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Data as of Oct 28, 2026.

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IEMG vs USO: Differences, Returns & Fees

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IEMG is an equity index fund and USO a commodity futures fund, and over the year to Oct 28, 2026, USO returned +133.3% against +15.3%.

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Net assets: $150.4bn on Oct 27, 2026 for iShares Core MSCI Emerging Markets ETF, and $1.9bn on Oct 28, 2026 for United States Oil Fund, LP.

IEMG on its own →USO on its own →
At a glance
+15.3%
IEMG total return, 1 year
+133.3%
USO total return, 1 year
0.09%
IEMG expense ratio
0.86%
USO expense ratio

Pair scorecard

IEMG costs 0.77 points a year less; their one-year returns differ by 118.0 points; IEMG is far larger, $150.4bn against $1.9bn.

IEMG vs USO: Differences, Returns & Fees
MeasureIEMGUSO
Return
Total return, 1 year+15.3%+133.3%
Drawdown
Below its high10.1%, high on Jun 22, 202682.3%, high on Jul 14, 2008
Benchmark
What it tracksMSCI Emerging Markets Investable Market Index (IMI)Oil futures
Cost and size
Expense ratio0.09%0.86%
Net assets, as of Oct 27, 2026$150.4bn$1.9bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight0%
Top ten holdings, share of the fund32.7%

Method

Side by side

IEMG iShares Core MSCI Emerging Markets ETF USO United States Oil Fund, LP
Where it sits Stock ETF Commodity ETF
Issuer iShares USCF
What it is Tracks the MSCI Emerging Markets Holds oil futures
Total return, 1 year +15.3% +133.3%
Its benchmark over the same days +16.3% (EEM) not measured
Gap to its benchmark −1.0 pts vs EEM not measured
Expense ratio 0.09% 0.86%
Holdings 2857 not counted
Net assets, IEMG as of Oct 27, 2026 and USO as of Oct 28, 2026 $150.4bn $1.9bn

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

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About each fund
IEMG

IEMG tracks the MSCI Emerging Markets. Over the year to Oct 28, 2026 it returned +15.3% with distributions reinvested, against +16.3% for its benchmark, the MSCI Emerging Markets Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 2,857 positions, with the top ten at 32.7%. It sat 10.1% below its high of Jun 22, 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, IEMG or USO?
In the year to Oct 28, 2026, with distributions reinvested, IEMG returned +15.3% and USO +133.3%.
Which is cheaper, IEMG or USO?
IEMG is cheaper, by 0.77 percentage points a year. That is about $77 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
BWET vs IEMGIEMG vs SIVRIEMG vs SLVGLDM vs IEMGUSO vs VWOAVEM vs USOEEM vs USOEMXC vs USO
Where to next
IEMG on its own →USO on its own →Hold both: look the portfolio through →Rankings →IEMG dividend history →IEMG holdings →Standards and sources →
Sources and dates
IEMG filings on SEC EDGAR ↗
IEMG prospectus with the expense ratio (SEC) ↗
iShares page for IEMG ↗
USCF website ↗

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

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

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