DAPR vs. USL

Last updated Jun 4, 2026

DAPR (FT Vest U.S. Equity Deep Buffer ETF - April) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - DAPR is a Defined Outcome fund tracking the S&P 500, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, DAPR returned 6.20%/yr vs 17.41%/yr for USL. At a 0.09 correlation, their price movements are largely independent. DAPR charges 0.85%/yr vs 0.88%/yr for USL.

Performance

DAPR vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) 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, DAPR achieves a 4.04% return, which is significantly lower than USL's 63.07% return.

DAPR

• 1D: -0.12%
• 1M: 1.93%
• YTD: 4.04%
• 6M: 4.78%
• 1Y: 10.07%
• 3Y*: 10.83%
• 5Y*: 6.20%
• 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)

DAPR vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DAPR FT Vest U.S. Equity Deep Buffer ETF - April	4.04%	5.74%	14.99%	9.84%	-6.84%	5.34%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	25.13%

Correlation

The correlation between DAPR 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	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Apr 20, 2021	0.09

The correlation between DAPR and USL shifts across timeframes, from -0.29 (1 year) to 0.10 (5 years), reflecting how their relationship changes across market environments.

DAPR vs. USL - Sectors Allocation Comparison

Sectors	DAPR	USL
Technology	36.2%	-
Financial Services	11.9%	4.5%
Communication Services	10.9%	-
Consumer Cyclical	10.1%	-
Healthcare	8.4%	-
Industrials	8.1%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

DAPR vs. USL — Risk / Return Rank

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

DAPR

DAPR Risk / Return Rank: 96
DAPR Sharpe Ratio Rank: 94
DAPR Sortino Ratio Rank: 97
DAPR Omega Ratio Rank: 96
DAPR Calmar Ratio Rank: 97
DAPR Martin Ratio Rank: 98

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.

DAPR vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) 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.

	DAPR	USL	Difference
Sharpe ratio: Return per unit of total volatility	3.66	2.04	+1.62
Sortino ratio: Return per unit of downside risk	5.98	2.58	+3.40
Omega ratio: Gain probability vs. loss probability	1.81	1.34	+0.47
Calmar ratio: Return relative to maximum drawdown	11.99	3.47	+8.52
Martin ratio: Return relative to average drawdown	59.41	7.02	+52.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DAPR vs. USL - Sharpe Ratio Comparison

The current DAPR Sharpe Ratio is 3.66, which is higher than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of DAPR 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

	DAPR	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.66	2.04	+1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.58	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.01	+0.76

Drawdowns

DAPR vs. USL - Drawdown Comparison

The maximum DAPR drawdown since its inception was -10.51%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for DAPR and USL.

Drawdown Indicators

	DAPR	USL	Difference
Max Drawdown Largest peak-to-trough decline	-10.51%	-89.06%	+78.55%
Max Drawdown (1Y) Largest decline over 1 year	-0.84%	-16.76%	+15.92%
Max Drawdown (3Y) Largest decline over 3 years	-10.51%	-23.33%	+12.82%
Max Drawdown (5Y) Largest decline over 5 years	-10.51%	-33.82%	+23.31%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-0.12%	-38.16%	+38.04%
Average Drawdown Average peak-to-trough decline	-2.30%	-61.46%	+59.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.17%	8.27%	-8.10%

Volatility

DAPR vs. USL - Volatility Comparison

The current volatility for FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) is 1.03%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that DAPR 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

	DAPR	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	10.53%	-9.50%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	23.33%	-21.45%
Volatility (1Y) Calculated over the trailing 1-year period	2.78%	28.54%	-25.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.21%	30.08%	-21.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.16%	32.35%	-24.19%

DAPR vs. USL - Expense Ratio Comparison

DAPR has a 0.85% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

DAPR vs. USL - Dividend Comparison

Neither DAPR nor USL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DAPR and USL in my portfolio?

DAPR 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, DAPR or USL?

USL has higher volatility (10.53%) compared to DAPR (1.03%). In terms of maximum drawdown, DAPR dropped -10.51% vs USL's -89.06%.

Which ETF is better, DAPR or USL?

On 5-year performance, USL leads with 17.41% vs 6.20% for DAPR. On fees, DAPR is cheaper at 0.85% per year. On volatility, DAPR has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAPR or USL?

Over the 5-year period, USL has performed better with a 17.41% return vs 6.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAPR or USL?

DAPR is cheaper with a 0.85% expense ratio, compared with 0.88% for USL.

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

DAPR and USL have nearly identical dividend yields, around 0.00%.

What is the main difference between DAPR and USL?

DAPR is categorized as Defined Outcome, while USL is Oil & Gas. DAPR tracks S&P 500, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: FT Vest and Concierge Technologies. Their fees differ too: 0.85% for DAPR and 0.88% for USL.

Which has better risk-adjusted returns?

DAPR currently has the higher Sharpe Ratio (3.66 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.