COMT vs. USL

Last updated Jun 4, 2026

COMT (iShares Commodities Select Strategy ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - COMT is a Commodities fund actively managed by iShares, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. COMT is actively managed, while USL is passively managed. Over the past 10 years, COMT returned 9.09%/yr vs 10.91%/yr for USL. Their correlation of 0.89 suggests significant overlap in exposure. COMT charges 0.48%/yr vs 0.88%/yr for USL.

Performance

COMT vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Commodities Select Strategy ETF (COMT) 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, COMT achieves a 39.67% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, COMT has underperformed USL with an annualized return of 9.09%, while USL has yielded a comparatively higher 10.91% annualized return.

COMT

• 1D: 0.78%
• 1M: -4.35%
• YTD: 39.67%
• 6M: 39.06%
• 1Y: 47.51%
• 3Y*: 16.86%
• 5Y*: 13.50%
• 10Y*: 9.09%

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)

COMT vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COMT iShares Commodities Select Strategy ETF	39.67%	6.07%	5.96%	-6.56%	19.45%	36.88%	-18.66%	10.81%	-6.67%	11.70%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between COMT and USL is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 17, 2014	0.89

The correlation between COMT and USL has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

COMT vs. USL - Sectors Allocation Comparison

Sectors	COMT	USL
Financial Services	100.0%	4.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

COMT vs. USL — Risk / Return Rank

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

COMT

COMT Risk / Return Rank: 71
COMT Sharpe Ratio Rank: 66
COMT Sortino Ratio Rank: 60
COMT Omega Ratio Rank: 64
COMT Calmar Ratio Rank: 91
COMT Martin Ratio Rank: 73

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.

COMT vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Commodities Select Strategy ETF (COMT) 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.

	COMT	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.04	+0.20
Sortino ratio: Return per unit of downside risk	2.88	2.58	+0.30
Omega ratio: Gain probability vs. loss probability	1.40	1.34	+0.06
Calmar ratio: Return relative to maximum drawdown	5.95	3.47	+2.48
Martin ratio: Return relative to average drawdown	14.11	7.02	+7.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COMT vs. USL - Sharpe Ratio Comparison

The current COMT Sharpe Ratio is 2.24, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of COMT 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

	COMT	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.04	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.58	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.34	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.01	+0.20

Drawdowns

COMT vs. USL - Drawdown Comparison

The maximum COMT drawdown since its inception was -51.89%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for COMT and USL.

Drawdown Indicators

	COMT	USL	Difference
Max Drawdown Largest peak-to-trough decline	-51.89%	-89.06%	+37.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.02%	-16.76%	+8.74%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-23.33%	+10.02%
Max Drawdown (5Y) Largest decline over 5 years	-29.00%	-33.82%	+4.82%
Max Drawdown (10Y) Largest decline over 10 years	-39.22%	-66.02%	+26.80%
Current Drawdown Current decline from peak	-4.82%	-38.16%	+33.34%
Average Drawdown Average peak-to-trough decline	-24.07%	-61.46%	+37.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	8.27%	-4.89%

Volatility

COMT vs. USL - Volatility Comparison

The current volatility for iShares Commodities Select Strategy ETF (COMT) is 7.37%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that COMT 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

	COMT	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.37%	10.53%	-3.16%
Volatility (6M) Calculated over the trailing 6-month period	18.80%	23.33%	-4.53%
Volatility (1Y) Calculated over the trailing 1-year period	21.29%	28.54%	-7.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.06%	30.08%	-9.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.89%	32.35%	-13.46%

COMT vs. USL - Expense Ratio Comparison

COMT has a 0.48% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

COMT vs. USL - Dividend Comparison

COMT's dividend yield for the trailing twelve months is around 5.54%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COMT iShares Commodities Select Strategy ETF	5.54%	7.74%	4.90%	5.19%	29.79%	17.79%	0.36%	2.61%	11.65%	5.16%	0.52%	1.44%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COMT and USL in my portfolio?

With a correlation of 0.92, COMT and USL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, COMT or USL?

USL has higher volatility (10.53%) compared to COMT (7.37%). In terms of maximum drawdown, COMT dropped -51.89% vs USL's -89.06%.

Which ETF is better, COMT or USL?

On 10-year performance, USL leads with 10.91% vs 9.09% for COMT. On fees, COMT is cheaper at 0.48% per year. On volatility, COMT has been the lower-risk option at 7.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COMT or USL?

Over the 10-year period, USL has performed better with a 10.91% return vs 9.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COMT or USL?

COMT is cheaper with a 0.48% expense ratio, compared with 0.88% for USL.

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

COMT has the higher dividend yield at 5.54%, compared with 0.00% for USL.

What is the main difference between COMT and USL?

COMT is categorized as Commodities, while USL is Oil & Gas. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.48% for COMT and 0.88% for USL.

Which has better risk-adjusted returns?

COMT currently has the higher Sharpe Ratio (2.24 vs 2.04), 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.