BCPL vs. USL

Last updated Aug 4, 2026

BCPL (BNY Mellon Core Plus ETF) and USL (United States 12 Month Oil Fund, LP) are both exchange-traded funds - BCPL is a Intermediate Core-Plus Bond fund actively managed by BNY Mellon, while USL is a Oil & Gas fund tracking the Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts. BCPL is actively managed, while USL is passively managed. Their -0.48 correlation means they have often moved in opposite directions in the past. BCPL charges 0.40%/yr vs 1.02%/yr for USL.

Performance

BCPL vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Core Plus ETF (BCPL) and United States 12 Month Oil Fund, LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BCPL

• 1D: 0.16%
• 1M: -1.25%
• 6M: -0.29%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

USL

• 1D: -3.31%
• 1M: 7.79%
• 6M: 36.77%
• YTD: 45.48%
• 1Y: 32.44%
• 3Y*: 8.87%
• 5Y*: 14.75%
• 10Y*: 10.99%
• ALL TIME*: -0.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BCPL BNY Mellon Core Plus ETF	$650.44K	$959.69K	$1.33M
USL United States 12 Month Oil Fund, LP	$622.21K	$683.63K	$1.11M

BCPL vs. USL - Yearly Performance Comparison

	2026 (YTD)
BCPL BNY Mellon Core Plus ETF	-0.47%
USL United States 12 Month Oil Fund, LP	42.48%

Correlation

The correlation between BCPL and USL is -0.48, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 12, 2026	-0.48

Return for Risk

BCPL vs. USL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BCPL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USL

USL Risk / Return Rank: 41
USL Sharpe Ratio Rank: 42
USL Sortino Ratio Rank: 42
USL Omega Ratio Rank: 40
USL Calmar Ratio Rank: 43
USL Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BCPL vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Core Plus ETF (BCPL) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BCPL	USL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.09	—
Sortino ratio: Return per unit of downside risk	—	1.60	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	1.56	—
Martin ratio: Return relative to average drawdown	—	4.30	—

Drawdowns

BCPL vs. USL - Drawdown Comparison

The maximum BCPL drawdown since its inception was -2.95%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for BCPL and USL.

Drawdown Indicators

	BCPL	USL	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-89.06%	+86.11%
Max Drawdown (1Y) Largest decline over 1 year	—	-20.91%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-23.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-2.00%	-44.83%	+42.83%
Average Drawdown Average peak-to-trough decline	-1.10%	-61.29%	+60.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.57%	—

Volatility

Volatility by Period

	BCPL	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	25.98%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.94%	29.96%	-26.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.94%	30.38%	-26.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.94%	32.36%	-28.42%

BCPL vs. USL - Expense Ratio Comparison

BCPL has a 0.40% expense ratio, which is lower than USL's 1.02% expense ratio.

Dividends

BCPL vs. USL - Dividend Comparison

BCPL's dividend yield for the trailing twelve months is around 2.37%, while USL has not paid dividends to shareholders.

Position	TTM
BCPL BNY Mellon Core Plus ETF	2.37%
USL United States 12 Month Oil Fund, LP	0.00%

Frequently Asked Questions

Can I hold both BCPL and USL in my portfolio?

BCPL and USL have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCPL or USL?

On fees, BCPL is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BCPL or USL?

BCPL is cheaper with a 0.40% expense ratio, compared with 1.02% for USL.

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

BCPL has the higher dividend yield at 2.37%, compared with 0.00% for USL.

What is the main difference between BCPL and USL?

BCPL is categorized as Intermediate Core-Plus Bond, while USL is Oil & Gas. They also come from different issuers: BNY Mellon and USCF. Their fees differ too: 0.40% for BCPL and 1.02% for USL.