FEBW vs. USL

Last updated Jun 26, 2026

FEBW (Allianzim U.S. Large Cap Buffer20 Feb ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FEBW is a Options Trading fund actively managed by Allianz, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. FEBW is actively managed, while USL is passively managed. Over the past 3 years, FEBW returned 10.63%/yr vs 12.74%/yr for USL. At a 0.01 correlation, their price movements are largely independent. FEBW charges 0.74%/yr vs 0.88%/yr for USL.

Performance

FEBW vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) 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, FEBW achieves a 4.05% return, which is significantly lower than USL's 38.59% return.

FEBW

• 1D: 0.06%
• 1M: -0.29%
• YTD: 4.05%
• 6M: 4.05%
• 1Y: 11.51%
• 3Y*: 10.63%
• 5Y*: —
• 10Y*: —

USL

• 1D: 2.34%
• 1M: -12.16%
• YTD: 38.59%
• 6M: 36.57%
• 1Y: 31.59%
• 3Y*: 12.74%
• 5Y*: 12.35%
• 10Y*: 9.47%

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

FEBW vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FEBW Allianzim U.S. Large Cap Buffer20 Feb ETF	4.05%	9.63%	11.37%	11.26%
USL United States 12 Month Oil Fund LP	38.59%	-12.37%	8.30%	-0.18%

Correlation

The correlation between FEBW 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 (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.01

The correlation between FEBW and USL shifts across timeframes, from -0.25 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FEBW vs. USL — Risk / Return Rank

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

FEBW

FEBW Risk / Return Rank: 82
FEBW Sharpe Ratio Rank: 85
FEBW Sortino Ratio Rank: 88
FEBW Omega Ratio Rank: 89
FEBW Calmar Ratio Rank: 66
FEBW Martin Ratio Rank: 83

USL

USL Risk / Return Rank: 33
USL Sharpe Ratio Rank: 34
USL Sortino Ratio Rank: 33
USL Omega Ratio Rank: 32
USL Calmar Ratio Rank: 35
USL Martin Ratio Rank: 31

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.

FEBW vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FEBW	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.12	+1.28
Sortino ratio: Return per unit of downside risk	3.48	1.61	+1.87
Omega ratio: Gain probability vs. loss probability	1.49	1.20	+0.29
Calmar ratio: Return relative to maximum drawdown	2.89	1.57	+1.32
Martin ratio: Return relative to average drawdown	14.82	4.03	+10.79

FEBW vs. USL - Sharpe Ratio Comparison

The current FEBW Sharpe Ratio is 2.40, which is higher than the USL Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of FEBW 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.

Drawdowns

FEBW vs. USL - Drawdown Comparison

The maximum FEBW drawdown since its inception was -8.82%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FEBW and USL.

Drawdown Indicators

	FEBW	USL	Difference
Max Drawdown Largest peak-to-trough decline	-8.82%	-89.06%	+80.24%
Max Drawdown (1Y) Largest decline over 1 year	-4.00%	-20.18%	+16.18%
Max Drawdown (3Y) Largest decline over 3 years	-8.82%	-23.33%	+14.51%
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	-0.67%	-47.44%	+46.77%
Average Drawdown Average peak-to-trough decline	-0.67%	-61.38%	+60.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	7.87%	-7.09%

Volatility

FEBW vs. USL - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) is 1.43%, while United States 12 Month Oil Fund LP (USL) has a volatility of 8.99%. This indicates that FEBW 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

	FEBW	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	8.99%	-7.56%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	24.46%	-20.47%
Volatility (1Y) Calculated over the trailing 1-year period	4.82%	28.36%	-23.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.29%	30.29%	-24.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.29%	32.34%	-26.05%

FEBW vs. USL - Expense Ratio Comparison

FEBW has a 0.74% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FEBW vs. USL - Dividend Comparison

Neither FEBW nor USL has paid dividends to shareholders.

Position	TTM	2025	2024
FEBW Allianzim U.S. Large Cap Buffer20 Feb ETF	0.00%	0.00%	0.14%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEBW and USL in my portfolio?

FEBW 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, FEBW or USL?

USL has higher volatility (8.99%) compared to FEBW (1.43%). In terms of maximum drawdown, FEBW dropped -8.82% vs USL's -89.06%.

Which ETF is better, FEBW or USL?

On 3-year performance, USL leads with 12.74% vs 10.63% for FEBW. On fees, FEBW is cheaper at 0.74% per year. On volatility, FEBW has been the lower-risk option at 1.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEBW or USL?

Over the 3-year period, USL has performed better with a 12.74% return vs 10.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBW or USL?

FEBW is cheaper with a 0.74% expense ratio, compared with 0.88% for USL.

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

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

What is the main difference between FEBW and USL?

FEBW is categorized as Options Trading, while USL is Oil & Gas. They also come from different issuers: Allianz and Concierge Technologies. Their fees differ too: 0.74% for FEBW and 0.88% for USL.

Which has better risk-adjusted returns?

FEBW currently has the higher Sharpe Ratio (2.40 vs 1.12), 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.