USO vs. IEZ
USO (United States Oil Fund LP) and IEZ (iShares U.S. Oil Equipment & Services ETF) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while IEZ is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Equipment & Services Index. Both are passively managed. Over the past 10 years, USO returned 1.54%/yr vs -1.80%/yr for IEZ. A 0.59 correlation means they provide meaningful diversification when combined. USO charges 0.86%/yr vs 0.42%/yr for IEZ.
Performance
USO vs. IEZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, USO achieves a 53.69% return, which is significantly higher than IEZ's 28.84% return. Over the past 10 years, USO has outperformed IEZ with an annualized return of 1.54%, while IEZ has yielded a comparatively lower -1.80% annualized return.
USO
- 1D
- -4.47%
- 1M
- -24.57%
- YTD
- 53.69%
- 6M
- 51.41%
- 1Y
- 45.60%
- 3Y*
- 19.41%
- 5Y*
- 16.16%
- 10Y*
- 1.54%
IEZ
- 1D
- -3.36%
- 1M
- -15.91%
- YTD
- 28.84%
- 6M
- 29.84%
- 1Y
- 59.92%
- 3Y*
- 14.39%
- 5Y*
- 12.23%
- 10Y*
- -1.80%
USO vs. IEZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 53.69% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
IEZ iShares U.S. Oil Equipment & Services ETF | 28.84% | 7.51% | -8.15% | 4.43% | 65.73% | 15.98% | -42.98% | 1.82% | -42.47% | -18.18% |
Correlation
The correlation between USO and IEZ is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since May 5, 2006 | 0.60 |
Over the past year, the correlation between USO and IEZ has dropped to 0.31 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
USO vs. IEZ — Risk / Return Rank
USO
IEZ
USO vs. IEZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and iShares U.S. Oil Equipment & Services ETF (IEZ). 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.
| USO | IEZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.33 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 3.43 | -1.93 |
| Martin ratioReturn relative to average drawdown | 4.49 | 13.63 | -9.14 |
Loading charts...
Drawdowns
USO vs. IEZ - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than IEZ's maximum drawdown of -92.52%. Use the drawdown chart below to compare losses from any high point for USO and IEZ.
Loading charts...
Drawdown Indicators
| USO | IEZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -92.52% | -5.67% |
Max Drawdown (1Y)Largest decline over 1 year | -30.51% | -17.56% | -12.95% |
Max Drawdown (3Y)Largest decline over 3 years | -30.51% | -40.25% | +9.74% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -40.25% | +4.02% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -88.29% | +1.54% |
Current DrawdownCurrent decline from peak | -88.69% | -57.48% | -31.21% |
Average DrawdownAverage peak-to-trough decline | -75.32% | -48.26% | -27.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.18% | 4.41% | +5.77% |
Volatility
USO vs. IEZ - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 12.26% compared to iShares U.S. Oil Equipment & Services ETF (IEZ) at 10.23%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than IEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| USO | IEZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.26% | 10.23% | +2.03% |
Volatility (6M)Calculated over the trailing 6-month period | 39.65% | 21.15% | +18.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.82% | 29.38% | +14.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.38% | 36.35% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.04% | 41.53% | -2.49% |
USO vs. IEZ - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than IEZ's 0.42% expense ratio.
Dividends
USO vs. IEZ - Dividend Comparison
USO has not paid dividends to shareholders, while IEZ's dividend yield for the trailing twelve months is around 1.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEZ iShares U.S. Oil Equipment & Services ETF | 1.29% | 1.87% | 1.76% | 0.97% | 0.65% | 1.20% | 2.07% | 2.28% | 1.81% | 3.42% | 0.91% | 2.40% |
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 IEZ have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (12.26%) compared to IEZ (10.23%). In terms of maximum drawdown, USO dropped -98.19% vs IEZ's -92.52%.
On 10-year performance, USO leads with 1.54% vs -1.80% for IEZ. On fees, IEZ is cheaper at 0.42% per year. On volatility, IEZ has been the lower-risk option at 10.23%. 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 1.54% return vs -1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEZ is cheaper with a 0.42% expense ratio, compared with 0.86% for USO.
IEZ has the higher dividend yield at 1.29%, compared with 0.00% for USO.
USO is categorized as Oil & Gas, while IEZ is Energy Equities. USO tracks Front Month Light Sweet Crude Oil, while IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index. They also come from different issuers: USCF and iShares. Their fees differ too: 0.86% for USO and 0.42% for IEZ.
IEZ currently has the higher Sharpe Ratio (2.05 vs 1.05), 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.
Find the right allocation for USO and IEZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer