JADE vs. USO

Last updated Jun 24, 2026

JADE (JPMorgan Active Developing Markets Equity ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - JADE is a Emerging Markets Diversified fund actively managed by JPMorgan, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. JADE is actively managed, while USO is passively managed. Over the past year, JADE returned 51.86% vs 45.61% for USO. At a correlation of -0.01, they often move in opposite directions. JADE charges 0.65%/yr vs 0.86%/yr for USO.

Performance

JADE vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Active Developing Markets Equity ETF (JADE) 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, JADE achieves a 24.48% return, which is significantly lower than USO's 60.87% return.

JADE

• 1D: -5.09%
• 1M: 2.63%
• YTD: 24.48%
• 6M: 26.03%
• 1Y: 51.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USO

• 1D: -1.27%
• 1M: -21.05%
• YTD: 60.87%
• 6M: 58.26%
• 1Y: 45.61%
• 3Y*: 21.25%
• 5Y*: 17.42%
• 10Y*: 2.01%

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

JADE vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JADE JPMorgan Active Developing Markets Equity ETF	24.48%	38.50%	-2.43%
USO United States Oil Fund LP	60.87%	-8.46%	-0.92%

Correlation

The correlation between JADE and USO is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since May 17, 2024	-0.01

Over the past year, the inverse relationship between JADE and USO has strengthened: their correlation has moved from -0.01 to -0.25, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

JADE vs. USO — Risk / Return Rank

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

JADE

JADE Risk / Return Rank: 82
JADE Sharpe Ratio Rank: 83
JADE Sortino Ratio Rank: 74
JADE Omega Ratio Rank: 83
JADE Calmar Ratio Rank: 83
JADE Martin Ratio Rank: 85

USO

USO Risk / Return Rank: 32
USO Sharpe Ratio Rank: 30
USO Sortino Ratio Rank: 33
USO Omega Ratio Rank: 32
USO Calmar Ratio Rank: 35
USO Martin Ratio Rank: 32

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.

JADE vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Active Developing Markets Equity ETF (JADE) 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.

	JADE	USO	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.05	+1.35
Sortino ratio: Return per unit of downside risk	2.99	1.68	+1.31
Omega ratio: Gain probability vs. loss probability	1.45	1.21	+0.24
Calmar ratio: Return relative to maximum drawdown	4.07	1.68	+2.39
Martin ratio: Return relative to average drawdown	16.07	4.57	+11.49

JADE vs. USO - Sharpe Ratio Comparison

The current JADE Sharpe Ratio is 2.40, which is higher than the USO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of JADE 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

JADE vs. USO - Drawdown Comparison

The maximum JADE drawdown since its inception was -16.71%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for JADE and USO.

Drawdown Indicators

	JADE	USO	Difference
Max Drawdown Largest peak-to-trough decline	-16.71%	-98.19%	+81.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-27.26%	+14.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.26%	—
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	-5.09%	-88.16%	+83.07%
Average Drawdown Average peak-to-trough decline	-3.24%	-75.31%	+72.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	10.02%	-6.78%

Volatility

JADE vs. USO - Volatility Comparison

JPMorgan Active Developing Markets Equity ETF (JADE) and United States Oil Fund LP (USO) have volatilities of 11.60% and 11.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JADE	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.60%	11.79%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	19.37%	39.34%	-19.97%
Volatility (1Y) Calculated over the trailing 1-year period	21.72%	44.35%	-22.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.42%	36.32%	-15.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	39.02%	-18.60%

JADE vs. USO - Expense Ratio Comparison

JADE has a 0.65% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

JADE vs. USO - Dividend Comparison

JADE's dividend yield for the trailing twelve months is around 1.84%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024
JADE JPMorgan Active Developing Markets Equity ETF	1.84%	2.29%	1.49%
USO United States Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JADE and USO in my portfolio?

JADE and USO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JADE or USO?

USO has higher volatility (11.79%) compared to JADE (11.60%). In terms of maximum drawdown, JADE dropped -16.71% vs USO's -98.19%.

Which ETF is better, JADE or USO?

On 1-year performance, JADE leads with 51.86% vs 45.61% for USO. On fees, JADE is cheaper at 0.65% per year. On volatility, JADE has been the lower-risk option at 11.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JADE or USO?

Over the 1-year period, JADE has performed better with a 51.86% return vs 45.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JADE or USO?

JADE is cheaper with a 0.65% expense ratio, compared with 0.86% for USO.

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

JADE has the higher dividend yield at 1.84%, compared with 0.00% for USO.

What is the main difference between JADE and USO?

JADE is categorized as Emerging Markets Diversified, while USO is Oil & Gas. They also come from different issuers: JPMorgan and USCF. Their fees differ too: 0.65% for JADE and 0.86% for USO.

Which has better risk-adjusted returns?

JADE currently has the higher Sharpe Ratio (2.40 vs 1.05), 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.