IVVW vs. USO
IVVW (iShares S&P 500 BuyWrite ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - IVVW is a Derivative Income fund tracking the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, IVVW returned 20.07% vs 101.55% for USO. At a correlation of -0.08, they often move in opposite directions. IVVW charges 0.25%/yr vs 0.86%/yr for USO.
Performance
IVVW vs. USO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IVVW achieves a 4.84% return, which is significantly lower than USO's 103.67% return.
IVVW
- 1D
- -0.02%
- 1M
- 1.90%
- YTD
- 4.84%
- 6M
- 6.58%
- 1Y
- 20.07%
- 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%
IVVW vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 4.84% | 11.71% | 12.90% |
USO United States Oil Fund LP | 103.67% | -8.46% | -1.02% |
Correlation
The correlation between IVVW and USO is -0.29, 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 | -0.29 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024 | -0.08 |
Over the past year, the inverse relationship between IVVW and USO has strengthened: their correlation has moved from -0.08 to -0.29, 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
IVVW vs. USO — Risk / Return Rank
IVVW
USO
IVVW vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 BuyWrite ETF (IVVW) 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.
| IVVW | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.38 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | 5.01 | -1.54 |
| Martin ratioReturn relative to average drawdown | 19.13 | 9.42 | +9.71 |
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
| IVVW | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.73 | 2.31 | +0.42 |
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 | 1.07 | -0.18 | +1.24 |
Drawdowns
IVVW vs. USO - Drawdown Comparison
The maximum IVVW drawdown since its inception was -16.79%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IVVW and USO.
Loading charts...
Drawdown Indicators
| IVVW | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.79% | -98.19% | +81.40% |
Max Drawdown (1Y)Largest decline over 1 year | -5.81% | -20.39% | +14.58% |
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 | -0.09% | -85.01% | +84.92% |
Average DrawdownAverage peak-to-trough decline | -1.75% | -75.30% | +73.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 10.82% | -9.77% |
Volatility
IVVW vs. USO - Volatility Comparison
The current volatility for iShares S&P 500 BuyWrite ETF (IVVW) is 1.13%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that IVVW 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
| IVVW | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 14.87% | -13.74% |
Volatility (6M)Calculated over the trailing 6-month period | 6.07% | 38.23% | -32.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.40% | 44.20% | -36.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.66% | 36.06% | -23.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.66% | 39.00% | -26.34% |
IVVW vs. USO - Expense Ratio Comparison
IVVW has a 0.25% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
IVVW vs. USO - Dividend Comparison
IVVW's dividend yield for the trailing twelve months is around 19.70%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 19.70% | 18.55% | 13.72% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IVVW and USO have a correlation of -0.29, 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 IVVW (1.13%). In terms of maximum drawdown, IVVW dropped -16.79% vs USO's -98.19%.
On 1-year performance, USO leads with 101.55% vs 20.07% for IVVW. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 1.13%. 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 20.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVVW is cheaper with a 0.25% expense ratio, compared with 0.86% for USO.
IVVW has the higher dividend yield at 19.70%, compared with 0.00% for USO.
IVVW is categorized as Derivative Income, while USO is Oil & Gas. IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.25% for IVVW and 0.86% for USO.
IVVW currently has the higher Sharpe Ratio (2.73 vs 2.31), 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 IVVW 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