FNDB vs. USL

Last updated Jun 3, 2026

FNDB (Schwab Fundamental U.S. Broad Market Index ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FNDB is a Large Cap Value Equities fund tracking the RAFI Fundamental High Liquidity US All 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, FNDB returned 14.04%/yr vs 10.74%/yr for USL. At a 0.30 correlation, their price movements are largely independent. FNDB charges 0.25%/yr vs 0.88%/yr for USL.

Performance

FNDB vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental U.S. Broad Market Index ETF (FNDB) 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, FNDB achieves a 14.63% return, which is significantly lower than USL's 60.58% return. Over the past 10 years, FNDB has outperformed USL with an annualized return of 14.04%, while USL has yielded a comparatively lower 10.74% annualized return.

FNDB

• 1D: 0.50%
• 1M: 3.23%
• YTD: 14.63%
• 6M: 15.52%
• 1Y: 33.19%
• 3Y*: 20.60%
• 5Y*: 12.51%
• 10Y*: 14.04%

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)

FNDB vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDB Schwab Fundamental U.S. Broad Market Index ETF	14.63%	16.23%	16.25%	18.42%	-7.53%	31.55%	9.40%	28.88%	-8.20%	16.94%
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 FNDB and USL is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Aug 16, 2013	0.30

The correlation between FNDB and USL shifts across timeframes, from -0.20 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

FNDB vs. USL - Sectors Allocation Comparison

Sectors	FNDB	USL
Technology	18.8%	-
Financial Services	14.1%	4.5%
Healthcare	11.6%	-
Industrials	10.0%	-
Energy	10.0%	-
Communication Services	9.7%	-
Consumer Cyclical	9.4%	-
Consumer Defensive	7.2%	-
Basic Materials	3.8%	-
Utilities	3.1%	-
Real Estate	2.4%	-

Return for Risk

FNDB vs. USL — Risk / Return Rank

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

FNDB

FNDB Risk / Return Rank: 89
FNDB Sharpe Ratio Rank: 90
FNDB Sortino Ratio Rank: 91
FNDB Omega Ratio Rank: 89
FNDB Calmar Ratio Rank: 89
FNDB Martin Ratio Rank: 89

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.

FNDB vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental U.S. Broad Market Index ETF (FNDB) 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.

	FNDB	USL	Difference
Sharpe ratio Return per unit of total volatility	3.11	2.00	+1.11
Sortino ratio Return per unit of downside risk	4.34	2.54	+1.80
Omega ratio Gain probability vs. loss probability	1.57	1.33	+0.24
Calmar ratio Return relative to maximum drawdown	5.32	3.67	+1.65
Martin ratio Return relative to average drawdown	20.48	7.44	+13.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNDB vs. USL - Sharpe Ratio Comparison

The current FNDB Sharpe Ratio is 3.11, which is higher than the USL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of FNDB 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

	FNDB	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	2.00	+1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.57	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.33	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.01	+0.78

Drawdowns

FNDB vs. USL - Drawdown Comparison

The maximum FNDB drawdown since its inception was -38.17%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FNDB and USL.

Drawdown Indicators

	FNDB	USL	Difference
Max Drawdown Largest peak-to-trough decline	-38.17%	-89.06%	+50.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-16.76%	+10.47%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-23.33%	+6.50%
Max Drawdown (5Y) Largest decline over 5 years	-19.29%	-33.82%	+14.53%
Max Drawdown (10Y) Largest decline over 10 years	-38.17%	-66.02%	+27.85%
Current Drawdown Current decline from peak	0.00%	-39.10%	+39.10%
Average Drawdown Average peak-to-trough decline	-3.66%	-61.46%	+57.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	8.26%	-6.63%

Volatility

FNDB vs. USL - Volatility Comparison

The current volatility for Schwab Fundamental U.S. Broad Market Index ETF (FNDB) is 2.51%, while United States 12 Month Oil Fund LP (USL) has a volatility of 11.15%. This indicates that FNDB 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

	FNDB	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	11.15%	-8.64%
Volatility (6M) Calculated over the trailing 6-month period	7.62%	23.30%	-15.68%
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	28.65%	-17.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.36%	30.07%	-14.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.48%	32.35%	-14.87%

FNDB vs. USL - Expense Ratio Comparison

FNDB has a 0.25% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FNDB vs. USL - Dividend Comparison

FNDB's dividend yield for the trailing twelve months is around 1.44%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDB Schwab Fundamental U.S. Broad Market Index ETF	1.44%	1.62%	1.74%	1.80%	1.98%	1.63%	2.15%	2.23%	2.41%	1.91%	2.06%	2.26%
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 FNDB and USL in my portfolio?

FNDB and USL have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNDB or USL?

USL has higher volatility (11.15%) compared to FNDB (2.51%). In terms of maximum drawdown, FNDB dropped -38.17% vs USL's -89.06%.

Which ETF is better, FNDB or USL?

On 10-year performance, FNDB leads with 14.04% vs 10.74% for USL. On fees, FNDB is cheaper at 0.25% per year. On volatility, FNDB has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDB or USL?

Over the 10-year period, FNDB has performed better with a 14.04% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDB or USL?

FNDB is cheaper with a 0.25% expense ratio, compared with 0.88% for USL.

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

FNDB has the higher dividend yield at 1.44%, compared with 0.00% for USL.

What is the main difference between FNDB and USL?

FNDB is categorized as Large Cap Value Equities, while USL is Oil & Gas. FNDB tracks RAFI Fundamental High Liquidity US All Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Charles Schwab and Concierge Technologies. Their fees differ too: 0.25% for FNDB and 0.88% for USL.

Which has better risk-adjusted returns?

FNDB currently has the higher Sharpe Ratio (3.11 vs 2.00), 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.