FFND vs. USL

Last updated Jun 4, 2026

FFND (The Future Fund Active ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FFND is a Large Cap Growth Equities fund actively managed by The Future Fund, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. FFND is actively managed, while USL is passively managed. Over the past 3 years, FFND returned 21.85%/yr vs 18.42%/yr for USL. At a 0.09 correlation, their price movements are largely independent. FFND charges 1.00%/yr vs 0.88%/yr for USL.

Performance

FFND vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Future Fund Active ETF (FFND) 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, FFND achieves a 6.70% return, which is significantly lower than USL's 63.07% return.

FFND

• 1D: -1.07%
• 1M: 2.89%
• YTD: 6.70%
• 6M: 6.37%
• 1Y: 21.25%
• 3Y*: 21.85%
• 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)

FFND vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FFND The Future Fund Active ETF	6.70%	19.38%	24.05%	40.05%	-39.84%	-4.81%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	13.95%

Correlation

The correlation between FFND and USL is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Aug 25, 2021	0.09

The correlation between FFND and USL shifts across timeframes, from -0.30 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

FFND vs. USL - Sectors Allocation Comparison

Sectors	FFND	USL
Technology	26.1%	-
Industrials	14.2%	-
Financial Services	13.7%	4.5%
Consumer Cyclical	12.7%	-
Healthcare	11.0%	-
Communication Services	10.9%	-
Consumer Defensive	4.4%	-
Utilities	2.0%	-
Basic Materials	1.7%	-
Energy	1.7%	-
Real Estate	1.5%	-

Return for Risk

FFND vs. USL — Risk / Return Rank

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

FFND

FFND Risk / Return Rank: 47
FFND Sharpe Ratio Rank: 47
FFND Sortino Ratio Rank: 48
FFND Omega Ratio Rank: 48
FFND Calmar Ratio Rank: 41
FFND Martin Ratio Rank: 52

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.

FFND vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Future Fund Active ETF (FFND) 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.

	FFND	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.04	-0.38
Sortino ratio: Return per unit of downside risk	2.39	2.58	-0.19
Omega ratio: Gain probability vs. loss probability	1.30	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	2.03	3.47	-1.44
Martin ratio: Return relative to average drawdown	8.89	7.02	+1.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFND vs. USL - Sharpe Ratio Comparison

The current FFND Sharpe Ratio is 1.66, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FFND 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

	FFND	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	2.04	-0.38
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	0.20	0.01	+0.19

Drawdowns

FFND vs. USL - Drawdown Comparison

The maximum FFND drawdown since its inception was -47.84%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FFND and USL.

Drawdown Indicators

	FFND	USL	Difference
Max Drawdown Largest peak-to-trough decline	-47.84%	-89.06%	+41.22%
Max Drawdown (1Y) Largest decline over 1 year	-10.53%	-16.76%	+6.23%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-23.33%	+4.43%
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	-1.07%	-38.16%	+37.09%
Average Drawdown Average peak-to-trough decline	-18.79%	-61.46%	+42.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	8.27%	-5.87%

Volatility

FFND vs. USL - Volatility Comparison

The current volatility for The Future Fund Active ETF (FFND) is 3.78%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that FFND 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

	FFND	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	10.53%	-6.75%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	23.33%	-13.13%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	28.54%	-15.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.04%	30.08%	-5.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.04%	32.35%	-7.31%

FFND vs. USL - Expense Ratio Comparison

FFND has a 1.00% expense ratio, which is higher than USL's 0.88% expense ratio.

Dividends

FFND vs. USL - Dividend Comparison

FFND's dividend yield for the trailing twelve months is around 0.61%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FFND The Future Fund Active ETF	0.61%	0.65%	0.00%	0.00%	0.00%	0.03%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFND and USL in my portfolio?

FFND and USL have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFND or USL?

USL has higher volatility (10.53%) compared to FFND (3.78%). In terms of maximum drawdown, FFND dropped -47.84% vs USL's -89.06%.

Which ETF is better, FFND or USL?

On 3-year performance, FFND leads with 21.85% vs 18.42% for USL. On fees, USL is cheaper at 0.88% per year. On volatility, FFND has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFND or USL?

Over the 3-year period, FFND has performed better with a 21.85% return vs 18.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFND or USL?

USL is cheaper with a 0.88% expense ratio, compared with 1.00% for FFND.

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

FFND has the higher dividend yield at 0.61%, compared with 0.00% for USL.

What is the main difference between FFND and USL?

FFND is categorized as Large Cap Growth Equities, while USL is Oil & Gas. They also come from different issuers: The Future Fund and Concierge Technologies. Their fees differ too: 1.00% for FFND and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.66), 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.