA dropped -45.07% vs USO's -98.19%.
On 10-year performance, INDA leads with 6.72% vs 3.57% for USO. On fees, INDA is cheaper at 0.69% per year. On volatility, INDA has been the lower-risk option at 5.34%. 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 6.72% return vs 3.57%. 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 Asia Pacific 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 (2.21 vs -0.75), 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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