FDNI vs. USL

Last updated Jun 5, 2026

FDNI (First Trust Dow Jones International Internet ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FDNI is a Large Cap Growth Equities fund tracking the Dow Jones International Internet Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, FDNI returned -8.65%/yr vs 17.05%/yr for USL. At a 0.14 correlation, their price movements are largely independent. FDNI charges 0.65%/yr vs 0.88%/yr for USL.

Performance

FDNI vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dow Jones International Internet ETF (FDNI) 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, FDNI achieves a -17.83% return, which is significantly lower than USL's 60.58% return.

FDNI

• 1D: 0.40%
• 1M: 1.13%
• YTD: -17.83%
• 6M: -18.05%
• 1Y: -13.86%
• 3Y*: 8.13%
• 5Y*: -8.65%
• 10Y*: —

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)

FDNI vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FDNI First Trust Dow Jones International Internet ETF	-17.83%	25.64%	22.46%	1.78%	-38.38%	-20.59%	85.27%	38.38%	-8.95%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-24.25%

Correlation

The correlation between FDNI and USL is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Nov 8, 2018	0.14

The correlation between FDNI and USL shifts across timeframes, from -0.23 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

FDNI vs. USL - Sectors Allocation Comparison

Sectors	FDNI	USL
Consumer Cyclical	43.5%	-
Communication Services	34.7%	-
Technology	17.2%	-
Financial Services	3.9%	4.5%
Real Estate	0.7%	-
Healthcare	0.7%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

FDNI vs. USL — Risk / Return Rank

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

FDNI

FDNI Risk / Return Rank: 5
FDNI Sharpe Ratio Rank: 4
FDNI Sortino Ratio Rank: 4
FDNI Omega Ratio Rank: 4
FDNI Calmar Ratio Rank: 5
FDNI Martin Ratio Rank: 5

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.

FDNI vs. USL - Risk-Adjusted Trends Comparison

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

	FDNI	USL	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	1.99	-2.57
Sortino ratio: Return per unit of downside risk	-0.69	2.53	-3.23
Omega ratio: Gain probability vs. loss probability	0.92	1.33	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.42	3.39	-3.81
Martin ratio: Return relative to average drawdown	-0.80	6.85	-7.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDNI vs. USL - Sharpe Ratio Comparison

The current FDNI Sharpe Ratio is -0.58, which is lower than the USL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of FDNI 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

	FDNI	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	1.99	-2.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.24	0.57	-0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.01	+0.14

Drawdowns

FDNI vs. USL - Drawdown Comparison

The maximum FDNI drawdown since its inception was -71.08%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FDNI and USL.

Drawdown Indicators

	FDNI	USL	Difference
Max Drawdown Largest peak-to-trough decline	-71.08%	-89.06%	+17.98%
Max Drawdown (1Y) Largest decline over 1 year	-33.22%	-16.76%	-16.46%
Max Drawdown (3Y) Largest decline over 3 years	-33.22%	-23.33%	-9.89%
Max Drawdown (5Y) Largest decline over 5 years	-65.86%	-33.82%	-32.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-49.17%	-39.10%	-10.07%
Average Drawdown Average peak-to-trough decline	-34.56%	-61.45%	+26.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.37%	8.27%	+9.10%

Volatility

FDNI vs. USL - Volatility Comparison

The current volatility for First Trust Dow Jones International Internet ETF (FDNI) is 7.77%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.57%. This indicates that FDNI 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

	FDNI	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	10.57%	-2.80%
Volatility (6M) Calculated over the trailing 6-month period	18.80%	23.34%	-4.54%
Volatility (1Y) Calculated over the trailing 1-year period	23.95%	28.59%	-4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.62%	30.09%	+6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.56%	32.34%	+2.22%

FDNI vs. USL - Expense Ratio Comparison

FDNI has a 0.65% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FDNI vs. USL - Dividend Comparison

FDNI's dividend yield for the trailing twelve months is around 1.36%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDNI First Trust Dow Jones International Internet ETF	1.36%	1.12%	1.07%	0.40%	0.00%	0.00%	0.16%	3.12%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDNI and USL in my portfolio?

FDNI and USL have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDNI or USL?

USL has higher volatility (10.57%) compared to FDNI (7.77%). In terms of maximum drawdown, FDNI dropped -71.08% vs USL's -89.06%.

Which ETF is better, FDNI or USL?

On 5-year performance, USL leads with 17.05% vs -8.65% for FDNI. On fees, FDNI is cheaper at 0.65% per year. On volatility, FDNI has been the lower-risk option at 7.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDNI or USL?

Over the 5-year period, USL has performed better with a 17.05% return vs -8.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDNI or USL?

FDNI is cheaper with a 0.65% expense ratio, compared with 0.88% for USL.

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

FDNI has the higher dividend yield at 1.36%, compared with 0.00% for USL.

What is the main difference between FDNI and USL?

FDNI is categorized as Large Cap Growth Equities, while USL is Oil & Gas. FDNI tracks Dow Jones International 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: 0.65% for FDNI and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (1.99 vs -0.58), 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.