IOPP vs. USO

Last updated Jul 17, 2026

IOPP (Simplify Tara India Opportunities ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - IOPP is a India Equities fund actively managed by Simplify, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. IOPP is actively managed, while USO is passively managed. Over the past year, IOPP returned -5.67% vs 58.66% for USO. At a correlation of -0.14, they often move in opposite directions. IOPP charges 0.73%/yr vs 0.86%/yr for USO.

Performance

IOPP vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Tara India Opportunities ETF (IOPP) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IOPP achieves a -4.15% return, which is significantly lower than USO's 72.50% return.

IOPP

• 1D: -0.80%
• 1M: 1.16%
• 6M: -2.74%
• YTD: -4.15%
• 1Y: -5.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: -1.71%
• 1M: 3.32%
• 6M: 67.72%
• YTD: 72.50%
• 1Y: 58.66%
• 3Y*: 21.46%
• 5Y*: 19.41%
• 10Y*: 3.26%

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

IOPP vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IOPP Simplify Tara India Opportunities ETF	-4.15%	1.86%	14.31%
USO United States Oil Fund LP	72.50%	-8.46%	2.08%

Correlation

The correlation between IOPP 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 (All Time) Calculated using the full available price history since Mar 5, 2024	-0.14

Over the past year, the inverse relationship between IOPP and USO has strengthened: their correlation has moved from -0.14 to -0.36, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

IOPP vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IOPP

IOPP Risk / Return Rank: 6
IOPP Sharpe Ratio Rank: 6
IOPP Sortino Ratio Rank: 6
IOPP Omega Ratio Rank: 6
IOPP Calmar Ratio Rank: 7
IOPP Martin Ratio Rank: 6

USO

USO Risk / Return Rank: 44
USO Sharpe Ratio Rank: 45
USO Sortino Ratio Rank: 48
USO Omega Ratio Rank: 46
USO Calmar Ratio Rank: 43
USO Martin Ratio Rank: 38

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.

IOPP vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Tara India Opportunities ETF (IOPP) 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.

	IOPP	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	1.31	-1.64
Sortino ratio: Return per unit of downside risk	-0.37	1.98	-2.35
Omega ratio: Gain probability vs. loss probability	0.96	1.24	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.29	1.81	-2.11
Martin ratio: Return relative to average drawdown	-0.73	4.80	-5.53

IOPP vs. USO - Sharpe Ratio Comparison

The current IOPP Sharpe Ratio is -0.33, which is lower than the USO Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of IOPP 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.

Drawdowns

IOPP vs. USO - Drawdown Comparison

The maximum IOPP drawdown since its inception was -23.67%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IOPP and USO.

Drawdown Indicators

	IOPP	USO	Difference
Max Drawdown Largest peak-to-trough decline	-23.67%	-98.19%	+74.52%
Max Drawdown (1Y) Largest decline over 1 year	-19.42%	-32.49%	+13.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-12.46%	-87.31%	+74.85%
Average Drawdown Average peak-to-trough decline	-9.05%	-75.36%	+66.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.79%	12.26%	-4.47%

Volatility

IOPP vs. USO - Volatility Comparison

The current volatility for Simplify Tara India Opportunities ETF (IOPP) is 3.61%, while United States Oil Fund LP (USO) has a volatility of 14.21%. This indicates that IOPP 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.

Volatility by Period

	IOPP	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	14.21%	-10.60%
Volatility (6M) Calculated over the trailing 6-month period	14.64%	40.74%	-26.10%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	44.91%	-27.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.68%	36.68%	-20.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	39.07%	-22.39%

IOPP vs. USO - Expense Ratio Comparison

IOPP has a 0.73% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

IOPP vs. USO - Dividend Comparison

IOPP's dividend yield for the trailing twelve months is around 0.38%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
IOPP Simplify Tara India Opportunities ETF	0.38%	0.29%	6.96%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IOPP and USO in my portfolio?

IOPP 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.

Which is riskier, IOPP or USO?

USO has higher volatility (14.21%) compared to IOPP (3.61%). In terms of maximum drawdown, IOPP dropped -23.67% vs USO's -98.19%.

Which ETF is better, IOPP or USO?

On 1-year performance, USO leads with 58.66% vs -5.67% for IOPP. On fees, IOPP is cheaper at 0.73% per year. On volatility, IOPP has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IOPP or USO?

Over the 1-year period, USO has performed better with a 58.66% return vs -5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IOPP or USO?

IOPP is cheaper with a 0.73% expense ratio, compared with 0.86% for USO.

Which ETF pays a higher dividend yield, IOPP or USO?

IOPP has the higher dividend yield at 0.38%, compared with 0.00% for USO.

What is the main difference between IOPP and USO?

IOPP is categorized as India Equities, while USO is Oil & Gas. They also come from different issuers: Simplify and USCF. Their fees differ too: 0.73% for IOPP and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (1.31 vs -0.33), 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.