INDY vs. USO
INDY (iShares India 50 ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - INDY is a Asia Pacific Equities fund tracking the S&P CNX Nifty 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, INDY returned 6.14%/yr vs 4.07%/yr for USO. At a 0.22 correlation, their price movements are largely independent. INDY charges 0.94%/yr vs 0.86%/yr for USO.
Performance
INDY vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, INDY achieves a -15.38% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, INDY has outperformed USO with an annualized return of 6.14%, while USO has yielded a comparatively lower 4.07% annualized return.
INDY
- 1D
- -1.35%
- 1M
- -3.23%
- YTD
- -15.38%
- 6M
- -14.03%
- 1Y
- -14.69%
- 3Y*
- 1.39%
- 5Y*
- 1.15%
- 10Y*
- 6.14%
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%
INDY vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | -15.38% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
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 INDY and USO is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.22 |
The correlation between INDY and USO shifts across timeframes, from -0.34 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDY vs. USO — Risk / Return Rank
INDY
USO
INDY vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) 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.
| INDY | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.35 | ||
| Sortino ratioReturn per unit of downside risk | -4.38 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.38 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 5.01 | -5.79 |
| Martin ratioReturn relative to average drawdown | -1.78 | 9.42 | -11.20 |
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
| INDY | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.04 | 2.31 | -3.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.68 | -0.60 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 0.10 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | -0.18 | +0.39 |
Drawdowns
INDY vs. USO - Drawdown Comparison
The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for INDY and USO.
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Drawdown Indicators
| INDY | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.74% | -98.19% | +53.45% |
Max Drawdown (1Y)Largest decline over 1 year | -18.95% | -20.39% | +1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -22.40% | -26.05% | +3.65% |
Max Drawdown (5Y)Largest decline over 5 years | -22.40% | -36.23% | +13.83% |
Max Drawdown (10Y)Largest decline over 10 years | -43.50% | -86.75% | +43.25% |
Current DrawdownCurrent decline from peak | -21.00% | -85.01% | +64.01% |
Average DrawdownAverage peak-to-trough decline | -12.22% | -75.30% | +63.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.25% | 10.82% | -2.57% |
Volatility
INDY vs. USO - Volatility Comparison
The current volatility for iShares India 50 ETF (INDY) is 4.79%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that INDY 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
| INDY | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.79% | 14.87% | -10.08% |
Volatility (6M)Calculated over the trailing 6-month period | 12.25% | 38.23% | -25.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.18% | 44.20% | -30.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.94% | 36.06% | -21.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.58% | 39.00% | -19.42% |
INDY vs. USO - Expense Ratio Comparison
INDY has a 0.94% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
INDY vs. USO - Dividend Comparison
INDY's dividend yield for the trailing twelve months is around 9.58%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | 9.58% | 8.11% | 0.24% | 0.38% | 3.75% | 7.12% | 0.08% | 0.58% | 0.55% | 0.27% | 0.48% | 0.57% |
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
INDY and USO have a correlation of -0.34, 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 INDY (4.79%). In terms of maximum drawdown, INDY dropped -44.74% vs USO's -98.19%.
On 10-year performance, INDY leads with 6.14% vs 4.07% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, INDY has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, INDY has performed better with a 6.14% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.94% for INDY.
INDY has the higher dividend yield at 9.58%, compared with 0.00% for USO.
INDY is categorized as Asia Pacific Equities, while USO is Oil & Gas. INDY tracks S&P CNX Nifty Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.94% for INDY and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs -1.04), 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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