FDFF vs. USL

Last updated Jun 4, 2026

FDFF (Fidelity Disruptive Finance ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FDFF is a Financials Equities fund actively managed by Fidelity, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. FDFF is actively managed, while USL is passively managed. Over the past year, FDFF returned -13.28% vs 57.86% for USL. At a correlation of -0.05, they often move in opposite directions. FDFF charges 0.50%/yr vs 0.88%/yr for USL.

Performance

FDFF vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Disruptive Finance ETF (FDFF) 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, FDFF achieves a -9.77% return, which is significantly lower than USL's 63.07% return.

FDFF

• 1D: -2.74%
• 1M: -4.96%
• YTD: -9.77%
• 6M: -7.73%
• 1Y: -13.28%
• 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)

FDFF vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FDFF Fidelity Disruptive Finance ETF	-9.77%	-2.75%	27.86%	15.99%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	13.51%

Correlation

The correlation between FDFF and USL is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since Jun 13, 2023	-0.05

Over the past year, the inverse relationship between FDFF and USL has strengthened: their correlation has moved from -0.05 to -0.25, meaning they now move in opposite directions more often than their long-term average.

FDFF vs. USL - Sectors Allocation Comparison

Sectors	FDFF	USL
Financial Services	74.7%	4.5%
Technology	19.1%	-
Industrials	3.4%	-
Real Estate	0.8%	-
Consumer Cyclical	0.8%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

FDFF vs. USL — Risk / Return Rank

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

FDFF

FDFF Risk / Return Rank: 3
FDFF Sharpe Ratio Rank: 3
FDFF Sortino Ratio Rank: 3
FDFF Omega Ratio Rank: 3
FDFF Calmar Ratio Rank: 4
FDFF Martin Ratio Rank: 3

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.

FDFF vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Disruptive Finance ETF (FDFF) 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.

	FDFF	USL	Difference
Sharpe ratio Return per unit of total volatility	-0.73	2.04	-2.77
Sortino ratio Return per unit of downside risk	-0.92	2.58	-3.50
Omega ratio Gain probability vs. loss probability	0.89	1.34	-0.45
Calmar ratio Return relative to maximum drawdown	-0.60	3.47	-4.07
Martin ratio Return relative to average drawdown	-1.23	7.02	-8.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDFF vs. USL - Sharpe Ratio Comparison

The current FDFF Sharpe Ratio is -0.73, which is lower than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FDFF 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

	FDFF	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.73	2.04	-2.77
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	0.49	0.01	+0.48

Drawdowns

FDFF vs. USL - Drawdown Comparison

The maximum FDFF drawdown since its inception was -23.06%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FDFF and USL.

Drawdown Indicators

	FDFF	USL	Difference
Max Drawdown Largest peak-to-trough decline	-23.06%	-89.06%	+66.00%
Max Drawdown (1Y) Largest decline over 1 year	-22.31%	-16.76%	-5.55%
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	-18.05%	-38.16%	+20.11%
Average Drawdown Average peak-to-trough decline	-6.32%	-61.46%	+55.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.82%	8.27%	+2.55%

Volatility

FDFF vs. USL - Volatility Comparison

The current volatility for Fidelity Disruptive Finance ETF (FDFF) is 4.48%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that FDFF 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

	FDFF	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	10.53%	-6.05%
Volatility (6M) Calculated over the trailing 6-month period	14.18%	23.33%	-9.15%
Volatility (1Y) Calculated over the trailing 1-year period	18.21%	28.54%	-10.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.02%	30.08%	-11.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.02%	32.35%	-13.33%

FDFF vs. USL - Expense Ratio Comparison

FDFF has a 0.50% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FDFF vs. USL - Dividend Comparison

FDFF's dividend yield for the trailing twelve months is around 1.01%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FDFF Fidelity Disruptive Finance ETF	1.01%	0.86%	0.70%	0.27%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDFF and USL in my portfolio?

FDFF and USL have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDFF or USL?

USL has higher volatility (10.53%) compared to FDFF (4.48%). In terms of maximum drawdown, FDFF dropped -23.06% vs USL's -89.06%.

Which ETF is better, FDFF or USL?

On 1-year performance, USL leads with 57.86% vs -13.28% for FDFF. On fees, FDFF is cheaper at 0.50% per year. On volatility, FDFF has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDFF or USL?

Over the 1-year period, USL has performed better with a 57.86% return vs -13.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDFF or USL?

FDFF is cheaper with a 0.50% expense ratio, compared with 0.88% for USL.

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

FDFF has the higher dividend yield at 1.01%, compared with 0.00% for USL.

What is the main difference between FDFF and USL?

FDFF is categorized as Financials Equities, while USL is Oil & Gas. They also come from different issuers: Fidelity and Concierge Technologies. Their fees differ too: 0.50% for FDFF and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs -0.73), 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.