IWMI vs. USO

Last updated Jun 5, 2026

IWMI (NEOS Russell 2000 High Income ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - IWMI is a Derivative Income fund actively managed by Neos, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. IWMI is actively managed, while USO is passively managed. Over the past year, IWMI returned 35.91% vs 97.20% for USO. At a correlation of -0.09, they often move in opposite directions. IWMI charges 0.68%/yr vs 0.86%/yr for USO.

Performance

IWMI vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Russell 2000 High Income ETF (IWMI) 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, IWMI achieves a 14.60% return, which is significantly lower than USO's 97.72% return.

IWMI

• 1D: 1.10%
• 1M: 3.08%
• YTD: 14.60%
• 6M: 13.67%
• 1Y: 35.91%
• 3Y*: —
• 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%

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

IWMI vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMI NEOS Russell 2000 High Income ETF	14.60%	14.97%	6.61%
USO United States Oil Fund LP	97.72%	-8.46%	-4.25%

Correlation

The correlation between IWMI and USO is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Jun 26, 2024	-0.09

The correlation between IWMI and USO shifts across timeframes, from -0.28 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IWMI vs. USO — Risk / Return Rank

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

IWMI

IWMI Risk / Return Rank: 78
IWMI Sharpe Ratio Rank: 76
IWMI Sortino Ratio Rank: 76
IWMI Omega Ratio Rank: 71
IWMI Calmar Ratio Rank: 82
IWMI Martin Ratio Rank: 86

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 68
USO Sortino Ratio Rank: 61
USO Omega Ratio Rank: 62
USO Calmar Ratio Rank: 86
USO Martin Ratio Rank: 54

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.

IWMI vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Russell 2000 High Income ETF (IWMI) 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.

	IWMI	USO	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.21	+0.22
Sortino ratio: Return per unit of downside risk	3.37	2.80	+0.57
Omega ratio: Gain probability vs. loss probability	1.42	1.37	+0.05
Calmar ratio: Return relative to maximum drawdown	4.29	4.79	-0.50
Martin ratio: Return relative to average drawdown	17.85	9.00	+8.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWMI vs. USO - Sharpe Ratio Comparison

The current IWMI Sharpe Ratio is 2.43, which is comparable to the USO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of IWMI 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.

Sharpe Ratios by Period

	IWMI	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.21	+0.22
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	1.08	-0.18	+1.26

Drawdowns

IWMI vs. USO - Drawdown Comparison

The maximum IWMI drawdown since its inception was -23.88%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for IWMI and USO.

Drawdown Indicators

	IWMI	USO	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-98.19%	+74.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-20.39%	+11.99%
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 Drawdown Current decline from peak	0.00%	-85.45%	+85.45%
Average Drawdown Average peak-to-trough decline	-4.11%	-75.30%	+71.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	10.84%	-8.82%

Volatility

IWMI vs. USO - Volatility Comparison

The current volatility for NEOS Russell 2000 High Income ETF (IWMI) is 4.28%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that IWMI 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

	IWMI	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.28%	14.97%	-10.69%
Volatility (6M) Calculated over the trailing 6-month period	10.78%	38.35%	-27.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.85%	44.32%	-29.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	36.09%	-18.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.89%	39.00%	-21.11%

IWMI vs. USO - Expense Ratio Comparison

IWMI has a 0.68% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

IWMI vs. USO - Dividend Comparison

IWMI's dividend yield for the trailing twelve months is around 13.38%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	13.38%	14.05%	8.78%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWMI and USO in my portfolio?

IWMI and USO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWMI or USO?

USO has higher volatility (14.97%) compared to IWMI (4.28%). In terms of maximum drawdown, IWMI dropped -23.88% vs USO's -98.19%.

Which ETF is better, IWMI or USO?

On 1-year performance, USO leads with 97.20% vs 35.91% for IWMI. On fees, IWMI is cheaper at 0.68% per year. On volatility, IWMI has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMI or USO?

Over the 1-year period, USO has performed better with a 97.20% return vs 35.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMI or USO?

IWMI is cheaper with a 0.68% expense ratio, compared with 0.86% for USO.

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

IWMI has the higher dividend yield at 13.38%, compared with 0.00% for USO.

What is the main difference between IWMI and USO?

IWMI is categorized as Derivative Income, while USO is Oil & Gas. They also come from different issuers: Neos and USCF. Their fees differ too: 0.68% for IWMI and 0.86% for USO.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.43 vs 2.21), 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.