BKSE vs. USL

Last updated Jun 6, 2026

BKSE (BNY Mellon US Small Cap Core Equity ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - BKSE is a Small Cap Growth Equities fund tracking the Morningstar US Small Cap 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, BKSE returned 6.65%/yr vs 16.56%/yr for USL. At a 0.17 correlation, their price movements are largely independent. BKSE charges 0.04%/yr vs 0.88%/yr for USL.

Performance

BKSE vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon US Small Cap Core Equity ETF (BKSE) 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, BKSE achieves a 11.75% return, which is significantly lower than USL's 57.21% return.

BKSE

• 1D: -2.14%
• 1M: -1.02%
• YTD: 11.75%
• 6M: 10.64%
• 1Y: 31.49%
• 3Y*: 16.44%
• 5Y*: 6.65%
• 10Y*: —

USL

• 1D: -2.09%
• 1M: 2.40%
• YTD: 57.21%
• 6M: 51.69%
• 1Y: 52.34%
• 3Y*: 17.22%
• 5Y*: 16.56%
• 10Y*: 10.15%

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

BKSE vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BKSE BNY Mellon US Small Cap Core Equity ETF	11.75%	13.09%	9.56%	22.37%	-18.44%	16.18%	55.56%
USL United States 12 Month Oil Fund LP	57.21%	-12.37%	8.30%	-1.11%	27.10%	62.48%	32.64%

Correlation

The correlation between BKSE and USL is -0.22, 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	-0.22
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 13, 2020	0.17

The correlation between BKSE and USL shifts across timeframes, from -0.22 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

BKSE vs. USL - Sectors Allocation Comparison

Sectors	BKSE	USL
Technology	16.8%	-
Financial Services	16.4%	4.5%
Industrials	15.4%	-
Consumer Cyclical	13.3%	-
Healthcare	11.4%	-
Energy	7.0%	-
Real Estate	6.6%	-
Basic Materials	4.5%	-
Utilities	3.4%	-
Consumer Defensive	3.2%	-
Communication Services	2.2%	-

Return for Risk

BKSE vs. USL — Risk / Return Rank

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

BKSE

BKSE Risk / Return Rank: 60
BKSE Sharpe Ratio Rank: 55
BKSE Sortino Ratio Rank: 58
BKSE Omega Ratio Rank: 51
BKSE Calmar Ratio Rank: 70
BKSE Martin Ratio Rank: 67

USL

USL Risk / Return Rank: 53
USL Sharpe Ratio Rank: 56
USL Sortino Ratio Rank: 51
USL Omega Ratio Rank: 51
USL Calmar Ratio Rank: 65
USL Martin Ratio Rank: 41

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.

BKSE vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon US Small Cap Core Equity ETF (BKSE) 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.

	BKSE	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.84	-0.05
Sortino ratio: Return per unit of downside risk	2.59	2.38	+0.21
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio: Return relative to maximum drawdown	3.36	3.14	+0.23
Martin ratio: Return relative to average drawdown	11.70	6.33	+5.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BKSE vs. USL - Sharpe Ratio Comparison

The current BKSE Sharpe Ratio is 1.78, which is comparable to the USL Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of BKSE 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

	BKSE	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	1.84	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.55	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.00	+0.72

Drawdowns

BKSE vs. USL - Drawdown Comparison

The maximum BKSE drawdown since its inception was -29.08%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for BKSE and USL.

Drawdown Indicators

	BKSE	USL	Difference
Max Drawdown Largest peak-to-trough decline	-29.08%	-89.06%	+59.98%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-16.76%	+7.36%
Max Drawdown (3Y) Largest decline over 3 years	-26.76%	-23.33%	-3.43%
Max Drawdown (5Y) Largest decline over 5 years	-29.08%	-33.82%	+4.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-2.23%	-40.38%	+38.15%
Average Drawdown Average peak-to-trough decline	-9.05%	-61.45%	+52.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	8.29%	-5.59%

Volatility

BKSE vs. USL - Volatility Comparison

The current volatility for BNY Mellon US Small Cap Core Equity ETF (BKSE) is 4.80%, while United States 12 Month Oil Fund LP (USL) has a volatility of 8.50%. This indicates that BKSE 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

	BKSE	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	8.50%	-3.70%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	23.47%	-11.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.72%	28.66%	-10.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.45%	30.09%	-8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.30%	32.35%	-10.05%

BKSE vs. USL - Expense Ratio Comparison

BKSE has a 0.04% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

BKSE vs. USL - Dividend Comparison

BKSE's dividend yield for the trailing twelve months is around 1.18%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
BKSE BNY Mellon US Small Cap Core Equity ETF	1.18%	1.26%	1.55%	1.38%	1.50%	1.17%	0.82%
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 BKSE and USL in my portfolio?

BKSE and USL have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKSE or USL?

USL has higher volatility (8.50%) compared to BKSE (4.80%). In terms of maximum drawdown, BKSE dropped -29.08% vs USL's -89.06%.

Which ETF is better, BKSE or USL?

On 5-year performance, USL leads with 16.56% vs 6.65% for BKSE. On fees, BKSE is cheaper at 0.04% per year. On volatility, BKSE has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKSE or USL?

Over the 5-year period, USL has performed better with a 16.56% return vs 6.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKSE or USL?

BKSE is cheaper with a 0.04% expense ratio, compared with 0.88% for USL.

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

BKSE has the higher dividend yield at 1.18%, compared with 0.00% for USL.

What is the main difference between BKSE and USL?

BKSE is categorized as Small Cap Growth Equities, while USL is Oil & Gas. BKSE tracks Morningstar US Small Cap Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: BNY Mellon and Concierge Technologies. Their fees differ too: 0.04% for BKSE and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (1.84 vs 1.78), 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.