IQSM vs. USO
IQSM (IQ Candriam U.S. Mid Cap Equity ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - IQSM is a Mid Cap Blend Equities fund tracking the IQ Candriam ESG U.S. Mid Cap Equity Index - Benchmark TR Net, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, IQSM returned 14.32%/yr vs 28.78%/yr for USO. At a 0.04 correlation, their price movements are largely independent. IQSM charges 0.15%/yr vs 0.86%/yr for USO.
Performance
IQSM vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, IQSM achieves a 12.42% return, which is significantly lower than USO's 97.72% return.
IQSM
- 1D
- 0.58%
- 1M
- 3.67%
- YTD
- 12.42%
- 6M
- 12.70%
- 1Y
- 23.39%
- 3Y*
- 14.32%
- 5Y*
- —
- 10Y*
- —
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%
IQSM vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IQSM IQ Candriam U.S. Mid Cap Equity ETF | 12.42% | 7.97% | 9.15% | 15.82% | 2.29% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | -0.71% |
Correlation
The correlation between IQSM and USO is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2022 | 0.04 |
The correlation between IQSM and USO shifts across timeframes, from -0.30 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IQSM vs. USO — Risk / Return Rank
IQSM
USO
IQSM vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Candriam U.S. Mid Cap Equity ETF (IQSM) 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.
| IQSM | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.37 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 4.79 | -2.14 |
| Martin ratioReturn relative to average drawdown | 9.68 | 9.00 | +0.68 |
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
| IQSM | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.57 | 2.21 | -0.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.75 | -0.18 | +0.93 |
Drawdowns
IQSM vs. USO - Drawdown Comparison
The maximum IQSM drawdown since its inception was -23.66%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IQSM and USO.
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Drawdown Indicators
| IQSM | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.66% | -98.19% | +74.53% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -20.39% | +11.53% |
Max Drawdown (3Y)Largest decline over 3 years | -23.66% | -26.05% | +2.39% |
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 | 0.00% | -85.45% | +85.45% |
Average DrawdownAverage peak-to-trough decline | -4.86% | -75.30% | +70.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 10.84% | -8.42% |
Volatility
IQSM vs. USO - Volatility Comparison
The current volatility for IQ Candriam U.S. Mid Cap Equity ETF (IQSM) is 3.84%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that IQSM 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
| IQSM | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.84% | 14.97% | -11.13% |
Volatility (6M)Calculated over the trailing 6-month period | 10.99% | 38.35% | -27.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.95% | 44.32% | -29.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.88% | 36.09% | -18.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.88% | 39.00% | -21.12% |
IQSM vs. USO - Expense Ratio Comparison
IQSM has a 0.15% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
IQSM vs. USO - Dividend Comparison
IQSM's dividend yield for the trailing twelve months is around 1.05%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
IQSM IQ Candriam U.S. Mid Cap Equity ETF | 1.05% | 1.18% | 1.22% | 1.11% | 0.32% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IQSM and USO have a correlation of -0.30, 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 IQSM (3.84%). In terms of maximum drawdown, IQSM dropped -23.66% vs USO's -98.19%.
On 3-year performance, USO leads with 28.78% vs 14.32% for IQSM. On fees, IQSM is cheaper at 0.15% per year. On volatility, IQSM has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 28.78% return vs 14.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQSM is cheaper with a 0.15% expense ratio, compared with 0.86% for USO.
IQSM has the higher dividend yield at 1.05%, compared with 0.00% for USO.
IQSM is categorized as Mid Cap Blend Equities, while USO is Oil & Gas. IQSM tracks IQ Candriam ESG U.S. Mid Cap Equity Index - Benchmark TR Net, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: IndexIQ and USCF. Their fees differ too: 0.15% for IQSM and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs 1.57), 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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