FELV vs. USL

Last updated Jun 4, 2026

FELV (Fidelity Enhanced Large Cap Value ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FELV is a Large Cap Value Equities fund actively managed by Fidelity, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. FELV is actively managed, while USL is passively managed. Over the past year, FELV returned 29.77% vs 57.86% for USL. At a correlation of -0.04, they often move in opposite directions. FELV charges 0.18%/yr vs 0.88%/yr for USL.

Performance

FELV vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Large Cap Value ETF (FELV) 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, FELV achieves a 14.72% return, which is significantly lower than USL's 63.07% return.

FELV

• 1D: 0.10%
• 1M: 4.99%
• YTD: 14.72%
• 6M: 15.52%
• 1Y: 29.77%
• 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)

FELV vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELV Fidelity Enhanced Large Cap Value ETF	14.72%	15.80%	15.89%	7.19%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-6.58%

Correlation

The correlation between FELV and USL is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	-0.04

The correlation between FELV and USL shifts across timeframes, from -0.24 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

FELV vs. USL - Sectors Allocation Comparison

Sectors	FELV	USL
Technology	19.8%	-
Financial Services	18.4%	4.5%
Industrials	12.5%	-
Healthcare	10.1%	-
Communication Services	8.2%	-
Consumer Cyclical	7.1%	-
Energy	5.8%	-
Consumer Defensive	4.8%	-
Basic Materials	3.8%	-
Utilities	3.4%	-
Real Estate	3.3%	-

Return for Risk

FELV vs. USL — Risk / Return Rank

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

FELV

FELV Risk / Return Rank: 84
FELV Sharpe Ratio Rank: 84
FELV Sortino Ratio Rank: 86
FELV Omega Ratio Rank: 83
FELV Calmar Ratio Rank: 82
FELV Martin Ratio Rank: 87

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.

FELV vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Value ETF (FELV) 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.

	FELV	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.79	2.04	+0.75
Sortino ratio: Return per unit of downside risk	3.93	2.58	+1.35
Omega ratio: Gain probability vs. loss probability	1.51	1.34	+0.17
Calmar ratio: Return relative to maximum drawdown	4.36	3.47	+0.90
Martin ratio: Return relative to average drawdown	18.85	7.02	+11.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FELV vs. USL - Sharpe Ratio Comparison

The current FELV Sharpe Ratio is 2.79, which is higher than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FELV 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

	FELV	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	2.04	+0.75
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	1.65	0.01	+1.64

Drawdowns

FELV vs. USL - Drawdown Comparison

The maximum FELV drawdown since its inception was -16.08%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FELV and USL.

Drawdown Indicators

	FELV	USL	Difference
Max Drawdown Largest peak-to-trough decline	-16.08%	-89.06%	+72.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.85%	-16.76%	+9.91%
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	0.00%	-38.16%	+38.16%
Average Drawdown Average peak-to-trough decline	-2.07%	-61.46%	+59.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	8.27%	-6.69%

Volatility

FELV vs. USL - Volatility Comparison

The current volatility for Fidelity Enhanced Large Cap Value ETF (FELV) is 2.79%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that FELV 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

	FELV	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	10.53%	-7.74%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	23.33%	-15.45%
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	28.54%	-17.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.40%	30.08%	-16.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.40%	32.35%	-18.95%

FELV vs. USL - Expense Ratio Comparison

FELV has a 0.18% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FELV vs. USL - Dividend Comparison

FELV's dividend yield for the trailing twelve months is around 1.51%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FELV Fidelity Enhanced Large Cap Value ETF	1.51%	1.67%	2.02%	0.04%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FELV and USL in my portfolio?

FELV and USL have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FELV or USL?

USL has higher volatility (10.53%) compared to FELV (2.79%). In terms of maximum drawdown, FELV dropped -16.08% vs USL's -89.06%.

Which ETF is better, FELV or USL?

On 1-year performance, USL leads with 57.86% vs 29.77% for FELV. On fees, FELV is cheaper at 0.18% per year. On volatility, FELV has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELV or USL?

Over the 1-year period, USL has performed better with a 57.86% return vs 29.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELV or USL?

FELV is cheaper with a 0.18% expense ratio, compared with 0.88% for USL.

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

FELV has the higher dividend yield at 1.51%, compared with 0.00% for USL.

What is the main difference between FELV and USL?

FELV is categorized as Large Cap Value Equities, while USL is Oil & Gas. They also come from different issuers: Fidelity and Concierge Technologies. Their fees differ too: 0.18% for FELV and 0.88% for USL.

Which has better risk-adjusted returns?

FELV currently has the higher Sharpe Ratio (2.79 vs 2.04), 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.