USO vs. BEMB
USO (United States Oil Fund LP) and BEMB (Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while BEMB is a Emerging Markets Bonds fund actively managed by iShares. USO is passively managed, while BEMB is actively managed. Over the past 3 years, USO returned 27.76%/yr vs 8.77%/yr for BEMB. At a correlation of -0.13, they often move in opposite directions. USO charges 0.86%/yr vs 0.18%/yr for BEMB.
Performance
USO vs. BEMB - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 92.34% return, which is significantly higher than BEMB's 1.45% return.
USO
- 1D
- -2.72%
- 1M
- -0.69%
- YTD
- 92.34%
- 6M
- 84.96%
- 1Y
- 90.22%
- 3Y*
- 27.76%
- 5Y*
- 22.99%
- 10Y*
- 3.13%
BEMB
- 1D
- 0.18%
- 1M
- 0.78%
- YTD
- 1.45%
- 6M
- 1.90%
- 1Y
- 9.57%
- 3Y*
- 8.77%
- 5Y*
- —
- 10Y*
- —
USO vs. BEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USO United States Oil Fund LP | 92.34% | -8.46% | 13.35% | -0.67% |
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF | 1.45% | 12.27% | 5.51% | 8.88% |
Correlation
The correlation between USO and BEMB is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2023 | -0.13 |
Over the past year, the inverse relationship between USO and BEMB has strengthened: their correlation has moved from -0.13 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
USO vs. BEMB — Risk / Return Rank
USO
BEMB
USO vs. BEMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB). 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.
| USO | BEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.44 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.45 | 2.62 | +1.83 |
| Martin ratioReturn relative to average drawdown | 8.33 | 11.29 | -2.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USO | BEMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 2.26 | -0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.08 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 1.46 | -1.65 |
Drawdowns
USO vs. BEMB - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than BEMB's maximum drawdown of -6.17%. Use the drawdown chart below to compare losses from any high point for USO and BEMB.
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Drawdown Indicators
| USO | BEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -6.17% | -92.02% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -3.67% | -16.72% |
Max Drawdown (3Y)Largest decline over 3 years | -26.05% | -6.17% | -19.88% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | — | — |
Current DrawdownCurrent decline from peak | -85.85% | -0.16% | -85.69% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -0.94% | -74.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.87% | 0.85% | +10.02% |
Volatility
USO vs. BEMB - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.30% compared to Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB) at 1.46%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than BEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | BEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.30% | 1.46% | +11.84% |
Volatility (6M)Calculated over the trailing 6-month period | 38.49% | 3.46% | +35.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.41% | 4.26% | +40.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.09% | 5.88% | +30.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.01% | 5.88% | +33.13% |
USO vs. BEMB - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than BEMB's 0.18% expense ratio.
Dividends
USO vs. BEMB - Dividend Comparison
USO has not paid dividends to shareholders, while BEMB's dividend yield for the trailing twelve months is around 6.87%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF | 6.87% | 6.88% | 6.31% | 5.46% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USO and BEMB have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (13.30%) compared to BEMB (1.46%). In terms of maximum drawdown, USO dropped -98.19% vs BEMB's -6.17%.
On 3-year performance, USO leads with 27.76% vs 8.77% for BEMB. On fees, BEMB is cheaper at 0.18% per year. On volatility, BEMB has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 27.76% return vs 8.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BEMB is cheaper with a 0.18% expense ratio, compared with 0.86% for USO.
BEMB has the higher dividend yield at 6.87%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while BEMB is Emerging Markets Bonds. They also come from different issuers: USCF and iShares. Their fees differ too: 0.86% for USO and 0.18% for BEMB.
BEMB currently has the higher Sharpe Ratio (2.26 vs 2.04), 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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