FFOX vs. USL

Last updated Aug 4, 2026

FFOX (FundX Future Fund Opportunities ETF) and USL (United States 12 Month Oil Fund, LP) are both exchange-traded funds - FFOX is a Mid Cap Growth Equities fund actively managed by FundX, while USL is a Oil & Gas fund tracking the Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts. FFOX is actively managed, while USL is passively managed. Over the past year, FFOX returned 17.46% vs 32.44% for USL. Their -0.33 correlation means they have often moved in opposite directions in the past. Both charge a 1.02% expense ratio.

Performance

FFOX vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FundX Future Fund Opportunities ETF (FFOX) 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, FFOX achieves a 8.87% return, which is significantly lower than USL's 45.48% return.

FFOX

• 1D: 2.27%
• 1M: -2.02%
• 6M: 5.10%
• YTD: 8.87%
• 1Y: 17.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.29%

USL

• 1D: -3.31%
• 1M: 7.79%
• 6M: 36.77%
• YTD: 45.48%
• 1Y: 32.44%
• 3Y*: 8.87%
• 5Y*: 14.75%
• 10Y*: 10.99%
• ALL TIME*: -0.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FFOX FundX Future Fund Opportunities ETF	$395.01K	$437.64K	$512.79K
USL United States 12 Month Oil Fund, LP	$622.21K	$683.63K	$1.11M

FFOX vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
FFOX FundX Future Fund Opportunities ETF	8.87%	10.29%
USL United States 12 Month Oil Fund, LP	45.48%	-5.00%

Correlation

The correlation between FFOX and USL is -0.34, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.34
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	-0.33

Return for Risk

FFOX vs. USL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FFOX

FFOX Risk / Return Rank: 37
FFOX Sharpe Ratio Rank: 36
FFOX Sortino Ratio Rank: 37
FFOX Omega Ratio Rank: 34
FFOX Calmar Ratio Rank: 37
FFOX Martin Ratio Rank: 42

USL

USL Risk / Return Rank: 41
USL Sharpe Ratio Rank: 42
USL Sortino Ratio Rank: 42
USL Omega Ratio Rank: 40
USL Calmar Ratio Rank: 43
USL Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FFOX vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FundX Future Fund Opportunities ETF (FFOX) 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.

	FFOX	USL	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.09	-0.11
Sortino ratio: Return per unit of downside risk	1.51	1.60	-0.09
Omega ratio: Gain probability vs. loss probability	1.17	1.20	-0.02
Calmar ratio: Return relative to maximum drawdown	1.41	1.56	-0.15
Martin ratio: Return relative to average drawdown	5.01	4.30	+0.71

FFOX vs. USL - Sharpe Ratio Comparison

The current FFOX Sharpe Ratio is 0.98, which is comparable to the USL Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of FFOX 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

FFOX vs. USL - Drawdown Comparison

The maximum FFOX drawdown since its inception was -12.41%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FFOX and USL.

Drawdown Indicators

	FFOX	USL	Difference
Max Drawdown Largest peak-to-trough decline	-12.41%	-89.06%	+76.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-20.91%	+8.50%
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	-2.85%	-44.83%	+41.98%
Average Drawdown Average peak-to-trough decline	-2.31%	-61.29%	+58.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	7.57%	-4.08%

Volatility

FFOX vs. USL - Volatility Comparison

The current volatility for FundX Future Fund Opportunities ETF (FFOX) is 4.88%, while United States 12 Month Oil Fund, LP (USL) has a volatility of 11.15%. This indicates that FFOX 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

	FFOX	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	11.15%	-6.27%
Volatility (6M) Calculated over the trailing 6-month period	14.10%	25.98%	-11.88%
Volatility (1Y) Calculated over the trailing 1-year period	18.00%	29.96%	-11.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	30.38%	-13.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.36%	32.36%	-15.00%

FFOX vs. USL - Expense Ratio Comparison

Both FFOX and USL have an expense ratio of 1.02%.

Dividends

FFOX vs. USL - Dividend Comparison

FFOX's dividend yield for the trailing twelve months is around 1.67%, while USL has not paid dividends to shareholders.

Position	TTM	2025
FFOX FundX Future Fund Opportunities ETF	1.67%	1.81%
USL United States 12 Month Oil Fund, LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFOX and USL in my portfolio?

FFOX and USL have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFOX or USL?

USL has higher volatility (11.15%) compared to FFOX (4.88%). In terms of maximum drawdown, FFOX dropped -12.41% vs USL's -89.06%.

Which ETF is better, FFOX or USL?

On 1-year performance, USL leads with 32.44% vs 17.46% for FFOX. Both ETFs have the same 1.02% expense ratio. On volatility, FFOX has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFOX or USL?

Over the 1-year period, USL has performed better with a 32.44% return vs 17.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFOX or USL?

FFOX and USL have the same expense ratio: 1.02% per year.

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

FFOX has the higher dividend yield at 1.67%, compared with 0.00% for USL.

What is the main difference between FFOX and USL?

FFOX is categorized as Mid Cap Growth Equities, while USL is Oil & Gas. They also come from different issuers: FundX and USCF.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (1.09 vs 0.98), 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.