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JHML vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JHML vs. USO

Last updated Jun 4, 2026

JHML (John Hancock Multifactor Large Cap ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - JHML is a Large Cap Growth Equities fund tracking the John Hancock Dimensional Large Cap Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, JHML returned 14.24%/yr vs 4.07%/yr for USO. At a 0.21 correlation, their price movements are largely independent. JHML charges 0.29%/yr vs 0.86%/yr for USO.

Performance

JHML vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Multifactor Large Cap ETF (JHML) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, JHML achieves a 11.62% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, JHML has outperformed USO with an annualized return of 14.24%, while USO has yielded a comparatively lower 4.07% annualized return.

JHML

1D
-0.45%
1M
4.79%
YTD
11.62%
6M
11.80%
1Y
26.67%
3Y*
20.37%
5Y*
11.88%
10Y*
14.24%

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

JHML vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JHML
John Hancock Multifactor Large Cap ETF		11.62%15.91%19.84%21.16%-15.94%26.90%17.02%30.94%-6.45%21.52%
USO
United States Oil Fund LP		103.67%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between JHML and USO is -0.31, 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

-0.31

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.09

Correlation (10Y)
Calculated over the trailing 10-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Oct 1, 2015

0.21

The correlation between JHML and USO shifts across timeframes, from -0.31 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

John Hancock Multifactor Large Cap ETF

United States Oil Fund LP

Often compared with JHML:
JHML vs. SPYJHML vs. VOOJHML vs. FBGRXJHML vs. JHDVJHML vs. BDGSJHML vs. IVVJHML vs. ^GSPC
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

JHML vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JHML
JHML Risk / Return Rank: 7272
Overall Rank
JHML Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
JHML Sortino Ratio Rank: 7272
Sortino Ratio Rank
JHML Omega Ratio Rank: 7171
Omega Ratio Rank
JHML Calmar Ratio Rank: 6868
Calmar Ratio Rank
JHML Martin Ratio Rank: 8080
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6060
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8787
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
Martin Ratio Rank
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.

JHML vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Multifactor Large Cap ETF (JHML) 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.

JHMLUSODifference

Sharpe ratio

Return per unit of total volatility

2.34

2.31

+0.03

Sortino ratio

Return per unit of downside risk

3.28

2.89

+0.39

Omega ratio

Gain probability vs. loss probability

1.42

1.38

+0.04

Calmar ratio

Return relative to maximum drawdown

3.37

5.01

-1.64

Martin ratio

Return relative to average drawdown

15.61

9.42

+6.19

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHML vs. USO - Sharpe Ratio Comparison

The current JHML Sharpe Ratio is 2.34, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of JHML 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.

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Sharpe Ratios by Period

JHMLUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.34

2.31

+0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.68

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.80

0.10

+0.70

Sharpe Ratio (All Time)

Calculated using the full available price history

0.81

-0.18

+0.99

Drawdowns

JHML vs. USO - Drawdown Comparison

The maximum JHML drawdown since its inception was -36.13%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for JHML and USO.

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Drawdown Indicators

JHMLUSODifference

Max Drawdown

Largest peak-to-trough decline

-36.13%

-98.19%

+62.06%

Max Drawdown (1Y)

Largest decline over 1 year

-7.95%

-20.39%

+12.44%

Max Drawdown (3Y)

Largest decline over 3 years

-18.20%

-26.05%

+7.85%

Max Drawdown (5Y)

Largest decline over 5 years

-23.47%

-36.23%

+12.76%

Max Drawdown (10Y)

Largest decline over 10 years

-36.13%

-86.75%

+50.62%

Current Drawdown

Current decline from peak

-0.45%

-85.01%

+84.56%

Average Drawdown

Average peak-to-trough decline

-4.29%

-75.30%

+71.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.71%

10.82%

-9.11%

Volatility

JHML vs. USO - Volatility Comparison

The current volatility for John Hancock Multifactor Large Cap ETF (JHML) is 2.84%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that JHML 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

JHMLUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.84%

14.87%

-12.03%

Volatility (6M)

Calculated over the trailing 6-month period

8.70%

38.23%

-29.53%

Volatility (1Y)

Calculated over the trailing 1-year period

11.48%

44.20%

-32.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.29%

36.06%

-19.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.76%

39.00%

-21.24%

JHML vs. USO - Expense Ratio Comparison

JHML has a 0.29% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

JHML vs. USO - Dividend Comparison

JHML's dividend yield for the trailing twelve months is around 0.95%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
JHML
John Hancock Multifactor Large Cap ETF		0.95%1.06%1.16%1.39%1.46%1.08%1.59%1.73%1.57%1.44%1.36%0.38%
USO
United States Oil Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

JHML and USO have a correlation of -0.31, 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 JHML (2.84%). In terms of maximum drawdown, JHML dropped -36.13% vs USO's -98.19%.

On 10-year performance, JHML leads with 14.24% vs 4.07% for USO. On fees, JHML is cheaper at 0.29% per year. On volatility, JHML has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, JHML has performed better with a 14.24% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

JHML is cheaper with a 0.29% expense ratio, compared with 0.86% for USO.

JHML has the higher dividend yield at 0.95%, compared with 0.00% for USO.

JHML is categorized as Large Cap Growth Equities, while USO is Oil & Gas. JHML tracks John Hancock Dimensional Large Cap Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Manulife and USCF. Their fees differ too: 0.29% for JHML and 0.86% for USO.

JHML currently has the higher Sharpe Ratio (2.34 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.

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