BMOP vs. USL

Last updated Jul 17, 2026

BMOP (BNY Mellon Municipal Opportunities ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - BMOP is a Municipal Bonds fund actively managed by BNY Mellon, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. BMOP is actively managed, while USL is passively managed. At a correlation of -0.44, they often move in opposite directions. BMOP charges 0.54%/yr vs 0.88%/yr for USL.

Performance

BMOP vs. USL - Performance Comparison

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

Returns By Period

BMOP

• 1D: -0.28%
• 1M: -0.12%
• 6M: 1.57%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USL

• 1D: -0.83%
• 1M: 2.63%
• 6M: 44.56%
• YTD: 48.13%
• 1Y: 36.77%
• 3Y*: 13.15%
• 5Y*: 14.30%
• 10Y*: 10.39%

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

BMOP vs. USL - Yearly Performance Comparison

	2026 (YTD)
BMOP BNY Mellon Municipal Opportunities ETF	1.77%
USL United States 12 Month Oil Fund LP	45.08%

Correlation

The correlation between BMOP and USL is -0.44, 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 (All Time) Calculated using the full available price history since Jan 12, 2026	-0.44

Return for Risk

BMOP vs. USL — Risk / Return Rank

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

BMOP

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

USL

USL Risk / Return Rank: 40
USL Sharpe Ratio Rank: 43
USL Sortino Ratio Rank: 42
USL Omega Ratio Rank: 41
USL Calmar Ratio Rank: 42
USL Martin Ratio Rank: 34

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.

BMOP vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Opportunities ETF (BMOP) 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.

	BMOP	USL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.27	—
Sortino ratio: Return per unit of downside risk	—	1.80	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.77	—
Martin ratio: Return relative to average drawdown	—	4.16	—

Drawdowns

BMOP vs. USL - Drawdown Comparison

The maximum BMOP drawdown since its inception was -2.80%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for BMOP and USL.

Drawdown Indicators

	BMOP	USL	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-89.06%	+86.26%
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	-0.87%	-43.82%	+42.95%
Average Drawdown Average peak-to-trough decline	-0.67%	-61.34%	+60.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.87%	—

Volatility

Volatility by Period

	BMOP	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.63%	—
Volatility (6M) Calculated over the trailing 6-month period	—	24.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	29.20%	-25.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	30.39%	-26.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	32.30%	-28.79%

BMOP vs. USL - Expense Ratio Comparison

BMOP has a 0.54% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

BMOP vs. USL - Dividend Comparison

BMOP's dividend yield for the trailing twelve months is around 1.52%, while USL has not paid dividends to shareholders.

Position	TTM
BMOP BNY Mellon Municipal Opportunities ETF	1.52%
USL United States 12 Month Oil Fund LP	0.00%

Frequently Asked Questions

Can I hold both BMOP and USL in my portfolio?

BMOP and USL have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMOP or USL?

On fees, BMOP is cheaper at 0.54% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BMOP or USL?

BMOP is cheaper with a 0.54% expense ratio, compared with 0.88% for USL.

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

BMOP has the higher dividend yield at 1.52%, compared with 0.00% for USL.

What is the main difference between BMOP and USL?

BMOP is categorized as Municipal Bonds, while USL is Oil & Gas. They also come from different issuers: BNY Mellon and Concierge Technologies. Their fees differ too: 0.54% for BMOP and 0.88% for USL.