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Data as of Oct 28, 2026.

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MTUM vs USO: Differences, Returns & Fees

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MTUM is an equity index fund and USO a commodity futures fund, and over the year to Oct 28, 2026, USO returned +133.3% against +18.4%.

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Net assets: $18.7bn on Oct 27, 2026 for iShares MSCI USA Momentum Factor ETF, and $1.9bn on Oct 28, 2026 for United States Oil Fund, LP.

MTUM on its own →USO on its own →
At a glance
+18.4%
MTUM total return, 1 year
+133.3%
USO total return, 1 year
0.15%
MTUM expense ratio
0.86%
USO expense ratio

Pair scorecard

MTUM costs 0.71 points a year less; their one-year returns differ by 114.9 points; MTUM is 9.8 times larger.

MTUM vs USO: Differences, Returns & Fees
MeasureMTUMUSO
Return
Total return, 1 year+18.4%+133.3%
Drawdown
Below its high11.9%, high on Jun 22, 202682.3%, high on Jul 14, 2008
Benchmark
What it tracksMSCI USA Momentum SR Variant IndexOil futures
Cost and size
Expense ratio0.15%0.86%
Net assets, as of Oct 27, 2026$18.7bn$1.9bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight93%
Top ten holdings, share of the fund35.5%

Method

Risk and return

Apr 26, 2013 to Oct 23, 2026 · 704 weekly returns
MTUM USO
Return
Total return edge MTUM +554.7% −36.0%
Annualized edge MTUM +14.9% −3.2%
Price return edge MTUM +459.1% −36.0%
Risk
Volatility edge MTUM 19.0% 38.8%
Max drawdown edge MTUM −31.9% −94.0%
Risk-adjusted
Sharpe edge MTUM 0.73 0.06
Sortino edge MTUM 1.07 0.09
Calmar edge MTUM 0.47 −0.03
Reading

MTUM returned more: +554.7% to −36.0%. MTUM swung less: 19.0% to 38.8%. MTUM fell less at its worst: −31.9% to −94.0%.

Full scorecard

9 measures, with how each is measured Open ↓
Risk and return: MTUM vs USO: Differences, Returns & Fees
MeasureMTUMUSOEdgeHow it is measured
Return
Total return+554.7%−36.0%MTUMPrice change plus distributions, reinvested.
Annualized+14.9%−3.2%MTUMTotal return as a yearly rate.
Price return+459.1%−36.0%MTUMPrice change alone, distributions left out.
Risk
Volatility19.0%38.8%MTUMSpread of weekly returns, annualized. Lower is steadier.
Downside deviation13.0%27.6%MTUMLike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−31.9%−94.0%MTUMDeepest fall from a high to the low after it.
Risk-adjusted
Sharpe0.730.06MTUMReturn above Treasury bills per unit of volatility.
Sortino1.070.09MTUMReturn above Treasury bills per unit of downside deviation.
Calmar0.47−0.03MTUMAnnualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 704 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

MTUM iShares MSCI USA Momentum Factor ETF USO United States Oil Fund, LP
Where it sits Stock ETF Commodity ETF
Issuer iShares USCF
What it is Tracks the MSCI USA Momentum Factor Holds oil futures
Total return, 1 year +18.4% +133.3%
Its benchmark over the same days +13.6% (MLRG) not measured
Gap to its benchmark +4.8 pts vs MLRG not measured
Expense ratio 0.15% 0.86%
Holdings 126 not counted
Net assets, MTUM as of Oct 27, 2026 and USO as of Oct 28, 2026 $18.7bn $1.9bn

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

Client brief · page 1 of 2 Report BR-52EFA343CA

MTUM and USO do different jobs. What does each one do in a portfolio?

  1. What each follows. MTUM follows MSCI USA Momentum SR Variant Index and USO follows Oil futures.
  2. One-year total return. Over 1 year to Oct 28, 2026 MTUM returned +18.4% and USO +133.3% with distributions reinvested, a gap of 114.9 points.
  3. Cost. MTUM charges 0.15% of assets a year and USO 0.86%, a gap of 0.71 points.

Data as of Oct 28, 2026.

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About each fund
MTUM

MTUM tracks the MSCI USA Momentum Factor. Over the year to Oct 28, 2026 it returned +18.4% with distributions reinvested, against +13.6% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 126 positions, with the top ten at 35.5%. It sat 11.9% 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, MTUM or USO?
In the year to Oct 28, 2026, with distributions reinvested, MTUM returned +18.4% and USO +133.3%.
Which is cheaper, MTUM or USO?
MTUM is cheaper, by 0.71 percentage points a year. That is about $71 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
MTUM vs SIVRBWET vs MTUMMTUM vs SLVIAU vs MTUMSPHQ vs USODFUS vs USODGRW vs USOSPMO vs USO
Where to next
MTUM on its own →USO on its own →Hold both: look the portfolio through →Rankings →MTUM dividend history →MTUM holdings →Standards and sources →
Sources and dates
MTUM filings on SEC EDGAR ↗
MTUM prospectus with the expense ratio (SEC) ↗
iShares page for MTUM ↗
USCF website ↗

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

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

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