PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
JPEM vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JPEM vs. USO

Last updated Jun 5, 2026

JPEM (J.P. Morgan Diversified Return Emerging Markets Equity ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - JPEM is a Emerging Markets Equities fund tracking the JPMorgan Diversified Factor Emerging Markets Equity 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, JPEM returned 7.80%/yr vs 3.57%/yr for USO. At a 0.23 correlation, their price movements are largely independent. JPEM charges 0.44%/yr vs 0.86%/yr for USO.

Performance

JPEM vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, JPEM achieves a 7.27% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, JPEM has outperformed USO with an annualized return of 7.80%, while USO has yielded a comparatively lower 3.57% annualized return.

JPEM

1D
0.07%
1M
-0.46%
YTD
7.27%
6M
8.61%
1Y
22.05%
3Y*
13.62%
5Y*
6.05%
10Y*
7.80%

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)

JPEM vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JPEM
J.P. Morgan Diversified Return Emerging Markets Equity ETF		7.27%22.90%4.23%11.01%-9.03%8.11%-0.46%16.21%-10.55%28.80%
USO
United States Oil Fund LP		97.72%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between JPEM and USO is -0.34, 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

-0.34

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

-0.03

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

0.10

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

0.22

Correlation (All Time)
Calculated using the full available price history since Jan 12, 2015

0.23

The correlation between JPEM and USO shifts across timeframes, from -0.34 (1 year) to 0.23 (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.

J.P. Morgan Diversified Return Emerging Markets Equity ETF

United States Oil Fund LP

Often compared with JPEM:
JPEM vs. VWOJPEM vs. EEMJPEM vs. SCHEJPEM vs. EMQQJPEM vs. JEPIJPEM vs. EELVJPEM vs. SCHD
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

JPEM vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JPEM
JPEM Risk / Return Rank: 4949
Overall Rank
JPEM Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
JPEM Sortino Ratio Rank: 4949
Sortino Ratio Rank
JPEM Omega Ratio Rank: 5252
Omega Ratio Rank
JPEM Calmar Ratio Rank: 4444
Calmar Ratio Rank
JPEM Martin Ratio Rank: 4848
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6161
Sortino Ratio Rank
USO Omega Ratio Rank: 6262
Omega Ratio Rank
USO Calmar Ratio Rank: 8686
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.

JPEM vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) 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.

JPEMUSODifference
Sharpe ratioReturn per unit of total volatility
1.71
2.21

-0.50

Sortino ratioReturn per unit of downside risk
2.38
2.80

-0.42

Omega ratioGain probability vs. loss probability

1.32

1.37

-0.05

Calmar ratioReturn relative to maximum drawdown

2.14

4.79

-2.65

Martin ratioReturn relative to average drawdown

8.02

9.00

-0.98

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

JPEM vs. USO - Sharpe Ratio Comparison

The current JPEM Sharpe Ratio is 1.71, which is comparable to the USO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of JPEM 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.

Loading charts...

Sharpe Ratios by Period

JPEMUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.71

2.21

-0.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.45

0.66

-0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.09

+0.37

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

-0.18

+0.51

Drawdowns

JPEM vs. USO - Drawdown Comparison

The maximum JPEM drawdown since its inception was -40.22%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for JPEM and USO.

Loading charts...

Drawdown Indicators

JPEMUSODifference

Max Drawdown

Largest peak-to-trough decline

-40.22%

-98.19%

+57.97%

Max Drawdown (1Y)

Largest decline over 1 year

-10.32%

-20.39%

+10.07%

Max Drawdown (3Y)

Largest decline over 3 years

-14.30%

-26.05%

+11.75%

Max Drawdown (5Y)

Largest decline over 5 years

-21.57%

-36.23%

+14.66%

Max Drawdown (10Y)

Largest decline over 10 years

-40.22%

-86.75%

+46.53%

Current Drawdown

Current decline from peak

-3.01%

-85.45%

+82.44%

Average Drawdown

Average peak-to-trough decline

-9.47%

-75.30%

+65.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.76%

10.84%

-8.08%

Volatility

JPEM vs. USO - Volatility Comparison

The current volatility for J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) is 4.38%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that JPEM 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

JPEMUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.38%

14.97%

-10.59%

Volatility (6M)

Calculated over the trailing 6-month period

11.22%

38.35%

-27.13%

Volatility (1Y)

Calculated over the trailing 1-year period

12.96%

44.32%

-31.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.49%

36.09%

-22.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.04%

39.00%

-21.96%

JPEM vs. USO - Expense Ratio Comparison

JPEM has a 0.44% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

JPEM vs. USO - Dividend Comparison

JPEM's dividend yield for the trailing twelve months is around 4.40%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
JPEM
J.P. Morgan Diversified Return Emerging Markets Equity ETF		4.40%4.65%5.12%4.46%4.71%4.40%2.85%3.47%2.79%2.14%1.28%3.22%
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

JPEM and USO have a correlation of -0.34, 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 JPEM (4.38%). In terms of maximum drawdown, JPEM dropped -40.22% vs USO's -98.19%.

On 10-year performance, JPEM leads with 7.80% vs 3.57% for USO. On fees, JPEM is cheaper at 0.44% per year. On volatility, JPEM has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, JPEM has performed better with a 7.80% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

JPEM is cheaper with a 0.44% expense ratio, compared with 0.86% for USO.

JPEM has the higher dividend yield at 4.40%, compared with 0.00% for USO.

JPEM is categorized as Emerging Markets Equities, while USO is Oil & Gas. JPEM tracks JPMorgan Diversified Factor Emerging Markets Equity Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: JPMorgan and USCF. Their fees differ too: 0.44% for JPEM and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.21 vs 1.71), 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.

Portfolio Optimizer

Find the right allocation for JPEM 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