DSPY vs. USL

Last updated Jun 4, 2026

DSPY (Tema S&P 500 Historical Weight ETF Strategy) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - DSPY is a Large Cap Blend Equities fund actively managed by Tema, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. DSPY is actively managed, while USL is passively managed. Over the past year, DSPY returned 26.81% vs 57.86% for USL. At a correlation of -0.15, they often move in opposite directions. DSPY charges 0.18%/yr vs 0.88%/yr for USL.

Performance

DSPY vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema S&P 500 Historical Weight ETF Strategy (DSPY) 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, DSPY achieves a 12.26% return, which is significantly lower than USL's 63.07% return.

DSPY

• 1D: -0.36%
• 1M: 5.59%
• YTD: 12.26%
• 6M: 12.63%
• 1Y: 26.81%
• 3Y*: —
• 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)

DSPY vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
DSPY Tema S&P 500 Historical Weight ETF Strategy	12.26%	18.46%
USL United States 12 Month Oil Fund LP	63.07%	-12.75%

Correlation

The correlation between DSPY and USL is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	-0.15

The correlation between DSPY and USL shifts across timeframes, from -0.26 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

DSPY vs. USL - Sectors Allocation Comparison

Sectors	DSPY	USL
Technology	28.8%	-
Financial Services	14.2%	4.5%
Industrials	10.8%	-
Healthcare	10.6%	-
Consumer Cyclical	9.3%	-
Communication Services	7.7%	-
Consumer Defensive	6.4%	-
Energy	4.4%	-
Utilities	3.0%	-
Real Estate	2.5%	-
Basic Materials	2.3%	-

Return for Risk

DSPY vs. USL — Risk / Return Rank

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

DSPY

DSPY Risk / Return Rank: 75
DSPY Sharpe Ratio Rank: 75
DSPY Sortino Ratio Rank: 75
DSPY Omega Ratio Rank: 72
DSPY Calmar Ratio Rank: 72
DSPY Martin Ratio Rank: 82

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.

DSPY vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema S&P 500 Historical Weight ETF Strategy (DSPY) 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.

	DSPY	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.04	+0.37
Sortino ratio: Return per unit of downside risk	3.34	2.58	+0.76
Omega ratio: Gain probability vs. loss probability	1.43	1.34	+0.09
Calmar ratio: Return relative to maximum drawdown	3.57	3.47	+0.10
Martin ratio: Return relative to average drawdown	16.34	7.02	+9.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DSPY vs. USL - Sharpe Ratio Comparison

The current DSPY Sharpe Ratio is 2.41, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of DSPY 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

	DSPY	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.04	+0.37
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	1.68	0.01	+1.67

Drawdowns

DSPY vs. USL - Drawdown Comparison

The maximum DSPY drawdown since its inception was -12.15%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for DSPY and USL.

Drawdown Indicators

	DSPY	USL	Difference
Max Drawdown Largest peak-to-trough decline	-12.15%	-89.06%	+76.91%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-16.76%	+9.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.33%	—
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	-0.36%	-38.16%	+37.80%
Average Drawdown Average peak-to-trough decline	-1.25%	-61.46%	+60.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	8.27%	-6.63%

Volatility

DSPY vs. USL - Volatility Comparison

The current volatility for Tema S&P 500 Historical Weight ETF Strategy (DSPY) is 2.82%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that DSPY 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

	DSPY	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	10.53%	-7.71%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	23.33%	-14.81%
Volatility (1Y) Calculated over the trailing 1-year period	11.21%	28.54%	-17.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	30.08%	-13.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.53%	32.35%	-15.82%

DSPY vs. USL - Expense Ratio Comparison

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

Dividends

DSPY vs. USL - Dividend Comparison

DSPY's dividend yield for the trailing twelve months is around 0.74%, while USL has not paid dividends to shareholders.

Position	TTM	2025
DSPY Tema S&P 500 Historical Weight ETF Strategy	0.74%	0.72%
USL United States 12 Month Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both DSPY and USL in my portfolio?

DSPY and USL have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DSPY or USL?

USL has higher volatility (10.53%) compared to DSPY (2.82%). In terms of maximum drawdown, DSPY dropped -12.15% vs USL's -89.06%.

Which ETF is better, DSPY or USL?

On 1-year performance, USL leads with 57.86% vs 26.81% for DSPY. On fees, DSPY is cheaper at 0.18% per year. On volatility, DSPY has been the lower-risk option at 2.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSPY or USL?

Over the 1-year period, USL has performed better with a 57.86% return vs 26.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSPY or USL?

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

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

DSPY has the higher dividend yield at 0.74%, compared with 0.00% for USL.

What is the main difference between DSPY and USL?

DSPY is categorized as Large Cap Blend Equities, while USL is Oil & Gas. They also come from different issuers: Tema and Concierge Technologies. Their fees differ too: 0.18% for DSPY and 0.88% for USL.

Which has better risk-adjusted returns?

DSPY currently has the higher Sharpe Ratio (2.41 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.