DFAC vs. USL

Last updated Jun 5, 2026

DFAC (Dimensional U.S. Core Equity 2 ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - DFAC is a Large Cap Blend Equities fund actively managed by Dimensional, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. DFAC is actively managed, while USL is passively managed. Over the past 3 years, DFAC returned 21.06%/yr vs 17.93%/yr for USL. At a 0.14 correlation, their price movements are largely independent. DFAC charges 0.17%/yr vs 0.88%/yr for USL.

Performance

DFAC vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Core Equity 2 ETF (DFAC) 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, DFAC achieves a 12.69% return, which is significantly lower than USL's 60.58% return.

DFAC

• 1D: 0.70%
• 1M: 4.24%
• YTD: 12.69%
• 6M: 12.80%
• 1Y: 29.91%
• 3Y*: 21.06%
• 5Y*: —
• 10Y*: —

USL

• 1D: -1.53%
• 1M: -1.98%
• YTD: 60.58%
• 6M: 56.11%
• 1Y: 56.55%
• 3Y*: 17.93%
• 5Y*: 17.05%
• 10Y*: 10.57%

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

DFAC vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAC Dimensional U.S. Core Equity 2 ETF	12.69%	15.66%	19.61%	21.96%	-14.93%	9.51%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	-1.11%	27.10%	12.35%

Correlation

The correlation between DFAC 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	-0.01
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021	0.14

The correlation between DFAC and USL shifts across timeframes, from -0.29 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

DFAC vs. USL - Sectors Allocation Comparison

Sectors	DFAC	USL
Technology	28.4%	-
Financial Services	14.4%	4.5%
Industrials	12.8%	-
Consumer Cyclical	10.7%	-
Healthcare	9.0%	-
Communication Services	8.4%	-
Energy	5.9%	-
Consumer Defensive	4.9%	-
Basic Materials	3.2%	-
Utilities	1.9%	-
Real Estate	0.2%	-

Return for Risk

DFAC vs. USL — Risk / Return Rank

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

DFAC

DFAC Risk / Return Rank: 76
DFAC Sharpe Ratio Rank: 78
DFAC Sortino Ratio Rank: 77
DFAC Omega Ratio Rank: 75
DFAC Calmar Ratio Rank: 72
DFAC Martin Ratio Rank: 80

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 60
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.

DFAC vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Core Equity 2 ETF (DFAC) 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.

	DFAC	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.47	1.99	+0.48
Sortino ratio: Return per unit of downside risk	3.41	2.53	+0.88
Omega ratio: Gain probability vs. loss probability	1.44	1.33	+0.11
Calmar ratio: Return relative to maximum drawdown	3.54	3.39	+0.15
Martin ratio: Return relative to average drawdown	15.71	6.85	+8.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAC vs. USL - Sharpe Ratio Comparison

The current DFAC Sharpe Ratio is 2.47, which is comparable to the USL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of DFAC 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

	DFAC	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	1.99	+0.48
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	0.71	0.01	+0.71

Drawdowns

DFAC vs. USL - Drawdown Comparison

The maximum DFAC drawdown since its inception was -23.12%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for DFAC and USL.

Drawdown Indicators

	DFAC	USL	Difference
Max Drawdown Largest peak-to-trough decline	-23.12%	-89.06%	+65.94%
Max Drawdown (1Y) Largest decline over 1 year	-8.49%	-16.76%	+8.27%
Max Drawdown (3Y) Largest decline over 3 years	-20.02%	-23.33%	+3.31%
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	-5.45%	-61.45%	+56.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	8.27%	-6.36%

Volatility

DFAC vs. USL - Volatility Comparison

The current volatility for Dimensional U.S. Core Equity 2 ETF (DFAC) is 2.93%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.57%. This indicates that DFAC 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

	DFAC	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	10.57%	-7.64%
Volatility (6M) Calculated over the trailing 6-month period	8.98%	23.34%	-14.36%
Volatility (1Y) Calculated over the trailing 1-year period	12.15%	28.59%	-16.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	30.09%	-12.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	32.34%	-15.22%

DFAC vs. USL - Expense Ratio Comparison

DFAC has a 0.17% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

DFAC vs. USL - Dividend Comparison

DFAC's dividend yield for the trailing twelve months is around 0.90%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
DFAC Dimensional U.S. Core Equity 2 ETF	0.90%	0.97%	1.03%	1.20%	1.50%	0.88%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFAC and USL in my portfolio?

DFAC 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, DFAC or USL?

USL has higher volatility (10.57%) compared to DFAC (2.93%). In terms of maximum drawdown, DFAC dropped -23.12% vs USL's -89.06%.

Which ETF is better, DFAC or USL?

On 3-year performance, DFAC leads with 21.06% vs 17.93% for USL. On fees, DFAC is cheaper at 0.17% per year. On volatility, DFAC has been the lower-risk option at 2.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAC or USL?

Over the 3-year period, DFAC has performed better with a 21.06% return vs 17.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAC or USL?

DFAC is cheaper with a 0.17% expense ratio, compared with 0.88% for USL.

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

DFAC has the higher dividend yield at 0.90%, compared with 0.00% for USL.

What is the main difference between DFAC and USL?

DFAC is categorized as Large Cap Blend Equities, while USL is Oil & Gas. They also come from different issuers: Dimensional and Concierge Technologies. Their fees differ too: 0.17% for DFAC and 0.88% for USL.

Which has better risk-adjusted returns?

DFAC currently has the higher Sharpe Ratio (2.47 vs 1.99), 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.