DGRO vs. USL

Last updated Jun 4, 2026

DGRO (iShares Core Dividend Growth ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, DGRO returned 13.30%/yr vs 10.91%/yr for USL. At a 0.24 correlation, their price movements are largely independent. DGRO charges 0.08%/yr vs 0.88%/yr for USL.

Performance

DGRO vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Dividend Growth ETF (DGRO) 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, DGRO achieves a 8.76% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, DGRO has outperformed USL with an annualized return of 13.30%, while USL has yielded a comparatively lower 10.91% annualized return.

DGRO

• 1D: -0.28%
• 1M: 3.14%
• YTD: 8.76%
• 6M: 8.75%
• 1Y: 22.54%
• 3Y*: 16.99%
• 5Y*: 10.54%
• 10Y*: 13.30%

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)

DGRO vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGRO iShares Core Dividend Growth ETF	8.76%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between DGRO 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	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.24

The correlation between DGRO and USL shifts across timeframes, from -0.19 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

DGRO vs. USL - Sectors Allocation Comparison

Sectors	DGRO	USL
Financial Services	21.2%	4.5%
Technology	19.4%	-
Healthcare	16.4%	-
Consumer Defensive	11.5%	-
Industrials	10.8%	-
Utilities	6.9%	-
Consumer Cyclical	5.7%	-
Energy	5.6%	-
Basic Materials	2.5%	-
Communication Services	0.1%	-
Real Estate	-	-

Return for Risk

DGRO vs. USL — Risk / Return Rank

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

DGRO

DGRO Risk / Return Rank: 71
DGRO Sharpe Ratio Rank: 71
DGRO Sortino Ratio Rank: 76
DGRO Omega Ratio Rank: 70
DGRO Calmar Ratio Rank: 69
DGRO Martin Ratio Rank: 71

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.

DGRO vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Dividend Growth ETF (DGRO) 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.

	DGRO	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.04	+0.35
Sortino ratio: Return per unit of downside risk	3.49	2.58	+0.91
Omega ratio: Gain probability vs. loss probability	1.43	1.34	+0.10
Calmar ratio: Return relative to maximum drawdown	3.50	3.47	+0.03
Martin ratio: Return relative to average drawdown	13.52	7.02	+6.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGRO vs. USL - Sharpe Ratio Comparison

The current DGRO Sharpe Ratio is 2.39, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of DGRO 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

	DGRO	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.04	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.58	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.34	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.01	+0.75

Drawdowns

DGRO vs. USL - Drawdown Comparison

The maximum DGRO drawdown since its inception was -35.10%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for DGRO and USL.

Drawdown Indicators

	DGRO	USL	Difference
Max Drawdown Largest peak-to-trough decline	-35.10%	-89.06%	+53.96%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-16.76%	+10.29%
Max Drawdown (3Y) Largest decline over 3 years	-14.03%	-23.33%	+9.30%
Max Drawdown (5Y) Largest decline over 5 years	-19.31%	-33.82%	+14.51%
Max Drawdown (10Y) Largest decline over 10 years	-35.10%	-66.02%	+30.92%
Current Drawdown Current decline from peak	-0.28%	-38.16%	+37.88%
Average Drawdown Average peak-to-trough decline	-3.44%	-61.46%	+58.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	8.27%	-6.60%

Volatility

DGRO vs. USL - Volatility Comparison

The current volatility for iShares Core Dividend Growth ETF (DGRO) is 2.21%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that DGRO 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

	DGRO	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	10.53%	-8.32%
Volatility (6M) Calculated over the trailing 6-month period	6.91%	23.33%	-16.42%
Volatility (1Y) Calculated over the trailing 1-year period	9.48%	28.54%	-19.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.82%	30.08%	-16.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.62%	32.35%	-15.73%

DGRO vs. USL - Expense Ratio Comparison

DGRO has a 0.08% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

DGRO vs. USL - Dividend Comparison

DGRO's dividend yield for the trailing twelve months is around 1.96%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.96%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
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 DGRO and USL in my portfolio?

DGRO 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, DGRO or USL?

USL has higher volatility (10.53%) compared to DGRO (2.21%). In terms of maximum drawdown, DGRO dropped -35.10% vs USL's -89.06%.

Which ETF is better, DGRO or USL?

On 10-year performance, DGRO leads with 13.30% vs 10.91% for USL. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGRO or USL?

Over the 10-year period, DGRO has performed better with a 13.30% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGRO or USL?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.88% for USL.

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

DGRO has the higher dividend yield at 1.96%, compared with 0.00% for USL.

What is the main difference between DGRO and USL?

DGRO is categorized as Large Cap Growth Equities, while USL is Oil & Gas. DGRO tracks Morningstar US Dividend Growth Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.08% for DGRO and 0.88% for USL.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.39 vs 2.04), 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.