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TUR vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TUR vs. USO

Last updated Jun 4, 2026

TUR (iShares MSCI Turkey ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - TUR is a Emerging Markets Equities fund tracking the MSCI Turkey Investable Market 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, TUR returned 2.47%/yr vs 4.07%/yr for USO. At a 0.20 correlation, their price movements are largely independent. TUR charges 0.59%/yr vs 0.86%/yr for USO.

Performance

TUR vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Turkey ETF (TUR) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TUR achieves a 13.80% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, TUR has underperformed USO with an annualized return of 2.47%, while USO has yielded a comparatively higher 4.07% annualized return.

TUR

1D
-2.34%
1M
-6.69%
YTD
13.80%
6M
16.84%
1Y
30.29%
3Y*
10.24%
5Y*
14.80%
10Y*
2.47%

USO

1D
2.62%
1M
-4.57%
YTD
103.67%
6M
99.35%
1Y
101.55%
3Y*
29.98%
5Y*
24.41%
10Y*
4.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TUR vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TUR
iShares MSCI Turkey ETF		13.80%-1.54%12.91%-8.83%105.75%-27.41%-1.19%14.49%-41.46%37.58%
USO
United States Oil Fund LP		103.67%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between TUR and USO is -0.21, 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

-0.21

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.00

Correlation (10Y)
Calculated over the trailing 10-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2008

0.20

The correlation between TUR and USO shifts across timeframes, from -0.21 (1 year) to 0.20 (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.

iShares MSCI Turkey ETF

United States Oil Fund LP

Often compared with TUR:
TUR vs. VOOTUR vs. HEDJTUR vs. EPOLTUR vs. AMRTUR vs. SPYTUR vs. VGKTUR vs. SFM
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

TUR vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TUR
TUR Risk / Return Rank: 3535
Overall Rank
TUR Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
TUR Sortino Ratio Rank: 3333
Sortino Ratio Rank
TUR Omega Ratio Rank: 3535
Omega Ratio Rank
TUR Calmar Ratio Rank: 3838
Calmar Ratio Rank
TUR Martin Ratio Rank: 3636
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6060
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8787
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
Martin Ratio Rank
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.

TUR vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Turkey ETF (TUR) 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.

TURUSODifference
Sharpe ratioReturn per unit of total volatility
1.20
2.31

-1.11

Sortino ratioReturn per unit of downside risk
1.79
2.89

-1.10

Omega ratioGain probability vs. loss probability

1.24

1.38

-0.15

Calmar ratioReturn relative to maximum drawdown

1.89

5.01

-3.11

Martin ratioReturn relative to average drawdown

5.67

9.42

-3.75

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TUR vs. USO - Sharpe Ratio Comparison

The current TUR Sharpe Ratio is 1.20, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of TUR and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TURUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.20

2.31

-1.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.44

0.68

-0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.07

0.10

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.04

-0.18

+0.21

Drawdowns

TUR vs. USO - Drawdown Comparison

The maximum TUR drawdown since its inception was -72.34%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for TUR and USO.

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Drawdown Indicators

TURUSODifference

Max Drawdown

Largest peak-to-trough decline

-72.34%

-98.19%

+25.85%

Max Drawdown (1Y)

Largest decline over 1 year

-16.07%

-20.39%

+4.32%

Max Drawdown (3Y)

Largest decline over 3 years

-31.63%

-26.05%

-5.58%

Max Drawdown (5Y)

Largest decline over 5 years

-31.63%

-36.23%

+4.60%

Max Drawdown (10Y)

Largest decline over 10 years

-59.25%

-86.75%

+27.50%

Current Drawdown

Current decline from peak

-28.38%

-85.01%

+56.63%

Average Drawdown

Average peak-to-trough decline

-39.90%

-75.30%

+35.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.36%

10.82%

-5.46%

Volatility

TUR vs. USO - Volatility Comparison

iShares MSCI Turkey ETF (TUR) and United States Oil Fund LP (USO) have volatilities of 14.14% and 14.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TURUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

14.14%

14.87%

-0.73%

Volatility (6M)

Calculated over the trailing 6-month period

19.90%

38.23%

-18.33%

Volatility (1Y)

Calculated over the trailing 1-year period

25.40%

44.20%

-18.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.16%

36.06%

-1.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.39%

39.00%

-4.61%

TUR vs. USO - Expense Ratio Comparison

TUR has a 0.59% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

TUR vs. USO - Dividend Comparison

TUR's dividend yield for the trailing twelve months is around 2.11%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
TUR
iShares MSCI Turkey ETF		2.11%2.40%1.79%4.43%1.97%4.22%0.87%3.29%4.05%2.64%2.89%3.04%
USO
United States Oil Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

TUR and USO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (14.87%) compared to TUR (14.14%). In terms of maximum drawdown, TUR dropped -72.34% vs USO's -98.19%.

On 10-year performance, USO leads with 4.07% vs 2.47% for TUR. On fees, TUR is cheaper at 0.59% per year. On volatility, TUR has been the lower-risk option at 14.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USO has performed better with a 4.07% return vs 2.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TUR is cheaper with a 0.59% expense ratio, compared with 0.86% for USO.

TUR has the higher dividend yield at 2.11%, compared with 0.00% for USO.

TUR is categorized as Emerging Markets Equities, while USO is Oil & Gas. TUR tracks MSCI Turkey Investable Market Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: iShares and USCF. Their fees differ too: 0.59% for TUR and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.31 vs 1.20), 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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