APRW vs. USL

Last updated Jun 4, 2026

APRW (AllianzIM U.S. Large Cap Buffer20 Apr ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - APRW is a Options Trading fund actively managed by Allianz, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. APRW is actively managed, while USL is passively managed. Over the past 5 years, APRW returned 7.12%/yr vs 17.41%/yr for USL. At a 0.10 correlation, their price movements are largely independent. APRW charges 0.74%/yr vs 0.88%/yr for USL.

Performance

APRW vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) and United States 12 Month Oil Fund LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APRW achieves a 6.27% return, which is significantly lower than USL's 63.07% return.

APRW

• 1D: -0.09%
• 1M: 1.28%
• YTD: 6.27%
• 6M: 7.02%
• 1Y: 12.59%
• 3Y*: 10.31%
• 5Y*: 7.12%
• 10Y*: —

USL

• 1D: 1.55%
• 1M: -1.61%
• YTD: 63.07%
• 6M: 59.66%
• 1Y: 57.86%
• 3Y*: 18.42%
• 5Y*: 17.41%
• 10Y*: 10.91%

*Multi-year figures are annualized to reflect compound growth (CAGR)

APRW vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	6.27%	6.18%	11.25%	12.38%	-2.90%	5.58%	5.92%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	24.84%

Correlation

The correlation between APRW and USL is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jun 2, 2020	0.10

The correlation between APRW and USL shifts across timeframes, from -0.26 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

APRW vs. USL - Sectors Allocation Comparison

Sectors	APRW	USL
Technology	36.2%	-
Financial Services	11.9%	4.5%
Communication Services	10.9%	-
Consumer Cyclical	10.1%	-
Healthcare	8.4%	-
Industrials	8.1%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

APRW vs. USL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APRW

APRW Risk / Return Rank: 98
APRW Sharpe Ratio Rank: 97
APRW Sortino Ratio Rank: 98
APRW Omega Ratio Rank: 98
APRW Calmar Ratio Rank: 98
APRW Martin Ratio Rank: 98

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 59
USL Sortino Ratio Rank: 53
USL Omega Ratio Rank: 54
USL Calmar Ratio Rank: 69
USL Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APRW vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) and United States 12 Month Oil Fund LP (USL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	APRW	USL	Difference
Sharpe ratio: Return per unit of total volatility	4.83	2.04	+2.79
Sortino ratio: Return per unit of downside risk	8.87	2.58	+6.29
Omega ratio: Gain probability vs. loss probability	2.23	1.34	+0.89
Calmar ratio: Return relative to maximum drawdown	16.82	3.47	+13.35
Martin ratio: Return relative to average drawdown	86.04	7.02	+79.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APRW vs. USL - Sharpe Ratio Comparison

The current APRW Sharpe Ratio is 4.83, which is higher than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of APRW and USL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	APRW	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.83	2.04	+2.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.58	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.01	+1.14

Drawdowns

APRW vs. USL - Drawdown Comparison

The maximum APRW drawdown since its inception was -9.61%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for APRW and USL.

Drawdown Indicators

	APRW	USL	Difference
Max Drawdown Largest peak-to-trough decline	-9.61%	-89.06%	+79.45%
Max Drawdown (1Y) Largest decline over 1 year	-0.75%	-16.76%	+16.01%
Max Drawdown (3Y) Largest decline over 3 years	-9.61%	-23.33%	+13.72%
Max Drawdown (5Y) Largest decline over 5 years	-9.61%	-33.82%	+24.21%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-0.09%	-38.16%	+38.07%
Average Drawdown Average peak-to-trough decline	-1.12%	-61.46%	+60.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	8.27%	-8.12%

Volatility

APRW vs. USL - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) is 0.60%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that APRW experiences smaller price fluctuations and is considered to be less risky than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRW	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	10.53%	-9.93%
Volatility (6M) Calculated over the trailing 6-month period	1.84%	23.33%	-21.49%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	28.54%	-25.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.72%	30.08%	-23.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.41%	32.35%	-25.94%

APRW vs. USL - Expense Ratio Comparison

APRW has a 0.74% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

APRW vs. USL - Dividend Comparison

Neither APRW nor USL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.67%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRW and USL in my portfolio?

APRW and USL have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APRW or USL?

USL has higher volatility (10.53%) compared to APRW (0.60%). In terms of maximum drawdown, APRW dropped -9.61% vs USL's -89.06%.

Which ETF is better, APRW or USL?

On 5-year performance, USL leads with 17.41% vs 7.12% for APRW. On fees, APRW is cheaper at 0.74% per year. On volatility, APRW has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRW or USL?

Over the 5-year period, USL has performed better with a 17.41% return vs 7.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRW or USL?

APRW is cheaper with a 0.74% expense ratio, compared with 0.88% for USL.

Which ETF pays a higher dividend yield, APRW or USL?

APRW and USL have nearly identical dividend yields, around 0.00%.

What is the main difference between APRW and USL?

APRW is categorized as Options Trading, while USL is Oil & Gas. They also come from different issuers: Allianz and Concierge Technologies. Their fees differ too: 0.74% for APRW and 0.88% for USL.

Which has better risk-adjusted returns?

APRW currently has the higher Sharpe Ratio (4.83 vs 2.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.