FNK vs. USL

Last updated Jun 4, 2026

FNK (First Trust Mid Cap Value AlphaDEX Fund) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FNK is a Small Cap Value Equities fund tracking the NASDAQ AlphaDEX Mid Cap Value 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, FNK returned 9.29%/yr vs 10.91%/yr for USL. At a 0.32 correlation, their price movements are largely independent. FNK charges 0.70%/yr vs 0.88%/yr for USL.

Performance

FNK vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Value AlphaDEX Fund (FNK) 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, FNK achieves a 7.22% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, FNK has underperformed USL with an annualized return of 9.29%, while USL has yielded a comparatively higher 10.91% annualized return.

FNK

• 1D: -0.38%
• 1M: 0.68%
• YTD: 7.22%
• 6M: 7.56%
• 1Y: 19.55%
• 3Y*: 13.11%
• 5Y*: 6.97%
• 10Y*: 9.29%

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)

FNK vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNK First Trust Mid Cap Value AlphaDEX Fund	7.22%	5.65%	6.65%	21.03%	-7.24%	33.60%	1.23%	20.56%	-14.72%	11.81%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between FNK and USL is -0.13, 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	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Apr 21, 2011	0.32

The correlation between FNK and USL shifts across timeframes, from -0.13 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

FNK vs. USL - Sectors Allocation Comparison

Sectors	FNK	USL
Financial Services	25.2%	4.5%
Consumer Cyclical	19.0%	-
Industrials	12.8%	-
Energy	8.4%	-
Real Estate	7.5%	-
Technology	7.1%	-
Healthcare	5.3%	-
Utilities	4.4%	-
Basic Materials	4.0%	-
Consumer Defensive	3.5%	-
Communication Services	1.3%	-

Return for Risk

FNK vs. USL — Risk / Return Rank

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

FNK

FNK Risk / Return Rank: 38
FNK Sharpe Ratio Rank: 35
FNK Sortino Ratio Rank: 39
FNK Omega Ratio Rank: 35
FNK Calmar Ratio Rank: 43
FNK Martin Ratio Rank: 39

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.

FNK vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Value AlphaDEX Fund (FNK) 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.

	FNK	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.29	2.04	-0.75
Sortino ratio: Return per unit of downside risk	2.02	2.58	-0.56
Omega ratio: Gain probability vs. loss probability	1.23	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	2.15	3.47	-1.32
Martin ratio: Return relative to average drawdown	6.23	7.02	-0.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNK vs. USL - Sharpe Ratio Comparison

The current FNK Sharpe Ratio is 1.29, which is lower than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FNK 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

	FNK	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	2.04	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.58	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.34	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.01	+0.39

Drawdowns

FNK vs. USL - Drawdown Comparison

The maximum FNK drawdown since its inception was -50.70%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FNK and USL.

Drawdown Indicators

	FNK	USL	Difference
Max Drawdown Largest peak-to-trough decline	-50.70%	-89.06%	+38.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.13%	-16.76%	+7.63%
Max Drawdown (3Y) Largest decline over 3 years	-25.16%	-23.33%	-1.83%
Max Drawdown (5Y) Largest decline over 5 years	-25.16%	-33.82%	+8.66%
Max Drawdown (10Y) Largest decline over 10 years	-50.70%	-66.02%	+15.32%
Current Drawdown Current decline from peak	-2.16%	-38.16%	+36.00%
Average Drawdown Average peak-to-trough decline	-6.84%	-61.46%	+54.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	8.27%	-5.12%

Volatility

FNK vs. USL - Volatility Comparison

The current volatility for First Trust Mid Cap Value AlphaDEX Fund (FNK) is 3.53%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that FNK 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

	FNK	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	10.53%	-7.00%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	23.33%	-13.64%
Volatility (1Y) Calculated over the trailing 1-year period	15.36%	28.54%	-13.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.04%	30.08%	-9.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.86%	32.35%	-8.49%

FNK vs. USL - Expense Ratio Comparison

FNK has a 0.70% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FNK vs. USL - Dividend Comparison

FNK's dividend yield for the trailing twelve months is around 1.56%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNK First Trust Mid Cap Value AlphaDEX Fund	1.56%	1.53%	1.63%	1.76%	1.66%	1.27%	1.61%	1.82%	1.76%	1.40%	1.38%	1.45%
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 FNK and USL in my portfolio?

FNK and USL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNK or USL?

USL has higher volatility (10.53%) compared to FNK (3.53%). In terms of maximum drawdown, FNK dropped -50.70% vs USL's -89.06%.

Which ETF is better, FNK or USL?

On 10-year performance, USL leads with 10.91% vs 9.29% for FNK. On fees, FNK is cheaper at 0.70% per year. On volatility, FNK has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNK or USL?

Over the 10-year period, USL has performed better with a 10.91% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNK or USL?

FNK is cheaper with a 0.70% expense ratio, compared with 0.88% for USL.

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

FNK has the higher dividend yield at 1.56%, compared with 0.00% for USL.

What is the main difference between FNK and USL?

FNK is categorized as Small Cap Value Equities, while USL is Oil & Gas. FNK tracks NASDAQ AlphaDEX Mid Cap Value 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: 0.70% for FNK and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.29), 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.