COMT vs. USL
COMT (iShares GSCI Commodity Dynamic Roll Strategy ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - COMT is a Commodities fund tracking the S&P GSCI Dynamic Roll (USD) Total Return Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, COMT returned 7.70%/yr vs 9.07%/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
Loading charts...
Returns By Period
In the year-to-date period, COMT achieves a 20.95% return, which is significantly lower than USL's 35.42% return. Over the past 10 years, COMT has underperformed USL with an annualized return of 7.70%, while USL has yielded a comparatively higher 9.07% annualized return.
COMT
- 1D
- -2.37%
- 1M
- -14.00%
- YTD
- 20.95%
- 6M
- 19.91%
- 1Y
- 25.37%
- 3Y*
- 11.11%
- 5Y*
- 10.23%
- 10Y*
- 7.70%
USL
- 1D
- -3.22%
- 1M
- -16.18%
- YTD
- 35.42%
- 6M
- 33.45%
- 1Y
- 27.96%
- 3Y*
- 12.05%
- 5Y*
- 11.84%
- 10Y*
- 9.07%
COMT vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 20.95% | 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 | 35.42% | -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 16, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
COMT vs. USL — Risk / Return Rank
COMT
USL
COMT vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GSCI Commodity Dynamic Roll 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| COMT | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.18 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 1.39 | +0.06 |
| Martin ratioReturn relative to average drawdown | 6.71 | 3.60 | +3.11 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| COMT | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.89% | -89.06% | +37.17% |
Max Drawdown (1Y)Largest decline over 1 year | -17.57% | -20.18% | +2.61% |
Max Drawdown (3Y)Largest decline over 3 years | -17.57% | -23.33% | +5.76% |
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 DrawdownCurrent decline from peak | -17.57% | -48.64% | +31.07% |
Average DrawdownAverage peak-to-trough decline | -24.00% | -61.39% | +37.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 7.78% | -3.99% |
Volatility
COMT vs. USL - Volatility Comparison
The current volatility for iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) is 5.32%, while United States 12 Month Oil Fund LP (USL) has a volatility of 8.59%. 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.
Loading charts...
Volatility by Period
| COMT | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.32% | 8.59% | -3.27% |
Volatility (6M)Calculated over the trailing 6-month period | 19.40% | 24.45% | -5.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.28% | 28.66% | -7.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.15% | 30.28% | -9.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.87% | 32.34% | -13.47% |
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 6.40%, while USL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 6.40% | 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
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.
USL has higher volatility (8.59%) compared to COMT (5.32%). In terms of maximum drawdown, COMT dropped -51.89% vs USL's -89.06%.
On 10-year performance, USL leads with 9.07% vs 7.70% for COMT. On fees, COMT is cheaper at 0.48% per year. On volatility, COMT has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USL has performed better with a 9.07% return vs 7.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COMT is cheaper with a 0.48% expense ratio, compared with 0.88% for USL.
COMT has the higher dividend yield at 6.40%, compared with 0.00% for USL.
COMT is categorized as Commodities, while USL is Oil & Gas. COMT tracks S&P GSCI Dynamic Roll (USD) Total Return Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.48% for COMT and 0.88% for USL.
COMT currently has the higher Sharpe Ratio (1.21 vs 0.99), 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.
Find the right allocation for COMT and USL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer