BBMC vs. USL

Last updated Jun 4, 2026

BBMC (JPMorgan BetaBuilders U.S. Mid Cap Equity ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - BBMC is a Small Cap Growth Equities fund tracking the Morningstar US Mid Cap Target Market Exposure Extended 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, BBMC returned 8.32%/yr vs 17.41%/yr for USL. At a 0.18 correlation, their price movements are largely independent. BBMC charges 0.07%/yr vs 0.88%/yr for USL.

Performance

BBMC vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC) 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, BBMC achieves a 16.66% return, which is significantly lower than USL's 63.07% return.

BBMC

• 1D: -0.12%
• 1M: 4.96%
• YTD: 16.66%
• 6M: 16.84%
• 1Y: 33.04%
• 3Y*: 19.56%
• 5Y*: 8.32%
• 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)

BBMC vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	16.66%	12.24%	15.15%	18.37%	-19.77%	17.64%	61.98%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	33.77%

Correlation

The correlation between BBMC and USL is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Apr 16, 2020	0.18

The correlation between BBMC and USL shifts across timeframes, from -0.23 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

BBMC vs. USL - Sectors Allocation Comparison

Sectors	BBMC	USL
Technology	21.6%	-
Industrials	18.6%	-
Consumer Cyclical	11.5%	-
Financial Services	10.6%	4.5%
Healthcare	10.0%	-
Real Estate	6.3%	-
Basic Materials	4.9%	-
Consumer Defensive	3.5%	-
Energy	3.1%	-
Utilities	2.6%	-
Communication Services	2.4%	-

Return for Risk

BBMC vs. USL — Risk / Return Rank

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

BBMC

BBMC Risk / Return Rank: 63
BBMC Sharpe Ratio Rank: 60
BBMC Sortino Ratio Rank: 60
BBMC Omega Ratio Rank: 56
BBMC Calmar Ratio Rank: 68
BBMC Martin Ratio Rank: 71

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.

BBMC vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC) 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.

	BBMC	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.04	0.00
Sortino ratio: Return per unit of downside risk	2.86	2.58	+0.28
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	3.41	3.47	-0.06
Martin ratio: Return relative to average drawdown	13.41	7.02	+6.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBMC vs. USL - Sharpe Ratio Comparison

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

	BBMC	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	2.04	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.58	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.01	+0.84

Drawdowns

BBMC vs. USL - Drawdown Comparison

The maximum BBMC drawdown since its inception was -30.11%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for BBMC and USL.

Drawdown Indicators

	BBMC	USL	Difference
Max Drawdown Largest peak-to-trough decline	-30.11%	-89.06%	+58.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.75%	-16.76%	+7.01%
Max Drawdown (3Y) Largest decline over 3 years	-24.18%	-23.33%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-30.11%	-33.82%	+3.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-0.12%	-38.16%	+38.04%
Average Drawdown Average peak-to-trough decline	-8.92%	-61.46%	+52.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	8.27%	-5.80%

Volatility

BBMC vs. USL - Volatility Comparison

The current volatility for JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC) is 4.72%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that BBMC 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

	BBMC	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	10.53%	-5.81%
Volatility (6M) Calculated over the trailing 6-month period	12.14%	23.33%	-11.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.32%	28.54%	-12.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.59%	30.08%	-9.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.08%	32.35%	-11.27%

BBMC vs. USL - Expense Ratio Comparison

BBMC has a 0.07% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

BBMC vs. USL - Dividend Comparison

BBMC's dividend yield for the trailing twelve months is around 1.09%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	1.09%	1.25%	1.31%	1.36%	1.48%	0.87%	0.69%
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 BBMC and USL in my portfolio?

BBMC and USL have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBMC or USL?

USL has higher volatility (10.53%) compared to BBMC (4.72%). In terms of maximum drawdown, BBMC dropped -30.11% vs USL's -89.06%.

Which ETF is better, BBMC or USL?

On 5-year performance, USL leads with 17.41% vs 8.32% for BBMC. On fees, BBMC is cheaper at 0.07% per year. On volatility, BBMC has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BBMC or USL?

Over the 5-year period, USL has performed better with a 17.41% return vs 8.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BBMC or USL?

BBMC is cheaper with a 0.07% expense ratio, compared with 0.88% for USL.

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

BBMC has the higher dividend yield at 1.09%, compared with 0.00% for USL.

What is the main difference between BBMC and USL?

BBMC is categorized as Small Cap Growth Equities, while USL is Oil & Gas. BBMC tracks Morningstar US Mid Cap Target Market Exposure Extended Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: JPMorgan and Concierge Technologies. Their fees differ too: 0.07% for BBMC and 0.88% for USL.

Which has better risk-adjusted returns?

BBMC currently has the higher Sharpe Ratio (2.04 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.