FNX vs. USL

Last updated Jun 3, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FNX is a Mid Cap Blend Equities fund tracking the NASDAQ AlphaDEX Mid Cap Core 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, FNX returned 11.92%/yr vs 10.74%/yr for USL. At a 0.32 correlation, their price movements are largely independent. FNX charges 0.60%/yr vs 0.88%/yr for USL.

Performance

FNX vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Core AlphaDEX Fund (FNX) 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, FNX achieves a 12.02% return, which is significantly lower than USL's 60.58% return. Over the past 10 years, FNX has outperformed USL with an annualized return of 11.92%, while USL has yielded a comparatively lower 10.74% annualized return.

FNX

• 1D: 0.82%
• 1M: 1.97%
• YTD: 12.02%
• 6M: 13.02%
• 1Y: 28.41%
• 3Y*: 17.06%
• 5Y*: 8.39%
• 10Y*: 11.92%

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)

FNX vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNX First Trust Mid Cap Core AlphaDEX Fund	12.02%	9.87%	12.21%	20.39%	-13.57%	25.05%	16.04%	26.97%	-11.23%	17.66%
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 FNX 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	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007	0.32

The correlation between FNX and USL shifts across timeframes, from -0.20 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

FNX vs. USL - Sectors Allocation Comparison

Sectors	FNX	USL
Industrials	19.3%	-
Financial Services	18.6%	4.5%
Consumer Cyclical	14.4%	-
Healthcare	10.4%	-
Technology	9.5%	-
Real Estate	8.6%	-
Energy	6.2%	-
Consumer Defensive	4.0%	-
Basic Materials	3.1%	-
Utilities	2.7%	-
Communication Services	2.2%	-

Return for Risk

FNX vs. USL — Risk / Return Rank

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

FNX

FNX Risk / Return Rank: 54
FNX Sharpe Ratio Rank: 51
FNX Sortino Ratio Rank: 53
FNX Omega Ratio Rank: 48
FNX Calmar Ratio Rank: 60
FNX Martin Ratio Rank: 58

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.

FNX vs. USL - Risk-Adjusted Trends Comparison

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

	FNX	USL	Difference
Sharpe ratio Return per unit of total volatility	1.77	2.00	-0.23
Sortino ratio Return per unit of downside risk	2.59	2.54	+0.05
Omega ratio Gain probability vs. loss probability	1.31	1.33	-0.03
Calmar ratio Return relative to maximum drawdown	3.06	3.67	-0.61
Martin ratio Return relative to average drawdown	10.55	7.44	+3.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNX vs. USL - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.77, which is comparable to the USL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of FNX 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

	FNX	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.00	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.57	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.33	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.01	+0.41

Drawdowns

FNX vs. USL - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FNX and USL.

Drawdown Indicators

	FNX	USL	Difference
Max Drawdown Largest peak-to-trough decline	-57.11%	-89.06%	+31.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-16.76%	+7.52%
Max Drawdown (3Y) Largest decline over 3 years	-24.97%	-23.33%	-1.64%
Max Drawdown (5Y) Largest decline over 5 years	-24.97%	-33.82%	+8.85%
Max Drawdown (10Y) Largest decline over 10 years	-43.95%	-66.02%	+22.07%
Current Drawdown Current decline from peak	-0.59%	-39.10%	+38.51%
Average Drawdown Average peak-to-trough decline	-8.41%	-61.46%	+53.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	8.26%	-5.58%

Volatility

FNX vs. USL - Volatility Comparison

The current volatility for First Trust Mid Cap Core AlphaDEX Fund (FNX) is 4.74%, while United States 12 Month Oil Fund LP (USL) has a volatility of 11.15%. This indicates that FNX 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

	FNX	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	11.15%	-6.41%
Volatility (6M) Calculated over the trailing 6-month period	11.45%	23.30%	-11.85%
Volatility (1Y) Calculated over the trailing 1-year period	16.11%	28.65%	-12.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.50%	30.07%	-9.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.97%	32.35%	-10.38%

FNX vs. USL - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FNX vs. USL - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.83%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNX First Trust Mid Cap Core AlphaDEX Fund	0.83%	0.88%	1.26%	1.11%	1.19%	0.94%	1.04%	1.21%	1.01%	0.90%	1.07%	1.07%
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 FNX and USL in my portfolio?

FNX 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, FNX or USL?

USL has higher volatility (11.15%) compared to FNX (4.74%). In terms of maximum drawdown, FNX dropped -57.11% vs USL's -89.06%.

Which ETF is better, FNX or USL?

On 10-year performance, FNX leads with 11.92% vs 10.74% for USL. On fees, FNX is cheaper at 0.60% per year. On volatility, FNX has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNX or USL?

Over the 10-year period, FNX has performed better with a 11.92% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNX or USL?

FNX is cheaper with a 0.60% expense ratio, compared with 0.88% for USL.

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

FNX has the higher dividend yield at 0.83%, compared with 0.00% for USL.

What is the main difference between FNX and USL?

FNX is categorized as Mid Cap Blend Equities, while USL is Oil & Gas. FNX tracks NASDAQ AlphaDEX Mid Cap Core 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: 0.60% for FNX and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.00 vs 1.77), 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.