OUSA vs. OUSM

Last updated Jun 4, 2026

OUSA (OShares U.S. Quality Dividend ETF) and OUSM (OShares U.S. Small-Cap Quality Dividend ETF) are both exchange-traded funds - OUSA is a Large Cap Growth Equities fund tracking the O'Shares US Quality Dividend Index, while OUSM is a Small Cap Blend Equities fund tracking the O'Shares US Small-Cap Quality Dividend Index. Both are passively managed. Over the past 5 years, OUSA returned 8.62%/yr vs 7.39%/yr for OUSM. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.48% expense ratio.

Performance

OUSA vs. OUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OShares U.S. Quality Dividend ETF (OUSA) and OShares U.S. Small-Cap Quality Dividend ETF (OUSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OUSA achieves a 1.05% return, which is significantly lower than OUSM's 6.80% return.

OUSA

• 1D: -0.75%
• 1M: 1.02%
• YTD: 1.05%
• 6M: 1.29%
• 1Y: 9.81%
• 3Y*: 12.63%
• 5Y*: 8.62%
• 10Y*: 10.22%

OUSM

• 1D: -0.06%
• 1M: 1.69%
• YTD: 6.80%
• 6M: 6.94%
• 1Y: 10.89%
• 3Y*: 11.71%
• 5Y*: 7.39%
• 10Y*: —

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

OUSA vs. OUSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OUSA OShares U.S. Quality Dividend ETF	1.05%	10.23%	17.09%	13.44%	-9.33%	23.75%	6.96%	25.03%	-3.11%	18.81%
OUSM OShares U.S. Small-Cap Quality Dividend ETF	6.80%	2.17%	13.45%	18.82%	-7.89%	21.45%	7.64%	28.04%	-10.60%	10.85%

Correlation

The correlation between OUSA and OUSM is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.78

The correlation between OUSA and OUSM has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.

OUSA vs. OUSM - Sectors Allocation Comparison

Sectors	OUSA	OUSM
Technology	23.4%	13.5%
Financial Services	18.5%	21.1%
Healthcare	14.1%	9.2%
Consumer Cyclical	13.4%	19.3%
Industrials	11.6%	22.8%
Communication Services	11.4%	3.8%
Consumer Defensive	7.6%	4.9%
Basic Materials	-	1.4%
Energy	-	0.3%
Real Estate	-	-
Utilities	-	3.9%

Return for Risk

OUSA vs. OUSM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OUSA

OUSA Risk / Return Rank: 27
OUSA Sharpe Ratio Rank: 28
OUSA Sortino Ratio Rank: 28
OUSA Omega Ratio Rank: 26
OUSA Calmar Ratio Rank: 25
OUSA Martin Ratio Rank: 29

OUSM

OUSM Risk / Return Rank: 24
OUSM Sharpe Ratio Rank: 23
OUSM Sortino Ratio Rank: 24
OUSM Omega Ratio Rank: 22
OUSM Calmar Ratio Rank: 25
OUSM Martin Ratio Rank: 25

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.

OUSA vs. OUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OShares U.S. Quality Dividend ETF (OUSA) and OShares U.S. Small-Cap Quality Dividend ETF (OUSM). 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.

	OUSA	OUSM	Difference
Sharpe ratio: Return per unit of total volatility	1.01	0.83	+0.18
Sortino ratio: Return per unit of downside risk	1.53	1.34	+0.20
Omega ratio: Gain probability vs. loss probability	1.18	1.15	+0.03
Calmar ratio: Return relative to maximum drawdown	1.18	1.19	-0.01
Martin ratio: Return relative to average drawdown	4.19	3.47	+0.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OUSA vs. OUSM - Sharpe Ratio Comparison

The current OUSA Sharpe Ratio is 1.01, which is comparable to the OUSM Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of OUSA and OUSM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OUSA	OUSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	0.83	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.46	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.48	+0.21

Drawdowns

OUSA vs. OUSM - Drawdown Comparison

The maximum OUSA drawdown since its inception was -33.12%, smaller than the maximum OUSM drawdown of -39.84%. Use the drawdown chart below to compare losses from any high point for OUSA and OUSM.

Drawdown Indicators

	OUSA	OUSM	Difference
Max Drawdown Largest peak-to-trough decline	-33.12%	-39.84%	+6.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-9.21%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	-19.44%	+6.30%
Max Drawdown (5Y) Largest decline over 5 years	-19.54%	-19.44%	-0.10%
Max Drawdown (10Y) Largest decline over 10 years	-33.12%	—	—
Current Drawdown Current decline from peak	-2.58%	-1.67%	-0.91%
Average Drawdown Average peak-to-trough decline	-3.53%	-5.22%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	3.14%	-0.79%

Volatility

OUSA vs. OUSM - Volatility Comparison

The current volatility for OShares U.S. Quality Dividend ETF (OUSA) is 2.25%, while OShares U.S. Small-Cap Quality Dividend ETF (OUSM) has a volatility of 3.66%. This indicates that OUSA experiences smaller price fluctuations and is considered to be less risky than OUSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUSA	OUSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	3.66%	-1.41%
Volatility (6M) Calculated over the trailing 6-month period	7.18%	9.25%	-2.07%
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	13.15%	-3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.30%	16.30%	-3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.16%	18.94%	-3.78%

OUSA vs. OUSM - Expense Ratio Comparison

Both OUSA and OUSM have an expense ratio of 0.48%.

Dividends

OUSA vs. OUSM - Dividend Comparison

OUSA's dividend yield for the trailing twelve months is around 1.42%, less than OUSM's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OUSA OShares U.S. Quality Dividend ETF	1.42%	1.39%	1.50%	1.81%	1.92%	1.56%	2.03%	2.31%	3.06%	2.15%	2.32%	1.17%
OUSM OShares U.S. Small-Cap Quality Dividend ETF	2.07%	2.09%	1.62%	1.64%	1.98%	1.55%	2.02%	1.99%	2.63%	2.17%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OUSA and OUSM in my portfolio?

OUSA and OUSM have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OUSA or OUSM?

OUSM has higher volatility (3.66%) compared to OUSA (2.25%). In terms of maximum drawdown, OUSA dropped -33.12% vs OUSM's -39.84%.

Which ETF is better, OUSA or OUSM?

On 5-year performance, OUSA leads with 8.62% vs 7.39% for OUSM. Both ETFs have the same 0.48% expense ratio. On volatility, OUSA has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUSA or OUSM?

Over the 5-year period, OUSA has performed better with a 8.62% return vs 7.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUSA or OUSM?

OUSA and OUSM have the same expense ratio: 0.48% per year.

Which ETF pays a higher dividend yield, OUSA or OUSM?

OUSM has the higher dividend yield at 2.07%, compared with 1.42% for OUSA.

What is the main difference between OUSA and OUSM?

OUSA is categorized as Large Cap Growth Equities, while OUSM is Small Cap Blend Equities. OUSA tracks O'Shares US Quality Dividend Index, while OUSM tracks O'Shares US Small-Cap Quality Dividend Index.

Which has better risk-adjusted returns?

OUSA currently has the higher Sharpe Ratio (1.01 vs 0.83), 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.