BSCZ vs. USL

Last updated Jun 4, 2026

BSCZ (Invesco BulletShares 2035 Corporate Bond ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - BSCZ is a Corporate Bonds fund tracking the BulletShares® USD Corporate Bond 2035 Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. At a correlation of -0.40, they often move in opposite directions. BSCZ charges 0.10%/yr vs 0.88%/yr for USL.

Performance

BSCZ vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2035 Corporate Bond ETF (BSCZ) 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, BSCZ achieves a 0.18% return, which is significantly lower than USL's 63.07% return.

BSCZ

• 1D: -0.24%
• 1M: 0.42%
• YTD: 0.18%
• 6M: -0.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

BSCZ vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
BSCZ Invesco BulletShares 2035 Corporate Bond ETF	0.18%	5.67%
USL United States 12 Month Oil Fund LP	63.07%	-7.55%

Correlation

The correlation between BSCZ and USL is -0.40, 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 Jun 12, 2025	-0.40

BSCZ vs. USL - Sectors Allocation Comparison

Sectors	BSCZ	USL
Healthcare	12.1%	-
Communication Services	10.8%	-
Technology	10.5%	-
Financial Services	9.8%	4.5%
Energy	8.9%	-
Consumer Cyclical	7.4%	-
Industrials	7.3%	-
Utilities	5.0%	-
Consumer Defensive	4.6%	-
Real Estate	3.5%	-
Basic Materials	1.7%	-

Return for Risk

BSCZ vs. USL — Risk / Return Rank

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

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.

BSCZ vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2035 Corporate Bond ETF (BSCZ) 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.

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

Sharpe Ratios by Period

	BSCZ	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.04	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	0.01	+1.20

Drawdowns

BSCZ vs. USL - Drawdown Comparison

The maximum BSCZ drawdown since its inception was -3.28%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for BSCZ and USL.

Drawdown Indicators

	BSCZ	USL	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-89.06%	+85.78%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.76%	—
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	-1.46%	-38.16%	+36.70%
Average Drawdown Average peak-to-trough decline	-0.75%	-61.46%	+60.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.27%	—

Volatility

Volatility by Period

	BSCZ	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.98%	28.54%	-23.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.98%	30.08%	-25.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.98%	32.35%	-27.37%

BSCZ vs. USL - Expense Ratio Comparison

BSCZ has a 0.10% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

BSCZ vs. USL - Dividend Comparison

BSCZ's dividend yield for the trailing twelve months is around 4.09%, while USL has not paid dividends to shareholders.

Position	TTM	2025
BSCZ Invesco BulletShares 2035 Corporate Bond ETF	4.09%	2.18%
USL United States 12 Month Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSCZ and USL in my portfolio?

BSCZ and USL have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BSCZ or USL?

On fees, BSCZ is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BSCZ or USL?

BSCZ is cheaper with a 0.10% expense ratio, compared with 0.88% for USL.

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

BSCZ has the higher dividend yield at 4.09%, compared with 0.00% for USL.

What is the main difference between BSCZ and USL?

BSCZ is categorized as Corporate Bonds, while USL is Oil & Gas. BSCZ tracks BulletShares® USD Corporate Bond 2035 Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.10% for BSCZ and 0.88% for USL.