BSMC vs. USL

Last updated Jun 4, 2026

BSMC (Brandes U.S. Small-Mid Cap Value ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - BSMC is a Small Cap Value Equities fund actively managed by Brandes, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. BSMC is actively managed, while USL is passively managed. Over the past year, BSMC returned 24.26% vs 57.86% for USL. At a correlation of -0.05, they often move in opposite directions. BSMC charges 0.70%/yr vs 0.88%/yr for USL.

Performance

BSMC vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brandes U.S. Small-Mid Cap Value ETF (BSMC) 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, BSMC achieves a 9.25% return, which is significantly lower than USL's 63.07% return.

BSMC

• 1D: -0.46%
• 1M: 0.43%
• YTD: 9.25%
• 6M: 9.99%
• 1Y: 24.26%
• 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)

BSMC vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BSMC Brandes U.S. Small-Mid Cap Value ETF	9.25%	15.52%	10.21%	11.69%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-5.48%

Correlation

The correlation between BSMC 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 (All Time) Calculated using the full available price history since Oct 6, 2023	-0.05

The correlation between BSMC and USL shifts across timeframes, from -0.23 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

BSMC vs. USL - Sectors Allocation Comparison

Sectors	BSMC	USL
Healthcare	21.3%	-
Industrials	19.1%	-
Technology	14.7%	-
Consumer Defensive	13.0%	-
Financial Services	10.4%	4.5%
Energy	7.5%	-
Consumer Cyclical	6.6%	-
Communication Services	3.9%	-
Basic Materials	3.4%	-
Real Estate	-	-
Utilities	-	-

Return for Risk

BSMC vs. USL — Risk / Return Rank

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

BSMC

BSMC Risk / Return Rank: 52
BSMC Sharpe Ratio Rank: 49
BSMC Sortino Ratio Rank: 52
BSMC Omega Ratio Rank: 47
BSMC Calmar Ratio Rank: 55
BSMC Martin Ratio Rank: 56

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.

BSMC vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brandes U.S. Small-Mid Cap Value ETF (BSMC) 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.

	BSMC	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.04	-0.35
Sortino ratio: Return per unit of downside risk	2.50	2.58	-0.08
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.04
Calmar ratio: Return relative to maximum drawdown	2.70	3.47	-0.77
Martin ratio: Return relative to average drawdown	9.57	7.02	+2.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSMC vs. USL - Sharpe Ratio Comparison

The current BSMC Sharpe Ratio is 1.68, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of BSMC 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

	BSMC	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	2.04	-0.35
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	1.13	0.01	+1.12

Drawdowns

BSMC vs. USL - Drawdown Comparison

The maximum BSMC drawdown since its inception was -19.15%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for BSMC and USL.

Drawdown Indicators

	BSMC	USL	Difference
Max Drawdown Largest peak-to-trough decline	-19.15%	-89.06%	+69.91%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-16.76%	+7.74%
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	-1.95%	-38.16%	+36.21%
Average Drawdown Average peak-to-trough decline	-2.68%	-61.46%	+58.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	8.27%	-5.73%

Volatility

BSMC vs. USL - Volatility Comparison

The current volatility for Brandes U.S. Small-Mid Cap Value ETF (BSMC) is 3.97%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that BSMC 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

	BSMC	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	10.53%	-6.56%
Volatility (6M) Calculated over the trailing 6-month period	10.06%	23.33%	-13.27%
Volatility (1Y) Calculated over the trailing 1-year period	14.52%	28.54%	-14.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.09%	30.08%	-13.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.09%	32.35%	-16.26%

BSMC vs. USL - Expense Ratio Comparison

BSMC has a 0.70% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

BSMC vs. USL - Dividend Comparison

BSMC's dividend yield for the trailing twelve months is around 0.95%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BSMC Brandes U.S. Small-Mid Cap Value ETF	0.95%	1.17%	1.02%	0.15%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSMC and USL in my portfolio?

BSMC 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, BSMC or USL?

USL has higher volatility (10.53%) compared to BSMC (3.97%). In terms of maximum drawdown, BSMC dropped -19.15% vs USL's -89.06%.

Which ETF is better, BSMC or USL?

On 1-year performance, USL leads with 57.86% vs 24.26% for BSMC. On fees, BSMC is cheaper at 0.70% per year. On volatility, BSMC has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSMC or USL?

Over the 1-year period, USL has performed better with a 57.86% return vs 24.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSMC or USL?

BSMC is cheaper with a 0.70% expense ratio, compared with 0.88% for USL.

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

BSMC has the higher dividend yield at 0.95%, compared with 0.00% for USL.

What is the main difference between BSMC and USL?

BSMC is categorized as Small Cap Value Equities, while USL is Oil & Gas. They also come from different issuers: Brandes and Concierge Technologies. Their fees differ too: 0.70% for BSMC and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.68), 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.