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USO vs. EMB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USO vs. EMB

Last updated Jun 5, 2026

USO (United States Oil Fund LP) and EMB (iShares J.P. Morgan 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 EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, USO returned 3.57%/yr vs 3.29%/yr for EMB. At a 0.14 correlation, their price movements are largely independent. USO charges 0.86%/yr vs 0.39%/yr for EMB.

Performance

USO vs. EMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Oil Fund LP (USO) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USO achieves a 97.72% return, which is significantly higher than EMB's 2.01% return. Over the past 10 years, USO has outperformed EMB with an annualized return of 3.57%, while EMB has yielded a comparatively lower 3.29% annualized return.

USO

1D
-2.92%
1M
-5.15%
YTD
97.72%
6M
91.54%
1Y
97.20%
3Y*
28.78%
5Y*
23.67%
10Y*
3.57%

EMB

1D
0.21%
1M
1.03%
YTD
2.01%
6M
2.23%
1Y
11.38%
3Y*
9.69%
5Y*
1.90%
10Y*
3.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USO vs. EMB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USO
United States Oil Fund LP		97.72%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%
EMB
iShares J.P. Morgan USD Emerging Markets Bond ETF		2.01%13.85%5.54%10.62%-18.63%-2.23%5.42%15.48%-5.47%10.28%

Correlation

The correlation between USO and EMB is -0.43, 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

-0.43

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

-0.15

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

-0.05

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

0.08

Correlation (All Time)
Calculated using the full available price history since Dec 20, 2007

0.14

The correlation between USO and EMB shifts across timeframes, from -0.43 (1 year) to 0.14 (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.

United States Oil Fund LP

iShares J.P. Morgan USD Emerging Markets Bond ETF

Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI
Often compared with EMB:
EMB vs. VWOBEMB vs. EMLCEMB vs. LEMBEMB vs. PCYEMB vs. EMHYEMB vs. EMBE.LEMB vs. BND

Return for Risk

USO vs. EMB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6161
Sortino Ratio Rank
USO Omega Ratio Rank: 6262
Omega Ratio Rank
USO Calmar Ratio Rank: 8686
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
Martin Ratio Rank
EMB
EMB Risk / Return Rank: 6262
Overall Rank
EMB Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
EMB Sortino Ratio Rank: 6666
Sortino Ratio Rank
EMB Omega Ratio Rank: 6868
Omega Ratio Rank
EMB Calmar Ratio Rank: 5252
Calmar Ratio Rank
EMB Martin Ratio Rank: 6262
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.

USO vs. EMB - 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 USD Emerging Markets Bond ETF (EMB). 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.

USOEMBDifference
Sharpe ratioReturn per unit of total volatility
2.21
2.06

+0.15

Sortino ratioReturn per unit of downside risk
2.80
3.01

-0.21

Omega ratioGain probability vs. loss probability

1.37

1.40

-0.03

Calmar ratioReturn relative to maximum drawdown

4.79

2.54

+2.26

Martin ratioReturn relative to average drawdown

9.00

10.84

-1.84

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

USO vs. EMB - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 2.21, which is comparable to the EMB Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of USO and EMB, 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

USOEMBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.21

2.06

+0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.66

0.20

+0.46

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.09

0.33

-0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.18

0.44

-0.62

Drawdowns

USO vs. EMB - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than EMB's maximum drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for USO and EMB.

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Drawdown Indicators

USOEMBDifference

Max Drawdown

Largest peak-to-trough decline

-98.19%

-34.70%

-63.49%

Max Drawdown (1Y)

Largest decline over 1 year

-20.39%

-4.51%

-15.88%

Max Drawdown (3Y)

Largest decline over 3 years

-26.05%

-7.95%

-18.10%

Max Drawdown (5Y)

Largest decline over 5 years

-36.23%

-28.74%

-7.49%

Max Drawdown (10Y)

Largest decline over 10 years

-86.75%

-28.74%

-58.01%

Current Drawdown

Current decline from peak

-85.45%

-0.17%

-85.28%

Average Drawdown

Average peak-to-trough decline

-75.30%

-5.06%

-70.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.84%

1.05%

+9.79%

Volatility

USO vs. EMB - Volatility Comparison

United States Oil Fund LP (USO) has a higher volatility of 14.97% compared to iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) at 1.81%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USOEMBDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.97%

1.81%

+13.16%

Volatility (6M)

Calculated over the trailing 6-month period

38.35%

4.51%

+33.84%

Volatility (1Y)

Calculated over the trailing 1-year period

44.32%

5.56%

+38.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.09%

9.75%

+26.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

39.00%

9.95%

+29.05%

USO vs. EMB - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is higher than EMB's 0.39% expense ratio.

Dividends

USO vs. EMB - Dividend Comparison

USO has not paid dividends to shareholders, while EMB's dividend yield for the trailing twelve months is around 5.04%.

PositionTTM20252024202320222021202020192018201720162015
EMB
iShares J.P. Morgan USD Emerging Markets Bond ETF		5.04%4.98%5.46%4.74%5.04%3.89%3.88%4.51%5.64%4.54%4.83%4.84%
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

USO and EMB have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (14.97%) compared to EMB (1.81%). In terms of maximum drawdown, USO dropped -98.19% vs EMB's -34.70%.

On 10-year performance, USO leads with 3.57% vs 3.29% for EMB. On fees, EMB is cheaper at 0.39% per year. On volatility, EMB has been the lower-risk option at 1.81%. 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 3.57% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EMB is cheaper with a 0.39% expense ratio, compared with 0.86% for USO.

EMB has the higher dividend yield at 5.04%, compared with 0.00% for USO.

USO is categorized as Oil & Gas, while EMB is Emerging Markets Bonds. USO tracks Front Month Light Sweet Crude Oil, while EMB tracks JPMorgan EMBI Global Core Index. They also come from different issuers: USCF and iShares. Their fees differ too: 0.86% for USO and 0.39% for EMB.

USO currently has the higher Sharpe Ratio (2.21 vs 2.06), 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.

Portfolio Optimizer

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