DFSU vs. USL

Last updated Jun 4, 2026

DFSU (Dimensional US Sustainability Core 1 ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - DFSU 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. DFSU is actively managed, while USL is passively managed. Over the past 3 years, DFSU returned 20.21%/yr vs 18.42%/yr for USL. At a 0.04 correlation, their price movements are largely independent. DFSU charges 0.18%/yr vs 0.88%/yr for USL.

Performance

DFSU vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Sustainability Core 1 ETF (DFSU) 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, DFSU achieves a 7.31% return, which is significantly lower than USL's 63.07% return.

DFSU

• 1D: -0.69%
• 1M: 3.98%
• YTD: 7.31%
• 6M: 7.39%
• 1Y: 23.54%
• 3Y*: 20.21%
• 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)

DFSU vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFSU Dimensional US Sustainability Core 1 ETF	7.31%	15.65%	22.96%	26.27%	0.65%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	-3.48%

Correlation

The correlation between DFSU and USL is -0.32, 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	-0.32
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Nov 3, 2022	0.04

The correlation between DFSU and USL shifts across timeframes, from -0.32 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

DFSU vs. USL - Sectors Allocation Comparison

Sectors	DFSU	USL
Technology	28.7%	-
Financial Services	16.7%	4.5%
Industrials	12.1%	-
Consumer Cyclical	12.0%	-
Communication Services	10.4%	-
Healthcare	10.2%	-
Consumer Defensive	4.3%	-
Basic Materials	2.3%	-
Energy	2.0%	-
Utilities	1.0%	-
Real Estate	0.3%	-

Return for Risk

DFSU vs. USL — Risk / Return Rank

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

DFSU

DFSU Risk / Return Rank: 52
DFSU Sharpe Ratio Rank: 53
DFSU Sortino Ratio Rank: 53
DFSU Omega Ratio Rank: 52
DFSU Calmar Ratio Rank: 47
DFSU Martin Ratio Rank: 58

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.

DFSU vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Sustainability Core 1 ETF (DFSU) 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.

	DFSU	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.04	-0.22
Sortino ratio: Return per unit of downside risk	2.57	2.58	-0.01
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.34	3.47	-1.13
Martin ratio: Return relative to average drawdown	10.16	7.02	+3.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFSU vs. USL - Sharpe Ratio Comparison

The current DFSU Sharpe Ratio is 1.82, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of DFSU 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

	DFSU	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	2.04	-0.22
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	1.26	0.01	+1.25

Drawdowns

DFSU vs. USL - Drawdown Comparison

The maximum DFSU drawdown since its inception was -19.88%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for DFSU and USL.

Drawdown Indicators

	DFSU	USL	Difference
Max Drawdown Largest peak-to-trough decline	-19.88%	-89.06%	+69.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.12%	-16.76%	+6.64%
Max Drawdown (3Y) Largest decline over 3 years	-19.88%	-23.33%	+3.45%
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	-0.69%	-38.16%	+37.47%
Average Drawdown Average peak-to-trough decline	-2.66%	-61.46%	+58.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	8.27%	-5.95%

Volatility

DFSU vs. USL - Volatility Comparison

The current volatility for Dimensional US Sustainability Core 1 ETF (DFSU) is 3.02%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that DFSU 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

	DFSU	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	10.53%	-7.51%
Volatility (6M) Calculated over the trailing 6-month period	9.67%	23.33%	-13.66%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	28.54%	-15.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	30.08%	-13.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	32.35%	-16.10%

DFSU vs. USL - Expense Ratio Comparison

DFSU has a 0.18% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

DFSU vs. USL - Dividend Comparison

DFSU's dividend yield for the trailing twelve months is around 0.83%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
DFSU Dimensional US Sustainability Core 1 ETF	0.83%	0.85%	0.96%	1.03%	0.21%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFSU and USL in my portfolio?

DFSU and USL have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSU or USL?

USL has higher volatility (10.53%) compared to DFSU (3.02%). In terms of maximum drawdown, DFSU dropped -19.88% vs USL's -89.06%.

Which ETF is better, DFSU or USL?

On 3-year performance, DFSU leads with 20.21% vs 18.42% for USL. On fees, DFSU is cheaper at 0.18% per year. On volatility, DFSU has been the lower-risk option at 3.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSU or USL?

Over the 3-year period, DFSU has performed better with a 20.21% return vs 18.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSU or USL?

DFSU is cheaper with a 0.18% expense ratio, compared with 0.88% for USL.

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

DFSU has the higher dividend yield at 0.83%, compared with 0.00% for USL.

What is the main difference between DFSU and USL?

DFSU 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: 0.18% for DFSU and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.82), 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.