ESIX vs. USL

Last updated Jun 4, 2026

ESIX (SPDR S&P SmallCap 600 ESG ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - ESIX is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 ESG Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, ESIX returned 14.39%/yr vs 18.42%/yr for USL. At a 0.08 correlation, their price movements are largely independent. ESIX charges 0.12%/yr vs 0.88%/yr for USL.

Performance

ESIX vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P SmallCap 600 ESG ETF (ESIX) 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, ESIX achieves a 10.83% return, which is significantly lower than USL's 63.07% return.

ESIX

• 1D: -1.16%
• 1M: -0.56%
• YTD: 10.83%
• 6M: 9.86%
• 1Y: 22.21%
• 3Y*: 14.39%
• 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)

ESIX vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ESIX SPDR S&P SmallCap 600 ESG ETF	10.83%	1.83%	9.66%	17.51%	-14.62%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	19.49%

Correlation

The correlation between ESIX 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 (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Jan 12, 2022	0.08

The correlation between ESIX and USL shifts across timeframes, from -0.26 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

ESIX vs. USL - Sectors Allocation Comparison

Sectors	ESIX	USL
Industrials	17.2%	-
Financial Services	17.0%	4.5%
Technology	16.6%	-
Consumer Cyclical	12.4%	-
Healthcare	10.8%	-
Real Estate	6.9%	-
Energy	6.7%	-
Basic Materials	4.4%	-
Consumer Defensive	3.0%	-
Communication Services	2.9%	-
Utilities	2.0%	-

Return for Risk

ESIX vs. USL — Risk / Return Rank

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

ESIX

ESIX Risk / Return Rank: 37
ESIX Sharpe Ratio Rank: 34
ESIX Sortino Ratio Rank: 36
ESIX Omega Ratio Rank: 32
ESIX Calmar Ratio Rank: 42
ESIX Martin Ratio Rank: 41

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.

ESIX vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P SmallCap 600 ESG ETF (ESIX) 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.

	ESIX	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.20	2.04	-0.84
Sortino ratio: Return per unit of downside risk	1.84	2.58	-0.74
Omega ratio: Gain probability vs. loss probability	1.21	1.34	-0.12
Calmar ratio: Return relative to maximum drawdown	2.08	3.47	-1.39
Martin ratio: Return relative to average drawdown	6.57	7.02	-0.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESIX vs. USL - Sharpe Ratio Comparison

The current ESIX Sharpe Ratio is 1.20, which is lower than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of ESIX 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

	ESIX	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	2.04	-0.84
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	0.24	0.01	+0.23

Drawdowns

ESIX vs. USL - Drawdown Comparison

The maximum ESIX drawdown since its inception was -27.56%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for ESIX and USL.

Drawdown Indicators

	ESIX	USL	Difference
Max Drawdown Largest peak-to-trough decline	-27.56%	-89.06%	+61.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-16.76%	+6.58%
Max Drawdown (3Y) Largest decline over 3 years	-27.56%	-23.33%	-4.23%
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	-2.42%	-38.16%	+35.74%
Average Drawdown Average peak-to-trough decline	-8.59%	-61.46%	+52.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	8.27%	-5.05%

Volatility

ESIX vs. USL - Volatility Comparison

The current volatility for SPDR S&P SmallCap 600 ESG ETF (ESIX) is 4.19%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that ESIX 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

	ESIX	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	10.53%	-6.34%
Volatility (6M) Calculated over the trailing 6-month period	12.40%	23.33%	-10.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	28.54%	-10.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.53%	30.08%	-8.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.53%	32.35%	-10.82%

ESIX vs. USL - Expense Ratio Comparison

ESIX has a 0.12% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

ESIX vs. USL - Dividend Comparison

ESIX'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
ESIX SPDR S&P SmallCap 600 ESG ETF	1.45%	1.64%	1.65%	1.69%	1.54%
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 ESIX and USL in my portfolio?

ESIX 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, ESIX or USL?

USL has higher volatility (10.53%) compared to ESIX (4.19%). In terms of maximum drawdown, ESIX dropped -27.56% vs USL's -89.06%.

Which ETF is better, ESIX or USL?

On 3-year performance, USL leads with 18.42% vs 14.39% for ESIX. On fees, ESIX is cheaper at 0.12% per year. On volatility, ESIX has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESIX or USL?

Over the 3-year period, USL has performed better with a 18.42% return vs 14.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESIX or USL?

ESIX is cheaper with a 0.12% expense ratio, compared with 0.88% for USL.

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

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

What is the main difference between ESIX and USL?

ESIX is categorized as Small Cap Blend Equities, while USL is Oil & Gas. ESIX tracks S&P SmallCap 600 ESG Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.12% for ESIX and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.20), 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.