DFSV vs. USL

Last updated Jun 4, 2026

DFSV (Dimensional US Small Cap Value ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - DFSV 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. DFSV is actively managed, while USL is passively managed. Over the past 3 years, DFSV returned 16.87%/yr vs 18.42%/yr for USL. At a 0.17 correlation, their price movements are largely independent. DFSV charges 0.31%/yr vs 0.88%/yr for USL.

Performance

DFSV vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Small Cap Value ETF (DFSV) 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, DFSV achieves a 15.01% return, which is significantly lower than USL's 63.07% return.

DFSV

• 1D: -0.84%
• 1M: 1.32%
• YTD: 15.01%
• 6M: 14.63%
• 1Y: 33.99%
• 3Y*: 16.87%
• 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)

DFSV vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFSV Dimensional US Small Cap Value ETF	15.01%	8.59%	7.13%	19.26%	0.60%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	6.45%

Correlation

The correlation between DFSV and USL is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Feb 25, 2022	0.17

The correlation between DFSV and USL shifts across timeframes, from -0.15 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

DFSV vs. USL - Sectors Allocation Comparison

Sectors	DFSV	USL
Financial Services	27.5%	4.5%
Industrials	15.1%	-
Energy	13.6%	-
Consumer Cyclical	13.5%	-
Technology	8.1%	-
Healthcare	6.9%	-
Consumer Defensive	5.8%	-
Basic Materials	5.4%	-
Communication Services	2.6%	-
Real Estate	0.9%	-
Utilities	0.6%	-

Return for Risk

DFSV vs. USL — Risk / Return Rank

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

DFSV

DFSV Risk / Return Rank: 61
DFSV Sharpe Ratio Rank: 56
DFSV Sortino Ratio Rank: 59
DFSV Omega Ratio Rank: 55
DFSV Calmar Ratio Rank: 72
DFSV Martin Ratio Rank: 63

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.

DFSV vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Small Cap Value ETF (DFSV) 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.

	DFSV	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.04	-0.09
Sortino ratio: Return per unit of downside risk	2.84	2.58	+0.26
Omega ratio: Gain probability vs. loss probability	1.34	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	3.64	3.47	+0.17
Martin ratio: Return relative to average drawdown	11.57	7.02	+4.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFSV vs. USL - Sharpe Ratio Comparison

The current DFSV Sharpe Ratio is 1.95, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of DFSV 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

	DFSV	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.04	-0.09
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	0.53	0.01	+0.52

Drawdowns

DFSV vs. USL - Drawdown Comparison

The maximum DFSV drawdown since its inception was -28.02%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for DFSV and USL.

Drawdown Indicators

	DFSV	USL	Difference
Max Drawdown Largest peak-to-trough decline	-28.02%	-89.06%	+61.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-16.76%	+7.37%
Max Drawdown (3Y) Largest decline over 3 years	-28.02%	-23.33%	-4.69%
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	-0.84%	-38.16%	+37.32%
Average Drawdown Average peak-to-trough decline	-6.71%	-61.46%	+54.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	8.27%	-5.32%

Volatility

DFSV vs. USL - Volatility Comparison

The current volatility for Dimensional US Small Cap Value ETF (DFSV) is 3.95%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that DFSV 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

	DFSV	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	10.53%	-6.58%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	23.33%	-12.05%
Volatility (1Y) Calculated over the trailing 1-year period	17.63%	28.54%	-10.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.24%	30.08%	-7.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.24%	32.35%	-10.11%

DFSV vs. USL - Expense Ratio Comparison

DFSV has a 0.31% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

DFSV vs. USL - Dividend Comparison

DFSV's dividend yield for the trailing twelve months is around 1.42%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
DFSV Dimensional US Small Cap Value ETF	1.42%	1.53%	1.31%	1.29%	0.90%
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 DFSV and USL in my portfolio?

DFSV and USL have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSV or USL?

USL has higher volatility (10.53%) compared to DFSV (3.95%). In terms of maximum drawdown, DFSV dropped -28.02% vs USL's -89.06%.

Which ETF is better, DFSV or USL?

On 3-year performance, USL leads with 18.42% vs 16.87% for DFSV. On fees, DFSV is cheaper at 0.31% per year. On volatility, DFSV has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSV or USL?

Over the 3-year period, USL has performed better with a 18.42% return vs 16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSV or USL?

DFSV is cheaper with a 0.31% expense ratio, compared with 0.88% for USL.

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

DFSV has the higher dividend yield at 1.42%, compared with 0.00% for USL.

What is the main difference between DFSV and USL?

DFSV 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: 0.31% for DFSV and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.95), 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.