FDG vs. USL

Last updated Jun 4, 2026

FDG (American Century Focused Dynamic Growth ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FDG is a Global Equities fund actively managed by American Century, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. FDG is actively managed, while USL is passively managed. Over the past 5 years, FDG returned 12.61%/yr vs 17.41%/yr for USL. At a 0.09 correlation, their price movements are largely independent. FDG charges 0.45%/yr vs 0.88%/yr for USL.

Performance

FDG vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Focused Dynamic Growth ETF (FDG) 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, FDG achieves a 7.52% return, which is significantly lower than USL's 63.07% return.

FDG

• 1D: -2.00%
• 1M: 3.68%
• YTD: 7.52%
• 6M: 9.17%
• 1Y: 31.12%
• 3Y*: 29.27%
• 5Y*: 12.61%
• 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)

FDG vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FDG American Century Focused Dynamic Growth ETF	7.52%	22.13%	45.89%	37.22%	-35.74%	8.52%	93.61%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	41.13%

Correlation

The correlation between FDG and USL is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 3, 2020	0.09

The correlation between FDG and USL shifts across timeframes, from -0.22 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

FDG vs. USL - Sectors Allocation Comparison

Sectors	FDG	USL
Technology	37.7%	-
Communication Services	21.5%	-
Consumer Cyclical	17.1%	-
Healthcare	13.2%	-
Industrials	5.2%	-
Financial Services	4.7%	4.5%
Energy	0.6%	-
Utilities	0.1%	-
Basic Materials	-	-
Consumer Defensive	-	-
Real Estate	-	-

Return for Risk

FDG vs. USL — Risk / Return Rank

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

FDG

FDG Risk / Return Rank: 46
FDG Sharpe Ratio Rank: 50
FDG Sortino Ratio Rank: 48
FDG Omega Ratio Rank: 47
FDG Calmar Ratio Rank: 40
FDG Martin Ratio Rank: 43

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.

FDG vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Focused Dynamic Growth ETF (FDG) 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.

	FDG	USL	Difference
Sharpe ratio Return per unit of total volatility	1.76	2.04	-0.28
Sortino ratio Return per unit of downside risk	2.37	2.58	-0.21
Omega ratio Gain probability vs. loss probability	1.30	1.34	-0.04
Calmar ratio Return relative to maximum drawdown	1.99	3.47	-1.48
Martin ratio Return relative to average drawdown	7.02	7.02	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDG vs. USL - Sharpe Ratio Comparison

The current FDG Sharpe Ratio is 1.76, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FDG 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

	FDG	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	2.04	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.58	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.01	+0.91

Drawdowns

FDG vs. USL - Drawdown Comparison

The maximum FDG drawdown since its inception was -43.69%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FDG and USL.

Drawdown Indicators

	FDG	USL	Difference
Max Drawdown Largest peak-to-trough decline	-43.69%	-89.06%	+45.37%
Max Drawdown (1Y) Largest decline over 1 year	-15.71%	-16.76%	+1.05%
Max Drawdown (3Y) Largest decline over 3 years	-26.14%	-23.33%	-2.81%
Max Drawdown (5Y) Largest decline over 5 years	-43.69%	-33.82%	-9.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-3.13%	-38.16%	+35.03%
Average Drawdown Average peak-to-trough decline	-13.43%	-61.46%	+48.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	8.27%	-3.82%

Volatility

FDG vs. USL - Volatility Comparison

The current volatility for American Century Focused Dynamic Growth ETF (FDG) is 5.18%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that FDG 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

	FDG	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	10.53%	-5.35%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	23.33%	-9.30%
Volatility (1Y) Calculated over the trailing 1-year period	17.77%	28.54%	-10.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.67%	30.08%	-5.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.90%	32.35%	-7.45%

FDG vs. USL - Expense Ratio Comparison

FDG has a 0.45% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FDG vs. USL - Dividend Comparison

Neither FDG nor USL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
FDG American Century Focused Dynamic Growth ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDG and USL in my portfolio?

FDG and USL have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDG or USL?

USL has higher volatility (10.53%) compared to FDG (5.18%). In terms of maximum drawdown, FDG dropped -43.69% vs USL's -89.06%.

Which ETF is better, FDG or USL?

On 5-year performance, USL leads with 17.41% vs 12.61% for FDG. On fees, FDG is cheaper at 0.45% per year. On volatility, FDG has been the lower-risk option at 5.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDG or USL?

Over the 5-year period, USL has performed better with a 17.41% return vs 12.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDG or USL?

FDG is cheaper with a 0.45% expense ratio, compared with 0.88% for USL.

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

FDG and USL have nearly identical dividend yields, around 0.00%.

What is the main difference between FDG and USL?

FDG is categorized as Global Equities, while USL is Oil & Gas. They also come from different issuers: American Century and Concierge Technologies. Their fees differ too: 0.45% for FDG and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.76), 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.