FIW vs. USL

Last updated Jun 3, 2026

FIW (First Trust Water ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FIW is a Water Equities fund tracking the ISE Clean Edge Water Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, FIW returned 12.14%/yr vs 10.74%/yr for USL. At a 0.28 correlation, their price movements are largely independent. FIW charges 0.54%/yr vs 0.88%/yr for USL.

Performance

FIW vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Water ETF (FIW) 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, FIW achieves a -4.05% return, which is significantly lower than USL's 60.58% return. Over the past 10 years, FIW has outperformed USL with an annualized return of 12.14%, while USL has yielded a comparatively lower 10.74% annualized return.

FIW

• 1D: 0.45%
• 1M: -2.15%
• YTD: -4.05%
• 6M: -6.21%
• 1Y: 0.08%
• 3Y*: 7.74%
• 5Y*: 5.43%
• 10Y*: 12.14%

USL

• 1D: 1.21%
• 1M: 0.73%
• YTD: 60.58%
• 6M: 58.21%
• 1Y: 56.66%
• 3Y*: 17.81%
• 5Y*: 17.18%
• 10Y*: 10.74%

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

FIW vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIW First Trust Water ETF	-4.05%	7.20%	8.38%	20.35%	-15.70%	32.00%	21.15%	37.37%	-9.23%	24.69%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between FIW and USL is -0.31, 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	-0.31
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007	0.28

The correlation between FIW and USL shifts across timeframes, from -0.31 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

FIW vs. USL - Sectors Allocation Comparison

Sectors	FIW	USL
Industrials	54.1%	-
Utilities	16.2%	-
Healthcare	8.1%	-
Technology	8.1%	-
Basic Materials	5.4%	-
Consumer Cyclical	2.7%	-
Consumer Defensive	2.7%	-
Communication Services	-	-
Energy	-	-
Financial Services	-	4.5%
Real Estate	-	-

Return for Risk

FIW vs. USL — Risk / Return Rank

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

FIW

FIW Risk / Return Rank: 8
FIW Sharpe Ratio Rank: 9
FIW Sortino Ratio Rank: 8
FIW Omega Ratio Rank: 8
FIW Calmar Ratio Rank: 8
FIW Martin Ratio Rank: 8

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 58
USL Sortino Ratio Rank: 52
USL Omega Ratio Rank: 53
USL Calmar Ratio Rank: 72
USL Martin Ratio Rank: 45

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.

FIW vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Water ETF (FIW) 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.

	FIW	USL	Difference
Sharpe ratio Return per unit of total volatility	0.01	2.00	-1.99
Sortino ratio Return per unit of downside risk	0.12	2.54	-2.42
Omega ratio Gain probability vs. loss probability	1.01	1.33	-0.32
Calmar ratio Return relative to maximum drawdown	-0.06	3.67	-3.72
Martin ratio Return relative to average drawdown	-0.15	7.44	-7.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIW vs. USL - Sharpe Ratio Comparison

The current FIW Sharpe Ratio is 0.01, which is lower than the USL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of FIW 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

	FIW	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	2.00	-1.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.57	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.33	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.01	+0.42

Drawdowns

FIW vs. USL - Drawdown Comparison

The maximum FIW drawdown since its inception was -52.75%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FIW and USL.

Drawdown Indicators

	FIW	USL	Difference
Max Drawdown Largest peak-to-trough decline	-52.75%	-89.06%	+36.31%
Max Drawdown (1Y) Largest decline over 1 year	-13.81%	-16.76%	+2.95%
Max Drawdown (3Y) Largest decline over 3 years	-18.32%	-23.33%	+5.01%
Max Drawdown (5Y) Largest decline over 5 years	-28.53%	-33.82%	+5.29%
Max Drawdown (10Y) Largest decline over 10 years	-36.60%	-66.02%	+29.42%
Current Drawdown Current decline from peak	-10.01%	-39.10%	+29.09%
Average Drawdown Average peak-to-trough decline	-8.30%	-61.46%	+53.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.29%	8.26%	-2.97%

Volatility

FIW vs. USL - Volatility Comparison

The current volatility for First Trust Water ETF (FIW) is 4.55%, while United States 12 Month Oil Fund LP (USL) has a volatility of 11.15%. This indicates that FIW 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

	FIW	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	11.15%	-6.60%
Volatility (6M) Calculated over the trailing 6-month period	11.44%	23.30%	-11.86%
Volatility (1Y) Calculated over the trailing 1-year period	15.53%	28.65%	-13.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	30.07%	-11.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.90%	32.35%	-12.45%

FIW vs. USL - Expense Ratio Comparison

FIW has a 0.54% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FIW vs. USL - Dividend Comparison

FIW's dividend yield for the trailing twelve months is around 0.79%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIW First Trust Water ETF	0.79%	0.69%	0.69%	0.68%	0.67%	0.37%	0.56%	0.55%	0.73%	1.13%	0.51%	0.76%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIW and USL in my portfolio?

FIW and USL have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIW or USL?

USL has higher volatility (11.15%) compared to FIW (4.55%). In terms of maximum drawdown, FIW dropped -52.75% vs USL's -89.06%.

Which ETF is better, FIW or USL?

On 10-year performance, FIW leads with 12.14% vs 10.74% for USL. On fees, FIW is cheaper at 0.54% per year. On volatility, FIW has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIW or USL?

Over the 10-year period, FIW has performed better with a 12.14% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIW or USL?

FIW is cheaper with a 0.54% expense ratio, compared with 0.88% for USL.

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

FIW has the higher dividend yield at 0.79%, compared with 0.00% for USL.

What is the main difference between FIW and USL?

FIW is categorized as Water Equities, while USL is Oil & Gas. FIW tracks ISE Clean Edge Water Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.54% for FIW and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.00 vs 0.01), 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.