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Data as of Oct 28, 2026.

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IWM vs USO: Differences, Returns & Fees

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IWM is an equity index fund and USO a commodity futures fund, and over the year to Oct 28, 2026, USO returned +133.3% against +14.1%.

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Net assets: $75.5bn on Oct 27, 2026 for iShares Russell 2000 ETF, and $1.9bn on Oct 28, 2026 for United States Oil Fund, LP.

IWM on its own →USO on its own →
At a glance
+14.1%
IWM total return, 1 year
+133.3%
USO total return, 1 year
0.19%
IWM expense ratio
0.86%
USO expense ratio

Pair scorecard

IWM costs 0.67 points a year less; their one-year returns differ by 119.2 points; IWM is far larger, $75.5bn against $1.9bn.

IWM vs USO: Differences, Returns & Fees
MeasureIWMUSO
Return
Total return, 1 year+14.1%+133.3%
Drawdown
Below its high7.6%, high on Aug 14, 202682.3%, high on Jul 14, 2008
Benchmark
What it tracksRussell 2000 IndexOil futures
Cost and size
Expense ratio0.19%0.86%
Net assets, as of Oct 27, 2026$75.5bn$1.9bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight0%
Top ten holdings, share of the fund3.3%

Method

Side by side

IWM iShares Russell 2000 ETF USO United States Oil Fund, LP
Where it sits Stock ETF Commodity ETF
Issuer iShares USCF
What it is Tracks the Russell 2000 Holds oil futures
Total return, 1 year +14.1% +133.3%
Its benchmark over the same days +14.3% (VTWO) not measured
Gap to its benchmark −0.2 pts vs VTWO not measured
Expense ratio 0.19% 0.86%
Holdings 1977 not counted
Net assets, IWM as of Oct 27, 2026 and USO as of Oct 28, 2026 $75.5bn $1.9bn

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

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About each fund
IWM

IWM tracks the Russell 2000. Over the year to Oct 28, 2026 it returned +14.1% with distributions reinvested, against +14.3% for its benchmark, the Russell 2000 Index. The prospectus expense ratio is 0.19% 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 1,977 positions, with the top ten at 3.3%. It sat 7.6% 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, IWM or USO?
In the year to Oct 28, 2026, with distributions reinvested, IWM returned +14.1% and USO +133.3%.
Which is cheaper, IWM or USO?
IWM is cheaper, by 0.67 percentage points a year. That is about $67 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
IWM vs SIVRBWET vs IWMIWM vs SLVGLDM vs IWMUSO vs VBIJR vs USOUSO vs VTWOIWC vs USO
Where to next
IWM on its own →USO on its own →Hold both: look the portfolio through →Rankings →IWM dividend history →IWM holdings →Standards and sources →
Sources and dates
IWM filings on SEC EDGAR ↗
IWM prospectus with the expense ratio (SEC) ↗
iShares page for IWM ↗
USCF website ↗

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

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

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