DFAT vs. USL

Last updated Jun 4, 2026

DFAT (Dimensional U.S. Targeted Value ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - DFAT is a Small Cap Value Equities fund actively managed by Dimensional, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. DFAT is actively managed, while USL is passively managed. Over the past 3 years, DFAT returned 16.49%/yr vs 18.42%/yr for USL. At a 0.20 correlation, their price movements are largely independent. DFAT charges 0.28%/yr vs 0.88%/yr for USL.

Performance

DFAT vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Targeted Value ETF (DFAT) 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, DFAT achieves a 13.26% return, which is significantly lower than USL's 63.07% return.

DFAT

• 1D: -0.75%
• 1M: 1.45%
• YTD: 13.26%
• 6M: 13.13%
• 1Y: 30.02%
• 3Y*: 16.49%
• 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)

DFAT vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAT Dimensional U.S. Targeted Value ETF	13.26%	8.73%	7.80%	20.86%	-6.23%	5.08%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	12.35%

Correlation

The correlation between DFAT and USL is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021	0.20

The correlation between DFAT and USL shifts across timeframes, from -0.17 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

DFAT vs. USL - Sectors Allocation Comparison

Sectors	DFAT	USL
Financial Services	28.0%	4.5%
Industrials	15.9%	-
Consumer Cyclical	14.4%	-
Energy	11.5%	-
Technology	9.2%	-
Consumer Defensive	6.7%	-
Healthcare	6.2%	-
Basic Materials	5.1%	-
Communication Services	1.8%	-
Real Estate	0.9%	-
Utilities	0.4%	-

Return for Risk

DFAT vs. USL — Risk / Return Rank

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

DFAT

DFAT Risk / Return Rank: 55
DFAT Sharpe Ratio Rank: 52
DFAT Sortino Ratio Rank: 55
DFAT Omega Ratio Rank: 51
DFAT Calmar Ratio Rank: 63
DFAT Martin Ratio Rank: 57

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.

DFAT vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Targeted Value ETF (DFAT) 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.

	DFAT	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.04	-0.23
Sortino ratio: Return per unit of downside risk	2.67	2.58	+0.09
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	3.16	3.47	-0.31
Martin ratio: Return relative to average drawdown	10.13	7.02	+3.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAT vs. USL - Sharpe Ratio Comparison

The current DFAT Sharpe Ratio is 1.81, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of DFAT 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

	DFAT	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.04	-0.23
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	0.45	0.01	+0.44

Drawdowns

DFAT vs. USL - Drawdown Comparison

The maximum DFAT drawdown since its inception was -26.12%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for DFAT and USL.

Drawdown Indicators

	DFAT	USL	Difference
Max Drawdown Largest peak-to-trough decline	-26.12%	-89.06%	+62.94%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-16.76%	+7.21%
Max Drawdown (3Y) Largest decline over 3 years	-26.12%	-23.33%	-2.79%
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	-0.75%	-38.16%	+37.41%
Average Drawdown Average peak-to-trough decline	-6.24%	-61.46%	+55.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	8.27%	-5.30%

Volatility

DFAT vs. USL - Volatility Comparison

The current volatility for Dimensional U.S. Targeted Value ETF (DFAT) is 4.06%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that DFAT 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

	DFAT	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	10.53%	-6.47%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	23.33%	-12.45%
Volatility (1Y) Calculated over the trailing 1-year period	16.75%	28.54%	-11.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.48%	30.08%	-8.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.48%	32.35%	-10.87%

DFAT vs. USL - Expense Ratio Comparison

DFAT has a 0.28% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

DFAT vs. USL - Dividend Comparison

DFAT's dividend yield for the trailing twelve months is around 1.45%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
DFAT Dimensional U.S. Targeted Value ETF	1.45%	1.55%	1.31%	1.34%	1.34%	1.13%
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 DFAT and USL in my portfolio?

DFAT and USL have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAT or USL?

USL has higher volatility (10.53%) compared to DFAT (4.06%). In terms of maximum drawdown, DFAT dropped -26.12% vs USL's -89.06%.

Which ETF is better, DFAT or USL?

On 3-year performance, USL leads with 18.42% vs 16.49% for DFAT. On fees, DFAT is cheaper at 0.28% per year. On volatility, DFAT has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAT or USL?

Over the 3-year period, USL has performed better with a 18.42% return vs 16.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAT or USL?

DFAT is cheaper with a 0.28% expense ratio, compared with 0.88% for USL.

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

DFAT has the higher dividend yield at 1.45%, compared with 0.00% for USL.

What is the main difference between DFAT and USL?

DFAT is categorized as Small Cap Value Equities, while USL is Oil & Gas. They also come from different issuers: Dimensional and Concierge Technologies. Their fees differ too: 0.28% for DFAT and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.81), 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.