DES vs. USL

Last updated Jun 3, 2026

DES (WisdomTree U.S. SmallCap Dividend Fund) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - DES is a Small Cap Blend Equities fund tracking the WisdomTree SmallCap Dividend (TR), while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, DES returned 8.17%/yr vs 10.74%/yr for USL. At a 0.29 correlation, their price movements are largely independent. DES charges 0.38%/yr vs 0.88%/yr for USL.

Performance

DES vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree U.S. SmallCap Dividend Fund (DES) 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, DES achieves a 16.63% return, which is significantly lower than USL's 60.58% return. Over the past 10 years, DES has underperformed USL with an annualized return of 8.17%, while USL has yielded a comparatively higher 10.74% annualized return.

DES

• 1D: 0.99%
• 1M: 0.53%
• YTD: 16.63%
• 6M: 17.07%
• 1Y: 28.87%
• 3Y*: 14.65%
• 5Y*: 6.21%
• 10Y*: 8.17%

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)

DES vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DES WisdomTree U.S. SmallCap Dividend Fund	16.63%	0.25%	9.93%	16.50%	-10.96%	26.51%	-4.26%	20.26%	-12.85%	8.64%
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 DES and USL is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007	0.29

The correlation between DES and USL shifts across timeframes, from -0.19 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

DES vs. USL - Sectors Allocation Comparison

Sectors	DES	USL
Financial Services	23.7%	4.5%
Consumer Cyclical	14.8%	-
Industrials	13.3%	-
Energy	10.7%	-
Real Estate	9.6%	-
Basic Materials	6.0%	-
Technology	5.5%	-
Utilities	4.6%	-
Consumer Defensive	4.3%	-
Communication Services	2.8%	-
Healthcare	1.7%	-

Return for Risk

DES vs. USL — Risk / Return Rank

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

DES

DES Risk / Return Rank: 57
DES Sharpe Ratio Rank: 51
DES Sortino Ratio Rank: 54
DES Omega Ratio Rank: 49
DES Calmar Ratio Rank: 72
DES Martin Ratio Rank: 59

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.

DES vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree U.S. SmallCap Dividend Fund (DES) 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.

	DES	USL	Difference
Sharpe ratio Return per unit of total volatility	1.77	2.00	-0.23
Sortino ratio Return per unit of downside risk	2.64	2.54	+0.10
Omega ratio Gain probability vs. loss probability	1.31	1.33	-0.02
Calmar ratio Return relative to maximum drawdown	3.67	3.67	0.00
Martin ratio Return relative to average drawdown	10.48	7.44	+3.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DES vs. USL - Sharpe Ratio Comparison

The current DES Sharpe Ratio is 1.77, which is comparable to the USL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of DES 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

	DES	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.00	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.57	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.33	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.01	+0.31

Drawdowns

DES vs. USL - Drawdown Comparison

The maximum DES drawdown since its inception was -65.48%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for DES and USL.

Drawdown Indicators

	DES	USL	Difference
Max Drawdown Largest peak-to-trough decline	-65.48%	-89.06%	+23.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-16.76%	+9.12%
Max Drawdown (3Y) Largest decline over 3 years	-25.16%	-23.33%	-1.83%
Max Drawdown (5Y) Largest decline over 5 years	-25.16%	-33.82%	+8.66%
Max Drawdown (10Y) Largest decline over 10 years	-45.65%	-66.02%	+20.37%
Current Drawdown Current decline from peak	-0.28%	-39.10%	+38.82%
Average Drawdown Average peak-to-trough decline	-9.68%	-61.46%	+51.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	8.26%	-5.58%

Volatility

DES vs. USL - Volatility Comparison

The current volatility for WisdomTree U.S. SmallCap Dividend Fund (DES) is 4.24%, while United States 12 Month Oil Fund LP (USL) has a volatility of 11.15%. This indicates that DES 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

	DES	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	11.15%	-6.91%
Volatility (6M) Calculated over the trailing 6-month period	10.94%	23.30%	-12.36%
Volatility (1Y) Calculated over the trailing 1-year period	16.42%	28.65%	-12.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.56%	30.07%	-10.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.97%	32.35%	-10.38%

DES vs. USL - Expense Ratio Comparison

DES has a 0.38% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

DES vs. USL - Dividend Comparison

DES's dividend yield for the trailing twelve months is around 2.37%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DES WisdomTree U.S. SmallCap Dividend Fund	2.37%	2.85%	2.81%	2.65%	2.89%	2.31%	2.75%	2.68%	3.65%	2.89%	2.70%	3.09%
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

Can I hold both DES and USL in my portfolio?

DES and USL have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DES or USL?

USL has higher volatility (11.15%) compared to DES (4.24%). In terms of maximum drawdown, DES dropped -65.48% vs USL's -89.06%.

Which ETF is better, DES or USL?

On 10-year performance, USL leads with 10.74% vs 8.17% for DES. On fees, DES is cheaper at 0.38% per year. On volatility, DES has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DES or USL?

Over the 10-year period, USL has performed better with a 10.74% return vs 8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DES or USL?

DES is cheaper with a 0.38% expense ratio, compared with 0.88% for USL.

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

DES has the higher dividend yield at 2.37%, compared with 0.00% for USL.

What is the main difference between DES and USL?

DES is categorized as Small Cap Blend Equities, while USL is Oil & Gas. DES tracks WisdomTree SmallCap Dividend (TR), while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: WisdomTree and Concierge Technologies. Their fees differ too: 0.38% for DES and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.00 vs 1.77), 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.