INDE vs. USO
INDE (Matthews India Active ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - INDE is a Asia Pacific Equities fund actively managed by Matthews, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. INDE is actively managed, while USO is passively managed. Over the past year, INDE returned -5.01% vs 101.55% for USO. At a correlation of -0.11, they often move in opposite directions. INDE charges 0.79%/yr vs 0.86%/yr for USO.
Performance
INDE vs. USO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, INDE achieves a -8.87% return, which is significantly lower than USO's 103.67% return.
INDE
- 1D
- -1.13%
- 1M
- 1.10%
- YTD
- -8.87%
- 6M
- -8.36%
- 1Y
- -5.01%
- 3Y*
- —
- 5Y*
- —
- 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%
INDE vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
INDE Matthews India Active ETF | -8.87% | 2.39% | 10.95% | 8.18% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -17.34% |
Correlation
The correlation between INDE and USO is -0.33, 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 | -0.33 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023 | -0.11 |
Over the past year, the inverse relationship between INDE and USO has strengthened: their correlation has moved from -0.11 to -0.33, meaning they now move in opposite directions more often than their long-term average.
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
INDE vs. USO — Risk / Return Rank
INDE
USO
INDE vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews India Active ETF (INDE) 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.
| INDE | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.61 | ||
| Sortino ratioReturn per unit of downside risk | -3.22 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.38 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 5.01 | -5.27 |
| Martin ratioReturn relative to average drawdown | -0.71 | 9.42 | -10.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| INDE | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.30 | 2.31 | -2.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | -0.18 | +0.44 |
Drawdowns
INDE vs. USO - Drawdown Comparison
The maximum INDE drawdown since its inception was -22.89%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for INDE and USO.
Loading charts...
Drawdown Indicators
| INDE | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.89% | -98.19% | +75.30% |
Max Drawdown (1Y)Largest decline over 1 year | -19.10% | -20.39% | +1.29% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.05% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -15.61% | -85.01% | +69.40% |
Average DrawdownAverage peak-to-trough decline | -7.52% | -75.30% | +67.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.13% | 10.82% | -3.69% |
Volatility
INDE vs. USO - Volatility Comparison
The current volatility for Matthews India Active ETF (INDE) is 6.75%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that INDE 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
| INDE | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.75% | 14.87% | -8.12% |
Volatility (6M)Calculated over the trailing 6-month period | 14.33% | 38.23% | -23.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.62% | 44.20% | -27.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.51% | 36.06% | -19.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.51% | 39.00% | -22.49% |
INDE vs. USO - Expense Ratio Comparison
INDE has a 0.79% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
INDE vs. USO - Dividend Comparison
INDE's dividend yield for the trailing twelve months is around 1.93%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
INDE Matthews India Active ETF | 1.93% | 1.75% | 0.56% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
INDE and USO have a correlation of -0.33, 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 INDE (6.75%). In terms of maximum drawdown, INDE dropped -22.89% vs USO's -98.19%.
On 1-year performance, USO leads with 101.55% vs -5.01% for INDE. On fees, INDE is cheaper at 0.79% per year. On volatility, INDE has been the lower-risk option at 6.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USO has performed better with a 101.55% return vs -5.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INDE is cheaper with a 0.79% expense ratio, compared with 0.86% for USO.
INDE has the higher dividend yield at 1.93%, compared with 0.00% for USO.
INDE is categorized as Asia Pacific Equities, while USO is Oil & Gas. They also come from different issuers: Matthews and USCF. Their fees differ too: 0.79% for INDE and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs -0.30), 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 INDE 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