KGRN vs. USO
KGRN (KraneShares MSCI China Clean Technology Index ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 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, KGRN returned -11.63%/yr vs 20.33%/yr for USO. At a 0.12 correlation, their price movements are largely independent. KGRN charges 0.79%/yr vs 0.86%/yr for USO.
Performance
KGRN vs. USO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KGRN achieves a -13.08% return, which is significantly lower than USO's 79.24% return.
KGRN
- 1D
- -1.48%
- 1M
- -5.65%
- 6M
- -15.15%
- YTD
- -13.08%
- 1Y
- -14.85%
- 3Y*
- -4.18%
- 5Y*
- -11.63%
- 10Y*
- —
USO
- 1D
- 3.91%
- 1M
- 8.52%
- 6M
- 73.01%
- YTD
- 79.24%
- 1Y
- 62.76%
- 3Y*
- 22.18%
- 5Y*
- 20.33%
- 10Y*
- 3.77%
KGRN vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KGRN KraneShares MSCI China Clean Technology Index ETF | -13.08% | 21.45% | -1.11% | -14.75% | -40.45% | 5.91% | 138.49% | 12.12% | -29.32% | -0.37% |
USO United States Oil Fund LP | 79.24% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 17.40% |
Correlation
The correlation between KGRN and USO is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2017 | 0.12 |
The correlation between KGRN and USO shifts across timeframes, from -0.11 (1 year) to 0.12 (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.
Return for Risk
KGRN vs. USO — Risk / Return Rank
KGRN
USO
KGRN vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) 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.
| KGRN | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.85 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.26 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 1.94 | -2.47 |
| Martin ratioReturn relative to average drawdown | -1.13 | 5.11 | -6.24 |
Loading charts...
Drawdowns
KGRN vs. USO - Drawdown Comparison
The maximum KGRN drawdown since its inception was -66.24%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for KGRN and USO.
Loading charts...
Drawdown Indicators
| KGRN | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.24% | -98.19% | +31.95% |
Max Drawdown (1Y)Largest decline over 1 year | -28.36% | -32.49% | +4.13% |
Max Drawdown (3Y)Largest decline over 3 years | -42.19% | -32.49% | -9.70% |
Max Drawdown (5Y)Largest decline over 5 years | -63.60% | -36.23% | -27.37% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -54.48% | -86.81% | +32.33% |
Average DrawdownAverage peak-to-trough decline | -34.19% | -75.36% | +41.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.20% | 12.32% | +0.88% |
Volatility
KGRN vs. USO - Volatility Comparison
The current volatility for KraneShares MSCI China Clean Technology Index ETF (KGRN) is 5.99%, while United States Oil Fund LP (USO) has a volatility of 13.79%. This indicates that KGRN 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
| KGRN | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.99% | 13.79% | -7.80% |
Volatility (6M)Calculated over the trailing 6-month period | 15.46% | 40.86% | -25.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.59% | 45.06% | -21.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.60% | 36.71% | -2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.74% | 39.08% | -6.34% |
KGRN vs. USO - Expense Ratio Comparison
KGRN has a 0.79% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
KGRN vs. USO - Dividend Comparison
KGRN's dividend yield for the trailing twelve months is around 0.98%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KGRN KraneShares MSCI China Clean Technology Index ETF | 0.98% | 0.85% | 1.49% | 0.74% | 1.98% | 0.41% | 0.01% | 5.88% | 2.04% |
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
KGRN and USO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (13.79%) compared to KGRN (5.99%). In terms of maximum drawdown, KGRN dropped -66.24% vs USO's -98.19%.
On 5-year performance, USO leads with 20.33% vs -11.63% for KGRN. On fees, KGRN is cheaper at 0.79% per year. On volatility, KGRN has been the lower-risk option at 5.99%. 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 20.33% return vs -11.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KGRN is cheaper with a 0.79% expense ratio, compared with 0.86% for USO.
KGRN has the higher dividend yield at 0.98%, compared with 0.00% for USO.
KGRN is categorized as China Equities, while USO is Oil & Gas. KGRN tracks MSCI China IMI Environment 10/40 Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: CICC and USCF. Their fees differ too: 0.79% for KGRN and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.40 vs -0.63), 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.
Find the right allocation for KGRN 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