CPER vs. USL
CPER (United States Copper Index Fund) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - CPER is a Metals fund tracking the SummerHaven Copper Index Total Return, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, CPER returned 11.24%/yr vs 10.74%/yr for USL. At a 0.26 correlation, their price movements are largely independent. CPER charges 1.06%/yr vs 0.88%/yr for USL.
Performance
CPER vs. USL - Performance Comparison
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Returns By Period
In the year-to-date period, CPER achieves a 16.13% return, which is significantly lower than USL's 60.58% return. Both investments have delivered pretty close results over the past 10 years, with CPER having a 11.24% annualized return and USL not far behind at 10.74%.
CPER
- 1D
- 1.60%
- 1M
- 12.06%
- YTD
- 16.13%
- 6M
- 26.32%
- 1Y
- 33.68%
- 3Y*
- 20.89%
- 5Y*
- 8.13%
- 10Y*
- 11.24%
USL
- 1D
- 1.21%
- 1M
- 0.73%
- YTD
- 60.58%
- 6M
- 58.21%
- 1Y
- 56.66%
- 3Y*
- 17.81%
- 5Y*
- 17.18%
- 10Y*
- 10.74%
CPER vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 16.13% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
USL United States 12 Month Oil Fund LP | 60.58% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
Correlation
The correlation between CPER and USL is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2011 | 0.26 |
The correlation between CPER and USL shifts across timeframes, from -0.04 (1 year) to 0.26 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CPER vs. USL — Risk / Return Rank
CPER
USL
CPER vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) 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.
| CPER | USL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 2.00 | -1.01 |
Sortino ratioReturn per unit of downside risk | 1.34 | 2.54 | -1.20 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.33 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | 1.55 | 3.67 | -2.12 |
Martin ratioReturn relative to average drawdown | 3.21 | 7.44 | -4.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPER | USL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 2.00 | -1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.57 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.33 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.01 | +0.13 |
Drawdowns
CPER vs. USL - Drawdown Comparison
The maximum CPER drawdown since its inception was -54.04%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for CPER and USL.
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Drawdown Indicators
| CPER | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.04% | -89.06% | +35.02% |
Max Drawdown (1Y)Largest decline over 1 year | -24.77% | -16.76% | -8.01% |
Max Drawdown (3Y)Largest decline over 3 years | -24.77% | -23.33% | -1.44% |
Max Drawdown (5Y)Largest decline over 5 years | -34.75% | -33.82% | -0.93% |
Max Drawdown (10Y)Largest decline over 10 years | -38.42% | -66.02% | +27.60% |
Current DrawdownCurrent decline from peak | 0.00% | -39.10% | +39.10% |
Average DrawdownAverage peak-to-trough decline | -25.41% | -61.46% | +36.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.92% | 8.26% | +3.66% |
Volatility
CPER vs. USL - Volatility Comparison
The current volatility for United States Copper Index Fund (CPER) is 9.37%, while United States 12 Month Oil Fund LP (USL) has a volatility of 11.15%. This indicates that CPER 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.
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Volatility by Period
| CPER | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.37% | 11.15% | -1.78% |
Volatility (6M)Calculated over the trailing 6-month period | 22.64% | 23.30% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.51% | 28.65% | +5.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.97% | 30.07% | -3.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.03% | 32.35% | -8.32% |
CPER vs. USL - Expense Ratio Comparison
CPER has a 1.06% expense ratio, which is higher than USL's 0.88% expense ratio.
Dividends
CPER vs. USL - Dividend Comparison
Neither CPER nor USL has paid dividends to shareholders.
Frequently Asked Questions
CPER and USL have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (11.15%) compared to CPER (9.37%). In terms of maximum drawdown, CPER dropped -54.04% vs USL's -89.06%.
On 10-year performance, CPER leads with 11.24% vs 10.74% for USL. On fees, USL is cheaper at 0.88% per year. On volatility, CPER has been the lower-risk option at 9.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CPER has performed better with a 11.24% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USL is cheaper with a 0.88% expense ratio, compared with 1.06% for CPER.
CPER and USL have nearly identical dividend yields, around 0.00%.
CPER is categorized as Metals, while USL is Oil & Gas. CPER tracks SummerHaven Copper Index Total Return, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: USCF and Concierge Technologies. Their fees differ too: 1.06% for CPER and 0.88% for USL.
USL currently has the higher Sharpe Ratio (2.00 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.
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