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Data as of Oct 28, 2026.

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IWC vs USO: Differences, Returns & Fees

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IWC is an equity index fund and USO a commodity futures fund, and over the year to Oct 28, 2026, USO returned +133.3% against +16.5%.

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Net assets: $1.2bn on Oct 27, 2026 for iShares Micro-Cap ETF, and $1.9bn on Oct 28, 2026 for United States Oil Fund, LP.

IWC on its own →USO on its own →
At a glance
+16.5%
IWC total return, 1 year
+133.3%
USO total return, 1 year
0.60%
IWC expense ratio
0.86%
USO expense ratio

Pair scorecard

IWC costs 0.26 points a year less; their one-year returns differ by 116.8 points; USO is 1.6 times larger.

IWC vs USO: Differences, Returns & Fees
MeasureIWCUSO
Return
Total return, 1 year+16.5%+133.3%
Drawdown
Below its high9.5%, high on Aug 14, 202682.3%, high on Jul 14, 2008
Benchmark
What it tracksRussell Microcap IndexOil futures
Cost and size
Expense ratio0.60%0.86%
Net assets, as of Oct 27, 2026$1.2bn$1.9bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight92%
Top ten holdings, share of the fund5.9%

Method

Side by side

IWC iShares Micro-Cap ETF USO United States Oil Fund, LP
Where it sits Stock ETF Commodity ETF
Issuer iShares USCF
What it is Tracks the Russell Microcap Holds oil futures
Total return, 1 year +16.5% +133.3%
Its benchmark over the same days +13.3% (IWV) not measured
Gap to its benchmark +3.2 pts vs IWV not measured
Expense ratio 0.60% 0.86%
Holdings 1365 not counted
Net assets, IWC as of Oct 27, 2026 and USO as of Oct 28, 2026 $1.2bn $1.9bn

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

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About each fund
IWC

Over the year to Oct 28, 2026 it returned +16.5% with distributions reinvested, against +13.3% for its benchmark, the Russell 3000 Index.

IWC tracks the Russell Microcap. The prospectus expense ratio is 0.60% a year. By its holdings published by its issuer for Oct 27, 2026, 92% of the fund by weight is stocks the S&P 500 also holds, across 1,365 positions, with the top ten at 5.9%. It sat 9.5% below its high of Aug 14, 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, IWC or USO?
In the year to Oct 28, 2026, with distributions reinvested, IWC returned +16.5% and USO +133.3%.
Which is cheaper, IWC or USO?
IWC is cheaper, by 0.26 percentage points a year. That is about $26 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
IWC vs SIVRBWET vs IWCIWC vs SLVGLD vs IWCUSO vs VTWOIWM vs USOUSO vs VBIJT vs USO
Where to next
IWC on its own →USO on its own →Hold both: look the portfolio through →Rankings →IWC dividend history →IWC holdings →Standards and sources →
Sources and dates
IWC filings on SEC EDGAR ↗
IWC prospectus with the expense ratio (SEC) ↗
iShares page for IWC ↗
USCF website ↗

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

Cite this pageCitation, APA and Markdown

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

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