SMIN vs. USO
SMIN (iShares MSCI India Small-Cap ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - SMIN is a India Equities fund tracking the MSCI India Small Cap 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, SMIN returned 9.04%/yr vs 5.64%/yr for USO. Their 0.12 correlation means their historical movements had little consistent relationship. SMIN charges 0.74%/yr vs 0.86%/yr for USO.
Performance
SMIN vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, SMIN achieves a 0.14% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, SMIN has outperformed USO with an annualized return of 9.04%, while USO has yielded a comparatively lower 5.64% annualized return.
SMIN
- 1D
- 0.36%
- 1M
- -1.13%
- 6M
- 6.30%
- YTD
- 0.14%
- 1Y
- -2.16%
- 3Y*
- 7.81%
- 5Y*
- 6.28%
- 10Y*
- 9.04%
- ALL TIME*
- 8.80%
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) |
|---|---|---|---|
| $9.23M | $9.44M | $11.13M | |
| $968.42M | $871.56M | $931.57M |
SMIN vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMIN iShares MSCI India Small-Cap ETF | 0.14% | -6.68% | 16.78% | 35.41% | -14.23% | 44.43% | 19.59% | -5.21% | -25.55% | 62.36% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between SMIN and USO is -0.38, 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. | -0.38 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012 | 0.12 |
The correlation between SMIN and USO shifts across timeframes, from -0.38 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMIN vs. USO — Risk / Return Rank
SMIN
USO
SMIN vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) 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.
| SMIN | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.25 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 1.93 | -2.04 |
| Martin ratioReturn relative to average drawdown | -0.29 | 5.60 | -5.88 |
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Drawdowns
SMIN vs. USO - Drawdown Comparison
The maximum SMIN drawdown since its inception was -60.50%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for SMIN and USO.
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Drawdown Indicators
| SMIN | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.50% | -98.19% | +37.69% |
Max Drawdown (1Y)Largest decline over 1 year | -21.99% | -32.49% | +10.50% |
Max Drawdown (3Y)Largest decline over 3 years | -27.58% | -32.49% | +4.91% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -36.23% | +8.65% |
Max Drawdown (10Y)Largest decline over 10 years | -60.50% | -86.75% | +26.25% |
Current DrawdownCurrent decline from peak | -12.42% | -86.26% | +73.84% |
Average DrawdownAverage peak-to-trough decline | -14.60% | -75.38% | +60.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.75% | 12.03% | -3.28% |
Volatility
SMIN vs. USO - Volatility Comparison
The current volatility for iShares MSCI India Small-Cap ETF (SMIN) is 4.91%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that SMIN 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
| SMIN | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.91% | 17.73% | -12.82% |
Volatility (6M)Calculated over the trailing 6-month period | 15.74% | 42.79% | -27.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.05% | 46.91% | -27.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.99% | 37.06% | -18.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.84% | 39.29% | -16.45% |
SMIN vs. USO - Expense Ratio Comparison
SMIN has a 0.74% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
SMIN vs. USO - Dividend Comparison
SMIN's dividend yield for the trailing twelve months is around 2.01%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMIN iShares MSCI India Small-Cap ETF | 2.01% | 2.01% | 6.84% | 0.41% | 0.01% | 1.27% | 1.06% | 1.75% | 1.68% | 0.89% | 2.30% | 0.93% |
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
SMIN and USO have a correlation of -0.38, 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 SMIN (4.91%). In terms of maximum drawdown, SMIN dropped -60.50% vs USO's -98.19%.
On 10-year performance, SMIN leads with 9.04% vs 5.64% for USO. On fees, SMIN is cheaper at 0.74% per year. On volatility, SMIN has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMIN has performed better with a 9.04% return vs 5.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMIN is cheaper with a 0.74% expense ratio, compared with 0.86% for USO.
SMIN has the higher dividend yield at 2.01%, compared with 0.00% for USO.
SMIN is categorized as India Equities, while USO is Oil & Gas. SMIN tracks MSCI India Small Cap Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.74% for SMIN and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.34 vs -0.13), 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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