FGDL vs. USL

Last updated Jun 23, 2026

FGDL (Franklin Responsibly Sourced Gold ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FGDL is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, FGDL returned 29.60%/yr vs 13.48%/yr for USL. At a 0.13 correlation, their price movements are largely independent. FGDL charges 0.15%/yr vs 0.88%/yr for USL.

Performance

FGDL vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Responsibly Sourced Gold ETF (FGDL) 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, FGDL achieves a -3.06% return, which is significantly lower than USL's 40.68% return.

FGDL

• 1D: -0.53%
• 1M: -6.84%
• YTD: -3.06%
• 6M: -5.62%
• 1Y: 23.95%
• 3Y*: 29.60%
• 5Y*: —
• 10Y*: —

USL

• 1D: -1.37%
• 1M: -12.93%
• YTD: 40.68%
• 6M: 39.29%
• 1Y: 20.67%
• 3Y*: 13.48%
• 5Y*: 12.91%
• 10Y*: 9.48%

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

FGDL vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FGDL Franklin Responsibly Sourced Gold ETF	-3.06%	64.15%	27.31%	12.92%	0.72%
USL United States 12 Month Oil Fund LP	40.68%	-12.37%	8.30%	-1.11%	-13.12%

Correlation

The correlation between FGDL and USL is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022	0.13

The correlation between FGDL and USL shifts across timeframes, from -0.04 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FGDL vs. USL — Risk / Return Rank

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

FGDL

FGDL Risk / Return Rank: 24
FGDL Sharpe Ratio Rank: 25
FGDL Sortino Ratio Rank: 23
FGDL Omega Ratio Rank: 27
FGDL Calmar Ratio Rank: 21
FGDL Martin Ratio Rank: 22

USL

USL Risk / Return Rank: 22
USL Sharpe Ratio Rank: 21
USL Sortino Ratio Rank: 21
USL Omega Ratio Rank: 20
USL Calmar Ratio Rank: 26
USL Martin Ratio Rank: 22

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.

FGDL vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Responsibly Sourced Gold ETF (FGDL) 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.

	FGDL	USL	Difference
Sharpe ratio: Return per unit of total volatility	0.87	0.72	+0.15
Sortino ratio: Return per unit of downside risk	1.22	1.13	+0.10
Omega ratio: Gain probability vs. loss probability	1.18	1.14	+0.04
Calmar ratio: Return relative to maximum drawdown	0.97	1.22	-0.24
Martin ratio: Return relative to average drawdown	2.63	2.71	-0.08

FGDL vs. USL - Sharpe Ratio Comparison

The current FGDL Sharpe Ratio is 0.87, which is comparable to the USL Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of FGDL 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

FGDL vs. USL - Drawdown Comparison

The maximum FGDL drawdown since its inception was -24.73%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FGDL and USL.

Drawdown Indicators

	FGDL	USL	Difference
Max Drawdown Largest peak-to-trough decline	-24.73%	-89.06%	+64.33%
Max Drawdown (1Y) Largest decline over 1 year	-24.73%	-17.09%	-7.64%
Max Drawdown (3Y) Largest decline over 3 years	-24.73%	-23.33%	-1.40%
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	-22.54%	-46.65%	+24.11%
Average Drawdown Average peak-to-trough decline	-4.05%	-61.39%	+57.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.11%	8.62%	+0.49%

Volatility

FGDL vs. USL - Volatility Comparison

Franklin Responsibly Sourced Gold ETF (FGDL) and United States 12 Month Oil Fund LP (USL) have volatilities of 8.36% and 8.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGDL	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	8.21%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	24.41%	24.22%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	27.82%	28.95%	-1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.31%	30.24%	-10.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.31%	32.36%	-13.05%

FGDL vs. USL - Expense Ratio Comparison

FGDL has a 0.15% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FGDL vs. USL - Dividend Comparison

Neither FGDL nor USL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FGDL and USL in my portfolio?

FGDL and USL have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGDL or USL?

FGDL has higher volatility (8.36%) compared to USL (8.21%). In terms of maximum drawdown, FGDL dropped -24.73% vs USL's -89.06%.

Which ETF is better, FGDL or USL?

On 3-year performance, FGDL leads with 29.60% vs 13.48% for USL. On fees, FGDL is cheaper at 0.15% per year. On volatility, USL has been the lower-risk option at 8.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FGDL or USL?

Over the 3-year period, FGDL has performed better with a 29.60% return vs 13.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FGDL or USL?

FGDL is cheaper with a 0.15% expense ratio, compared with 0.88% for USL.

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

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

What is the main difference between FGDL and USL?

FGDL is categorized as Gold, while USL is Oil & Gas. FGDL tracks LBMA Gold Price PM ($/ozt), while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Franklin Templeton and Concierge Technologies. Their fees differ too: 0.15% for FGDL and 0.88% for USL.

Which has better risk-adjusted returns?

FGDL currently has the higher Sharpe Ratio (0.87 vs 0.72), 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.