BSVO vs. USL

Last updated Jun 5, 2026

BSVO (EA Bridgeway Omni Small-Cap Value ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - BSVO is a Small Cap Value Equities fund actively managed by Bridgeway, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. BSVO is actively managed, while USL is passively managed. Over the past 3 years, BSVO returned 19.99%/yr vs 17.93%/yr for USL. At a 0.12 correlation, their price movements are largely independent. BSVO charges 0.47%/yr vs 0.88%/yr for USL.

Performance

BSVO vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in EA Bridgeway Omni Small-Cap Value ETF (BSVO) 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, BSVO achieves a 20.22% return, which is significantly lower than USL's 60.58% return.

BSVO

• 1D: 1.80%
• 1M: 0.51%
• YTD: 20.22%
• 6M: 19.77%
• 1Y: 45.25%
• 3Y*: 19.99%
• 5Y*: —
• 10Y*: —

USL

• 1D: -1.53%
• 1M: -1.98%
• YTD: 60.58%
• 6M: 56.11%
• 1Y: 56.55%
• 3Y*: 17.93%
• 5Y*: 17.05%
• 10Y*: 10.57%

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

BSVO vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BSVO EA Bridgeway Omni Small-Cap Value ETF	20.22%	9.21%	4.68%	22.38%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	5.76%

Correlation

The correlation between BSVO and USL is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Mar 14, 2023	0.12

The correlation between BSVO and USL shifts across timeframes, from -0.19 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

BSVO vs. USL - Sectors Allocation Comparison

Sectors	BSVO	USL
Financial Services	32.3%	4.5%
Energy	15.8%	-
Consumer Cyclical	14.3%	-
Industrials	13.8%	-
Basic Materials	6.0%	-
Technology	4.9%	-
Consumer Defensive	4.8%	-
Communication Services	3.9%	-
Healthcare	3.6%	-
Real Estate	0.6%	-
Utilities	-	-

Return for Risk

BSVO vs. USL — Risk / Return Rank

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

BSVO

BSVO Risk / Return Rank: 79
BSVO Sharpe Ratio Rank: 76
BSVO Sortino Ratio Rank: 77
BSVO Omega Ratio Rank: 71
BSVO Calmar Ratio Rank: 90
BSVO Martin Ratio Rank: 80

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 60
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.

BSVO vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for EA Bridgeway Omni Small-Cap Value ETF (BSVO) 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.

	BSVO	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.99	+0.42
Sortino ratio: Return per unit of downside risk	3.39	2.53	+0.86
Omega ratio: Gain probability vs. loss probability	1.42	1.33	+0.09
Calmar ratio: Return relative to maximum drawdown	5.47	3.39	+2.08
Martin ratio: Return relative to average drawdown	15.58	6.85	+8.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSVO vs. USL - Sharpe Ratio Comparison

The current BSVO Sharpe Ratio is 2.41, which is comparable to the USL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of BSVO 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

	BSVO	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.99	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.01	+0.80

Drawdowns

BSVO vs. USL - Drawdown Comparison

The maximum BSVO drawdown since its inception was -28.67%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for BSVO and USL.

Drawdown Indicators

	BSVO	USL	Difference
Max Drawdown Largest peak-to-trough decline	-28.67%	-89.06%	+60.39%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-16.76%	+8.45%
Max Drawdown (3Y) Largest decline over 3 years	-28.67%	-23.33%	-5.34%
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	-0.09%	-39.10%	+39.01%
Average Drawdown Average peak-to-trough decline	-5.72%	-61.45%	+55.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	8.27%	-5.36%

Volatility

BSVO vs. USL - Volatility Comparison

The current volatility for EA Bridgeway Omni Small-Cap Value ETF (BSVO) is 4.83%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.57%. This indicates that BSVO 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

	BSVO	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	10.57%	-5.74%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	23.34%	-11.27%
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	28.59%	-9.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.73%	30.09%	-8.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	32.34%	-10.61%

BSVO vs. USL - Expense Ratio Comparison

BSVO has a 0.47% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

BSVO vs. USL - Dividend Comparison

BSVO's dividend yield for the trailing twelve months is around 1.26%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BSVO EA Bridgeway Omni Small-Cap Value ETF	1.26%	1.52%	1.61%	1.43%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSVO and USL in my portfolio?

BSVO and USL have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSVO or USL?

USL has higher volatility (10.57%) compared to BSVO (4.83%). In terms of maximum drawdown, BSVO dropped -28.67% vs USL's -89.06%.

Which ETF is better, BSVO or USL?

On 3-year performance, BSVO leads with 19.99% vs 17.93% for USL. On fees, BSVO is cheaper at 0.47% per year. On volatility, BSVO has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSVO or USL?

Over the 3-year period, BSVO has performed better with a 19.99% return vs 17.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSVO or USL?

BSVO is cheaper with a 0.47% expense ratio, compared with 0.88% for USL.

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

BSVO has the higher dividend yield at 1.26%, compared with 0.00% for USL.

What is the main difference between BSVO and USL?

BSVO is categorized as Small Cap Value Equities, while USL is Oil & Gas. They also come from different issuers: Bridgeway and Concierge Technologies. Their fees differ too: 0.47% for BSVO and 0.88% for USL.

Which has better risk-adjusted returns?

BSVO currently has the higher Sharpe Ratio (2.41 vs 1.99), 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.