JPMB vs. USO
JPMB (JPMorgan USD Emerging Markets Sovereign Bond ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - JPMB is a Emerging Markets Bonds fund tracking the J.P. Morgan Emerging Markets Risk-Aware Bond Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, JPMB returned 1.08%/yr vs 20.59%/yr for USO. Their 0.04 correlation means their historical movements had little consistent relationship. JPMB charges 0.39%/yr vs 0.86%/yr for USO.
Performance
JPMB vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, JPMB achieves a 0.76% return, which is significantly lower than USO's 86.77% return.
JPMB
- 1D
- -0.09%
- 1M
- -1.48%
- 6M
- 0.58%
- YTD
- 0.76%
- 1Y
- 6.64%
- 3Y*
- 6.85%
- 5Y*
- 1.08%
- 10Y*
- —
- ALL TIME*
- 2.50%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $317.74K | $415.08K | $340.28K | |
| $968.42M | $871.56M | $931.57M |
JPMB vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 0.76% | 13.73% | 1.46% | 9.48% | -16.05% | -2.26% | 5.36% | 17.71% | -4.74% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -25.12% |
Correlation
The correlation between JPMB and USO is -0.43, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.43 |
Correlation (3Y) Balances recent behavior with more history. | -0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2018 | 0.04 |
The correlation between JPMB and USO shifts across timeframes, from -0.43 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JPMB vs. USO — Risk / Return Rank
JPMB
USO
JPMB vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) 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.
| JPMB | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 1.93 | -0.39 |
| Martin ratioReturn relative to average drawdown | 6.27 | 5.60 | +0.68 |
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Drawdowns
JPMB vs. USO - Drawdown Comparison
The maximum JPMB drawdown since its inception was -26.33%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for JPMB and USO.
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Drawdown Indicators
| JPMB | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.33% | -98.19% | +71.86% |
Max Drawdown (1Y)Largest decline over 1 year | -4.61% | -32.49% | +27.88% |
Max Drawdown (3Y)Largest decline over 3 years | -6.63% | -32.49% | +25.86% |
Max Drawdown (5Y)Largest decline over 5 years | -26.16% | -36.23% | +10.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -1.69% | -86.26% | +84.57% |
Average DrawdownAverage peak-to-trough decline | -6.94% | -75.38% | +68.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 12.03% | -10.91% |
Volatility
JPMB vs. USO - Volatility Comparison
The current volatility for JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) is 1.27%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that JPMB 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
| JPMB | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 17.73% | -16.46% |
Volatility (6M)Calculated over the trailing 6-month period | 4.62% | 42.79% | -38.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.40% | 46.91% | -41.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.95% | 37.06% | -28.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.59% | 39.29% | -29.70% |
JPMB vs. USO - Expense Ratio Comparison
JPMB has a 0.39% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
JPMB vs. USO - Dividend Comparison
JPMB's dividend yield for the trailing twelve months is around 5.87%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 5.37% | 6.71% | 6.32% | 5.99% | 4.94% | 4.29% | 4.29% | 4.51% | 4.58% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JPMB and USO have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (17.73%) compared to JPMB (1.27%). In terms of maximum drawdown, JPMB dropped -26.33% vs USO's -98.19%.
On 5-year performance, USO leads with 20.59% vs 1.08% for JPMB. On fees, JPMB is cheaper at 0.39% per year. On volatility, JPMB has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 20.59% return vs 1.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPMB is cheaper with a 0.39% expense ratio, compared with 0.86% for USO.
JPMB has the higher dividend yield at 5.37%, compared with 0.00% for USO.
JPMB is categorized as Emerging Markets Bonds, while USO is Oil & Gas. JPMB tracks J.P. Morgan Emerging Markets Risk-Aware Bond Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: JPMorgan and USCF. Their fees differ too: 0.39% for JPMB and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs 1.31), 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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