Which returned more over the last year, IAU or USO?

In the year to Oct 28, 2026, with distributions reinvested, IAU returned +2.7% and USO +133.3%.

Which is cheaper, IAU or USO?

IAU is cheaper, by 0.61 percentage points a year. That is about $61 on $10,000 held for a year. Fees come from each fund's own filings.

Data as of Oct 28, 2026.

Across categories

IAU vs USO: Differences, Returns & Fees

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IAU is a commodity fund and USO a commodity futures fund, and over the year to Oct 28, 2026, USO returned +133.3% against +2.7%.

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Net assets on Oct 28, 2026: $60.1bn for iShares Gold Trust and $1.9bn for United States Oil Fund, LP.

IAU on its own →USO on its own →

At a glance

+2.7%

IAU total return, 1 year

+133.3%

USO total return, 1 year

0.25%

IAU expense ratio

0.86%

USO expense ratio

Pair scorecard

IAU costs 0.61 points a year less; their one-year returns differ by 130.6 points; IAU is far larger, $60.1bn against $1.9bn.

IAU vs USO: Differences, Returns & Fees
Measure	IAU	USO
Return
Measure	IAU	USO
Total return, 1 year	+2.7%	+133.3%
Drawdown
Measure	IAU	USO
Below its high	24.6%, high on Jan 29, 2026	82.3%, high on Jul 14, 2008
Benchmark
Measure	IAU	USO
What it tracks	Gold	Oil futures
Cost and size
Measure	IAU	USO
Expense ratio	0.25%	0.86%
Net assets	$60.1bn	$1.9bn
Holdings
Measure	IAU	USO
Holdings in common	not published

Method

Risk and return

Apr 21, 2006 to Oct 23, 2026 · 1,070 weekly returns

IAU USO

Return

Total return edge IAU +493.4% −70.9%

Annualized edge IAU +9.0% −5.8%

Price return edge IAU +493.4% −70.9%

Risk

Volatility edge IAU 17.5% 37.1%

Max drawdown edge IAU −44.4% −98.0%

Risk-adjusted

Sharpe edge IAU 0.48 −0.02

Sortino edge IAU 0.70 −0.03

Calmar edge IAU 0.20 −0.06

Reading

IAU returned more: +493.4% to −70.9%. IAU swung less: 17.5% to 37.1%. IAU fell less at its worst: −44.4% to −98.0%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: IAU vs USO: Differences, Returns & Fees
Measure	IAU	USO	Edge	How it is measured
Return
Total return	+493.4%	−70.9%	IAU	Price change plus distributions, reinvested.
Annualized	+9.0%	−5.8%	IAU	Total return as a yearly rate.
Price return	+493.4%	−70.9%	IAU	Price change alone, distributions left out.
Risk
Volatility	17.5%	37.1%	IAU	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	12.0%	26.9%	IAU	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−44.4%	−98.0%	IAU	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.48	−0.02	IAU	Return above Treasury bills per unit of volatility.
Sortino	0.70	−0.03	IAU	Return above Treasury bills per unit of downside deviation.
Calmar	0.20	−0.06	IAU	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,070 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

IAU iShares Gold Trust USO United States Oil Fund, LP

Where it sits Commodity ETF Commodity ETF

Issuer iShares USCF

What it is Holds gold Holds oil futures

Total return, 1 year +2.7% +133.3%

Its benchmark over the same days +2.5% (GLD) not measured

Gap to its benchmark +0.2 pts vs GLD not measured

Expense ratio 0.25% 0.86%

Net assets $60.1bn $1.9bn

IAU and USO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-A131255DF8

IAU and USO are built for the same job. How do they differ in cost, holdings and results?

What each follows. IAU follows Gold and USO follows Oil futures.
One-year total return. Over 1 year to Oct 28, 2026 IAU returned +2.7% and USO +133.3% with distributions reinvested, a gap of 130.6 points.
Cost. IAU charges 0.25% of assets a year and USO 0.86%, a gap of 0.61 points.

Data as of Oct 28, 2026.

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About each fund

IAU

Its expense ratio is 0.25% a year, for the three months to Jun 30, 2026, as its 10-Q states.

IAU holds gold. Over the year to Oct 28, 2026 it returned +2.7% with distributions reinvested, against +2.5% for its benchmark, the price of gold. It sat 24.6% below its high of Jan 29, 2026 on Oct 28, 2026.

USO

USO holds oil futures. Over the year to Oct 28, 2026 it returned +133.3% with distributions reinvested. The prospectus expense ratio is 0.86% a year. It sat 82.3% below its high of Jul 14, 2008 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, IAU or USO?: In the year to Oct 28, 2026, with distributions reinvested, IAU returned +2.7% and USO +133.3%.
Which is cheaper, IAU or USO?: IAU is cheaper, by 0.61 percentage points a year. That is about $61 on $10,000 held for a year. Fees come from each fund's own filings.

Other comparisons

IAU vs SIVR FGDL vs IAU BWET vs IAU IAU vs SLV GLD vs USO BNO vs USO DBO vs USO OILK vs USO

Where to next

IAU on its own →USO on its own →Hold both: look the portfolio through →Rankings →Standards and sources →

Sources and dates

iShares page for IAU ↗

USCF website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, IAU against USO, data as of Oct 28, 2026. https://etfiq.com/compare/any/iau-vs-uso

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