CGMM vs. USL

Last updated Jun 4, 2026

CGMM (Capital Group U.S. Small and Mid Cap ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - CGMM is a Mid Cap Blend Equities fund actively managed by Capital Group, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. CGMM is actively managed, while USL is passively managed. Over the past year, CGMM returned 23.39% vs 57.86% for USL. At a correlation of -0.07, they often move in opposite directions. CGMM charges 0.51%/yr vs 0.88%/yr for USL.

Performance

CGMM vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group U.S. Small and Mid Cap ETF (CGMM) 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, CGMM achieves a 10.58% return, which is significantly lower than USL's 63.07% return.

CGMM

• 1D: -0.62%
• 1M: 1.79%
• YTD: 10.58%
• 6M: 11.78%
• 1Y: 23.39%
• 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)

CGMM vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
CGMM Capital Group U.S. Small and Mid Cap ETF	10.58%	11.46%
USL United States 12 Month Oil Fund LP	63.07%	-16.63%

Correlation

The correlation between CGMM 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 (All Time) Calculated using the full available price history since Jan 17, 2025	-0.07

The correlation between CGMM and USL shifts across timeframes, from -0.22 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

CGMM vs. USL - Sectors Allocation Comparison

Sectors	CGMM	USL
Industrials	21.7%	-
Technology	17.6%	-
Financial Services	15.4%	4.5%
Consumer Cyclical	14.7%	-
Healthcare	9.0%	-
Consumer Defensive	5.8%	-
Communication Services	3.5%	-
Energy	3.4%	-
Utilities	3.1%	-
Basic Materials	3.0%	-
Real Estate	2.8%	-

Return for Risk

CGMM vs. USL — Risk / Return Rank

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

CGMM

CGMM Risk / Return Rank: 45
CGMM Sharpe Ratio Rank: 42
CGMM Sortino Ratio Rank: 43
CGMM Omega Ratio Rank: 39
CGMM Calmar Ratio Rank: 47
CGMM Martin Ratio Rank: 52

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.

CGMM vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group U.S. Small and Mid Cap ETF (CGMM) 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.

	CGMM	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.04	-0.55
Sortino ratio: Return per unit of downside risk	2.18	2.58	-0.40
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	2.33	3.47	-1.14
Martin ratio: Return relative to average drawdown	8.94	7.02	+1.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGMM vs. USL - Sharpe Ratio Comparison

The current CGMM Sharpe Ratio is 1.49, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of CGMM 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

	CGMM	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	2.04	-0.55
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	0.81	0.01	+0.80

Drawdowns

CGMM vs. USL - Drawdown Comparison

The maximum CGMM drawdown since its inception was -21.04%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for CGMM and USL.

Drawdown Indicators

	CGMM	USL	Difference
Max Drawdown Largest peak-to-trough decline	-21.04%	-89.06%	+68.02%
Max Drawdown (1Y) Largest decline over 1 year	-10.09%	-16.76%	+6.67%
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	-0.62%	-38.16%	+37.54%
Average Drawdown Average peak-to-trough decline	-3.25%	-61.46%	+58.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	8.27%	-5.65%

Volatility

CGMM vs. USL - Volatility Comparison

The current volatility for Capital Group U.S. Small and Mid Cap ETF (CGMM) is 3.73%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that CGMM 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

	CGMM	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	10.53%	-6.80%
Volatility (6M) Calculated over the trailing 6-month period	11.79%	23.33%	-11.54%
Volatility (1Y) Calculated over the trailing 1-year period	15.80%	28.54%	-12.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.29%	30.08%	-9.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.29%	32.35%	-12.06%

CGMM vs. USL - Expense Ratio Comparison

CGMM has a 0.51% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

CGMM vs. USL - Dividend Comparison

CGMM's dividend yield for the trailing twelve months is around 0.36%, while USL has not paid dividends to shareholders.

Position	TTM	2025
CGMM Capital Group U.S. Small and Mid Cap ETF	0.36%	0.40%
USL United States 12 Month Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both CGMM and USL in my portfolio?

CGMM 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, CGMM or USL?

USL has higher volatility (10.53%) compared to CGMM (3.73%). In terms of maximum drawdown, CGMM dropped -21.04% vs USL's -89.06%.

Which ETF is better, CGMM or USL?

On 1-year performance, USL leads with 57.86% vs 23.39% for CGMM. On fees, CGMM is cheaper at 0.51% per year. On volatility, CGMM has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGMM or USL?

Over the 1-year period, USL has performed better with a 57.86% return vs 23.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGMM or USL?

CGMM is cheaper with a 0.51% expense ratio, compared with 0.88% for USL.

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

CGMM has the higher dividend yield at 0.36%, compared with 0.00% for USL.

What is the main difference between CGMM and USL?

CGMM is categorized as Mid Cap Blend Equities, while USL is Oil & Gas. They also come from different issuers: Capital Group and Concierge Technologies. Their fees differ too: 0.51% for CGMM and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.49), 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.