FDN vs. USL

Last updated Jun 5, 2026

FDN (First Trust Dow Jones Internet Index) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FDN is a Large Cap Growth Equities fund tracking the Dow Jones Internet 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, FDN returned 14.33%/yr vs 10.57%/yr for USL. At a 0.22 correlation, their price movements are largely independent. FDN charges 0.52%/yr vs 0.88%/yr for USL.

Performance

FDN vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dow Jones Internet Index (FDN) 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, FDN achieves a 4.35% return, which is significantly lower than USL's 60.58% return. Over the past 10 years, FDN has outperformed USL with an annualized return of 14.33%, while USL has yielded a comparatively lower 10.57% annualized return.

FDN

• 1D: 0.16%
• 1M: 4.90%
• YTD: 4.35%
• 6M: 3.44%
• 1Y: 9.38%
• 3Y*: 20.62%
• 5Y*: 4.28%
• 10Y*: 14.33%

USL

• 1D: -1.53%
• 1M: -1.98%
• YTD: 60.58%
• 6M: 56.11%
• 1Y: 56.55%
• 3Y*: 17.93%
• 5Y*: 17.05%
• 10Y*: 10.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FDN vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDN First Trust Dow Jones Internet Index	4.35%	10.70%	30.35%	51.48%	-45.54%	6.55%	52.55%	19.25%	6.17%	37.64%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between FDN and USL is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007	0.22

The correlation between FDN and USL shifts across timeframes, from -0.20 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

FDN vs. USL - Sectors Allocation Comparison

Sectors	FDN	USL
Technology	37.7%	-
Communication Services	29.7%	-
Consumer Cyclical	27.7%	-
Financial Services	2.4%	4.5%
Industrials	1.4%	-
Healthcare	1.1%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FDN vs. USL — Risk / Return Rank

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

FDN

FDN Risk / Return Rank: 16
FDN Sharpe Ratio Rank: 17
FDN Sortino Ratio Rank: 17
FDN Omega Ratio Rank: 17
FDN Calmar Ratio Rank: 15
FDN Martin Ratio Rank: 15

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 60
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.

FDN vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dow Jones Internet Index (FDN) 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.

	FDN	USL	Difference
Sharpe ratio: Return per unit of total volatility	0.50	1.99	-1.49
Sortino ratio: Return per unit of downside risk	0.78	2.53	-1.75
Omega ratio: Gain probability vs. loss probability	1.10	1.33	-0.23
Calmar ratio: Return relative to maximum drawdown	0.44	3.39	-2.95
Martin ratio: Return relative to average drawdown	1.13	6.85	-5.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDN vs. USL - Sharpe Ratio Comparison

The current FDN Sharpe Ratio is 0.50, which is lower than the USL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of FDN 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

	FDN	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	1.99	-1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.57	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.33	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.01	+0.54

Drawdowns

FDN vs. USL - Drawdown Comparison

The maximum FDN drawdown since its inception was -61.55%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FDN and USL.

Drawdown Indicators

	FDN	USL	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-89.06%	+27.51%
Max Drawdown (1Y) Largest decline over 1 year	-21.31%	-16.76%	-4.55%
Max Drawdown (3Y) Largest decline over 3 years	-24.98%	-23.33%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	-53.97%	-33.82%	-20.15%
Max Drawdown (10Y) Largest decline over 10 years	-53.97%	-66.02%	+12.05%
Current Drawdown Current decline from peak	-3.06%	-39.10%	+36.04%
Average Drawdown Average peak-to-trough decline	-11.82%	-61.45%	+49.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.35%	8.27%	+0.08%

Volatility

FDN vs. USL - Volatility Comparison

The current volatility for First Trust Dow Jones Internet Index (FDN) is 5.14%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.57%. This indicates that FDN 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

	FDN	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	10.57%	-5.43%
Volatility (6M) Calculated over the trailing 6-month period	14.42%	23.34%	-8.92%
Volatility (1Y) Calculated over the trailing 1-year period	19.03%	28.59%	-9.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.24%	30.09%	-2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.60%	32.34%	-6.74%

FDN vs. USL - Expense Ratio Comparison

FDN has a 0.52% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FDN vs. USL - Dividend Comparison

Neither FDN nor USL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FDN and USL in my portfolio?

FDN and USL have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDN or USL?

USL has higher volatility (10.57%) compared to FDN (5.14%). In terms of maximum drawdown, FDN dropped -61.55% vs USL's -89.06%.

Which ETF is better, FDN or USL?

On 10-year performance, FDN leads with 14.33% vs 10.57% for USL. On fees, FDN is cheaper at 0.52% per year. On volatility, FDN has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDN or USL?

Over the 10-year period, FDN has performed better with a 14.33% return vs 10.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDN or USL?

FDN is cheaper with a 0.52% expense ratio, compared with 0.88% for USL.

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

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

What is the main difference between FDN and USL?

FDN is categorized as Large Cap Growth Equities, while USL is Oil & Gas. FDN tracks Dow Jones Internet Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.52% for FDN and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (1.99 vs 0.50), 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.