CVLC vs. USL

Last updated Jun 3, 2026

CVLC (Calvert US Large-Cap Core Responsible Index ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - CVLC is a Large Cap Blend Equities fund tracking the Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, CVLC returned 22.60%/yr vs 17.81%/yr for USL. At a correlation of -0.01, they often move in opposite directions. CVLC charges 0.15%/yr vs 0.88%/yr for USL.

Performance

CVLC vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert US Large-Cap Core Responsible Index ETF (CVLC) 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, CVLC achieves a 13.18% return, which is significantly lower than USL's 60.58% return.

CVLC

• 1D: 0.32%
• 1M: 6.11%
• YTD: 13.18%
• 6M: 13.39%
• 1Y: 31.25%
• 3Y*: 22.60%
• 5Y*: —
• 10Y*: —

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%

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

CVLC vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVLC Calvert US Large-Cap Core Responsible Index ETF	13.18%	16.13%	24.20%	17.14%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	2.65%

Correlation

The correlation between CVLC and USL is -0.29, 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	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	-0.01

Over the past year, the inverse relationship between CVLC and USL has strengthened: their correlation has moved from -0.01 to -0.29, meaning they now move in opposite directions more often than their long-term average.

CVLC vs. USL - Sectors Allocation Comparison

Sectors	CVLC	USL
Technology	39.5%	-
Financial Services	11.8%	4.5%
Industrials	9.9%	-
Healthcare	9.1%	-
Consumer Cyclical	8.7%	-
Communication Services	8.5%	-
Consumer Defensive	4.6%	-
Real Estate	2.7%	-
Utilities	2.2%	-
Basic Materials	2.1%	-
Energy	0.5%	-

Return for Risk

CVLC vs. USL — Risk / Return Rank

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

CVLC

CVLC Risk / Return Rank: 74
CVLC Sharpe Ratio Rank: 76
CVLC Sortino Ratio Rank: 76
CVLC Omega Ratio Rank: 73
CVLC Calmar Ratio Rank: 65
CVLC Martin Ratio Rank: 78

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 58
USL Sortino Ratio Rank: 52
USL Omega Ratio Rank: 53
USL Calmar Ratio Rank: 72
USL Martin Ratio Rank: 45

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.

CVLC vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert US Large-Cap Core Responsible Index ETF (CVLC) 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.

	CVLC	USL	Difference
Sharpe ratio Return per unit of total volatility	2.52	2.00	+0.52
Sortino ratio Return per unit of downside risk	3.46	2.54	+0.92
Omega ratio Gain probability vs. loss probability	1.45	1.33	+0.12
Calmar ratio Return relative to maximum drawdown	3.30	3.67	-0.37
Martin ratio Return relative to average drawdown	15.18	7.44	+7.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVLC vs. USL - Sharpe Ratio Comparison

The current CVLC Sharpe Ratio is 2.52, which is comparable to the USL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of CVLC 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

	CVLC	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.00	+0.52
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	1.39	0.01	+1.38

Drawdowns

CVLC vs. USL - Drawdown Comparison

The maximum CVLC drawdown since its inception was -19.92%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for CVLC and USL.

Drawdown Indicators

	CVLC	USL	Difference
Max Drawdown Largest peak-to-trough decline	-19.92%	-89.06%	+69.14%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-16.76%	+7.15%
Max Drawdown (3Y) Largest decline over 3 years	-19.92%	-23.33%	+3.41%
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	0.00%	-39.10%	+39.10%
Average Drawdown Average peak-to-trough decline	-2.41%	-61.46%	+59.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	8.26%	-6.17%

Volatility

CVLC vs. USL - Volatility Comparison

The current volatility for Calvert US Large-Cap Core Responsible Index ETF (CVLC) is 3.30%, while United States 12 Month Oil Fund LP (USL) has a volatility of 11.15%. This indicates that CVLC 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

	CVLC	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	11.15%	-7.85%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	23.30%	-13.65%
Volatility (1Y) Calculated over the trailing 1-year period	12.49%	28.65%	-16.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	30.07%	-14.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	32.35%	-16.80%

CVLC vs. USL - Expense Ratio Comparison

CVLC has a 0.15% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

CVLC vs. USL - Dividend Comparison

CVLC's dividend yield for the trailing twelve months is around 0.89%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CVLC Calvert US Large-Cap Core Responsible Index ETF	0.89%	1.02%	1.03%	0.91%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVLC and USL in my portfolio?

CVLC and USL have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVLC or USL?

USL has higher volatility (11.15%) compared to CVLC (3.30%). In terms of maximum drawdown, CVLC dropped -19.92% vs USL's -89.06%.

Which ETF is better, CVLC or USL?

On 3-year performance, CVLC leads with 22.60% vs 17.81% for USL. On fees, CVLC is cheaper at 0.15% per year. On volatility, CVLC has been the lower-risk option at 3.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVLC or USL?

Over the 3-year period, CVLC has performed better with a 22.60% return vs 17.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVLC or USL?

CVLC is cheaper with a 0.15% expense ratio, compared with 0.88% for USL.

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

CVLC has the higher dividend yield at 0.89%, compared with 0.00% for USL.

What is the main difference between CVLC and USL?

CVLC is categorized as Large Cap Blend Equities, while USL is Oil & Gas. CVLC tracks Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Calvert and Concierge Technologies. Their fees differ too: 0.15% for CVLC and 0.88% for USL.

Which has better risk-adjusted returns?

CVLC currently has the higher Sharpe Ratio (2.52 vs 2.00), 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.