CZAR vs. USL

Last updated Jun 4, 2026

CZAR (Themes Natural Monopoly ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - CZAR is a Large Cap Blend Equities fund tracking the Solactive Natural Monopoly 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 year, CZAR returned 2.67% vs 57.86% for USL. At a correlation of -0.06, they often move in opposite directions. CZAR charges 0.35%/yr vs 0.88%/yr for USL.

Performance

CZAR vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Natural Monopoly ETF (CZAR) 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, CZAR achieves a -1.18% return, which is significantly lower than USL's 63.07% return.

CZAR

• 1D: -0.81%
• 1M: -0.05%
• YTD: -1.18%
• 6M: -0.33%
• 1Y: 2.67%
• 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)

CZAR vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CZAR Themes Natural Monopoly ETF	-1.18%	13.32%	10.92%	2.34%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	0.97%

Correlation

The correlation between CZAR and USL is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	-0.06

The correlation between CZAR and USL shifts across timeframes, from -0.25 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

CZAR vs. USL - Sectors Allocation Comparison

Sectors	CZAR	USL
Industrials	27.3%	-
Technology	20.9%	-
Financial Services	17.0%	4.5%
Healthcare	8.2%	-
Consumer Cyclical	6.1%	-
Consumer Defensive	5.8%	-
Energy	3.9%	-
Basic Materials	3.5%	-
Utilities	2.7%	-
Communication Services	2.3%	-
Real Estate	-	-

Return for Risk

CZAR vs. USL — Risk / Return Rank

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

CZAR

CZAR Risk / Return Rank: 12
CZAR Sharpe Ratio Rank: 12
CZAR Sortino Ratio Rank: 11
CZAR Omega Ratio Rank: 11
CZAR Calmar Ratio Rank: 12
CZAR Martin Ratio Rank: 13

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.

CZAR vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Natural Monopoly ETF (CZAR) 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.

	CZAR	USL	Difference
Sharpe ratio: Return per unit of total volatility	0.22	2.04	-1.82
Sortino ratio: Return per unit of downside risk	0.39	2.58	-2.19
Omega ratio: Gain probability vs. loss probability	1.05	1.34	-0.29
Calmar ratio: Return relative to maximum drawdown	0.28	3.47	-3.19
Martin ratio: Return relative to average drawdown	0.88	7.02	-6.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CZAR vs. USL - Sharpe Ratio Comparison

The current CZAR Sharpe Ratio is 0.22, which is lower than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of CZAR 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

	CZAR	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	2.04	-1.82
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	0.68	0.01	+0.67

Drawdowns

CZAR vs. USL - Drawdown Comparison

The maximum CZAR drawdown since its inception was -13.38%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for CZAR and USL.

Drawdown Indicators

	CZAR	USL	Difference
Max Drawdown Largest peak-to-trough decline	-13.38%	-89.06%	+75.68%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-16.76%	+7.22%
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	-3.92%	-38.16%	+34.24%
Average Drawdown Average peak-to-trough decline	-2.18%	-61.46%	+59.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	8.27%	-5.22%

Volatility

CZAR vs. USL - Volatility Comparison

The current volatility for Themes Natural Monopoly ETF (CZAR) is 3.12%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that CZAR 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

	CZAR	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	10.53%	-7.41%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	23.33%	-13.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.24%	28.54%	-16.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	30.08%	-15.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.04%	32.35%	-17.31%

CZAR vs. USL - Expense Ratio Comparison

CZAR has a 0.35% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

CZAR vs. USL - Dividend Comparison

CZAR's dividend yield for the trailing twelve months is around 1.49%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024
CZAR Themes Natural Monopoly ETF	1.49%	1.47%	0.94%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CZAR and USL in my portfolio?

CZAR and USL have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CZAR or USL?

USL has higher volatility (10.53%) compared to CZAR (3.12%). In terms of maximum drawdown, CZAR dropped -13.38% vs USL's -89.06%.

Which ETF is better, CZAR or USL?

On 1-year performance, USL leads with 57.86% vs 2.67% for CZAR. On fees, CZAR is cheaper at 0.35% per year. On volatility, CZAR has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CZAR or USL?

Over the 1-year period, USL has performed better with a 57.86% return vs 2.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CZAR or USL?

CZAR is cheaper with a 0.35% expense ratio, compared with 0.88% for USL.

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

CZAR has the higher dividend yield at 1.49%, compared with 0.00% for USL.

What is the main difference between CZAR and USL?

CZAR is categorized as Large Cap Blend Equities, while USL is Oil & Gas. CZAR tracks Solactive Natural Monopoly Index - Benchmark TR Gross, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Themes and Concierge Technologies. Their fees differ too: 0.35% for CZAR and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 0.22), 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.