AUSF vs. USL

Last updated Jun 4, 2026

AUSF (Global X Adaptive U.S. Factor ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - AUSF is a Mid Cap Value Equities fund tracking the Adaptive Wealth Strategies U.S. Factor Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, AUSF returned 12.71%/yr vs 17.41%/yr for USL. At a 0.24 correlation, their price movements are largely independent. AUSF charges 0.27%/yr vs 0.88%/yr for USL.

Performance

AUSF vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Adaptive U.S. Factor ETF (AUSF) 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, AUSF achieves a 6.72% return, which is significantly lower than USL's 63.07% return.

AUSF

• 1D: -0.43%
• 1M: 0.23%
• YTD: 6.72%
• 6M: 7.67%
• 1Y: 15.11%
• 3Y*: 20.14%
• 5Y*: 12.71%
• 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)

AUSF vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
AUSF Global X Adaptive U.S. Factor ETF	6.72%	13.69%	16.05%	22.26%	-0.18%	27.48%	1.27%	24.06%	-10.79%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-28.47%

Correlation

The correlation between AUSF and USL is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Aug 29, 2018	0.24

The correlation between AUSF and USL shifts across timeframes, from -0.10 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

AUSF vs. USL - Sectors Allocation Comparison

Sectors	AUSF	USL
Financial Services	18.7%	4.5%
Technology	13.5%	-
Healthcare	12.0%	-
Industrials	11.7%	-
Communication Services	10.6%	-
Consumer Defensive	8.5%	-
Consumer Cyclical	7.8%	-
Energy	5.2%	-
Real Estate	4.1%	-
Utilities	4.0%	-
Basic Materials	4.0%	-

Return for Risk

AUSF vs. USL — Risk / Return Rank

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

AUSF

AUSF Risk / Return Rank: 44
AUSF Sharpe Ratio Rank: 42
AUSF Sortino Ratio Rank: 43
AUSF Omega Ratio Rank: 39
AUSF Calmar Ratio Rank: 52
AUSF Martin Ratio Rank: 45

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.

AUSF vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Adaptive U.S. Factor ETF (AUSF) 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.

	AUSF	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.50	2.04	-0.54
Sortino ratio: Return per unit of downside risk	2.18	2.58	-0.40
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	2.60	3.47	-0.87
Martin ratio: Return relative to average drawdown	7.54	7.02	+0.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AUSF vs. USL - Sharpe Ratio Comparison

The current AUSF Sharpe Ratio is 1.50, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of AUSF 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

	AUSF	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	2.04	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.58	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.01	+0.64

Drawdowns

AUSF vs. USL - Drawdown Comparison

The maximum AUSF drawdown since its inception was -44.25%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for AUSF and USL.

Drawdown Indicators

	AUSF	USL	Difference
Max Drawdown Largest peak-to-trough decline	-44.25%	-89.06%	+44.81%
Max Drawdown (1Y) Largest decline over 1 year	-5.84%	-16.76%	+10.92%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-23.33%	+11.04%
Max Drawdown (5Y) Largest decline over 5 years	-14.23%	-33.82%	+19.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-2.26%	-38.16%	+35.90%
Average Drawdown Average peak-to-trough decline	-4.22%	-61.46%	+57.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	8.27%	-6.26%

Volatility

AUSF vs. USL - Volatility Comparison

The current volatility for Global X Adaptive U.S. Factor ETF (AUSF) is 2.41%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that AUSF 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

	AUSF	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	10.53%	-8.12%
Volatility (6M) Calculated over the trailing 6-month period	6.65%	23.33%	-16.68%
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	28.54%	-18.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.65%	30.08%	-16.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.07%	32.35%	-13.28%

AUSF vs. USL - Expense Ratio Comparison

AUSF has a 0.27% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

AUSF vs. USL - Dividend Comparison

AUSF's dividend yield for the trailing twelve months is around 2.76%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AUSF Global X Adaptive U.S. Factor ETF	2.76%	2.78%	2.63%	1.83%	2.51%	2.22%	2.95%	4.02%	1.46%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AUSF and USL in my portfolio?

AUSF and USL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AUSF or USL?

USL has higher volatility (10.53%) compared to AUSF (2.41%). In terms of maximum drawdown, AUSF dropped -44.25% vs USL's -89.06%.

Which ETF is better, AUSF or USL?

On 5-year performance, USL leads with 17.41% vs 12.71% for AUSF. On fees, AUSF is cheaper at 0.27% per year. On volatility, AUSF has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AUSF or USL?

Over the 5-year period, USL has performed better with a 17.41% return vs 12.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AUSF or USL?

AUSF is cheaper with a 0.27% expense ratio, compared with 0.88% for USL.

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

AUSF has the higher dividend yield at 2.76%, compared with 0.00% for USL.

What is the main difference between AUSF and USL?

AUSF is categorized as Mid Cap Value Equities, while USL is Oil & Gas. AUSF tracks Adaptive Wealth Strategies U.S. Factor Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Global X and Concierge Technologies. Their fees differ too: 0.27% for AUSF and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.50), 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.