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 -12.17%/yr vs 16.82%/yr for USO. At a 0.13 correlation, their price movements are largely independent. KGRN charges 0.79%/yr vs 0.86%/yr for USO.
Performance
KGRN vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, KGRN achieves a -13.26% return, which is significantly lower than USO's 58.05% return.
KGRN
- 1D
- -1.22%
- 1M
- -13.67%
- YTD
- -13.26%
- 6M
- -13.39%
- 1Y
- -10.47%
- 3Y*
- -3.05%
- 5Y*
- -12.17%
- 10Y*
- —
USO
- 1D
- 2.84%
- 1M
- -20.21%
- YTD
- 58.05%
- 6M
- 55.71%
- 1Y
- 49.11%
- 3Y*
- 20.34%
- 5Y*
- 16.82%
- 10Y*
- 2.02%
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 | -13.26% | 21.45% | -1.11% | -14.75% | -40.45% | 5.91% | 138.49% | 12.12% | -29.32% | -0.37% |
USO United States Oil Fund LP | 58.05% | -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 -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
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 | 0.13 |
The correlation between KGRN and USO shifts across timeframes, from -0.10 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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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 | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.22 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 1.62 | -2.00 |
| Martin ratioReturn relative to average drawdown | -0.92 | 4.76 | -5.68 |
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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.
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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 | -27.39% | -30.51% | +3.12% |
Max Drawdown (3Y)Largest decline over 3 years | -42.19% | -30.51% | -11.68% |
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 | -54.58% | -88.37% | +33.79% |
Average DrawdownAverage peak-to-trough decline | -34.05% | -75.32% | +41.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.44% | 10.34% | +1.10% |
Volatility
KGRN vs. USO - Volatility Comparison
The current volatility for KraneShares MSCI China Clean Technology Index ETF (KGRN) is 6.77%, while United States Oil Fund LP (USO) has a volatility of 12.83%. 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.
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Volatility by Period
| KGRN | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.77% | 12.83% | -6.06% |
Volatility (6M)Calculated over the trailing 6-month period | 16.09% | 39.67% | -23.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.48% | 43.65% | -20.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.67% | 36.40% | -1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.82% | 39.04% | -6.22% |
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 -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (12.83%) compared to KGRN (6.77%). In terms of maximum drawdown, KGRN dropped -66.24% vs USO's -98.19%.
On 5-year performance, USO leads with 16.82% vs -12.17% for KGRN. On fees, KGRN is cheaper at 0.79% per year. On volatility, KGRN has been the lower-risk option at 6.77%. 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 16.82% return vs -12.17%. 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 (1.13 vs -0.45), 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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