FNY vs. USL

Last updated Jun 4, 2026

FNY (First Trust Mid Cap Growth AlphaDEX Fund) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FNY is a Mid Cap Growth Equities fund tracking the NASDAQ AlphaDEX Mid Cap Growth 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, FNY returned 13.68%/yr vs 10.91%/yr for USL. At a 0.24 correlation, their price movements are largely independent. FNY charges 0.70%/yr vs 0.88%/yr for USL.

Performance

FNY vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Growth AlphaDEX Fund (FNY) 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, FNY achieves a 14.89% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, FNY has outperformed USL with an annualized return of 13.68%, while USL has yielded a comparatively lower 10.91% annualized return.

FNY

• 1D: -0.08%
• 1M: 4.61%
• YTD: 14.89%
• 6M: 14.12%
• 1Y: 30.64%
• 3Y*: 19.96%
• 5Y*: 8.42%
• 10Y*: 13.68%

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)

FNY vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNY First Trust Mid Cap Growth AlphaDEX Fund	14.89%	14.03%	18.09%	21.13%	-23.80%	13.46%	36.97%	32.54%	-7.53%	25.12%
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 FNY and USL is -0.25, 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	-0.25
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Apr 21, 2011	0.24

The correlation between FNY and USL shifts across timeframes, from -0.25 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

FNY vs. USL - Sectors Allocation Comparison

Sectors	FNY	USL
Industrials	25.4%	-
Healthcare	18.6%	-
Technology	17.5%	-
Consumer Cyclical	12.7%	-
Financial Services	9.4%	4.5%
Real Estate	6.1%	-
Communication Services	3.6%	-
Consumer Defensive	2.2%	-
Energy	2.0%	-
Basic Materials	1.9%	-
Utilities	0.5%	-

Return for Risk

FNY vs. USL — Risk / Return Rank

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

FNY

FNY Risk / Return Rank: 47
FNY Sharpe Ratio Rank: 44
FNY Sortino Ratio Rank: 44
FNY Omega Ratio Rank: 41
FNY Calmar Ratio Rank: 52
FNY Martin Ratio Rank: 54

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.

FNY vs. USL - Risk-Adjusted Trends Comparison

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

	FNY	USL	Difference
Sharpe ratio Return per unit of total volatility	1.55	2.04	-0.49
Sortino ratio Return per unit of downside risk	2.21	2.58	-0.37
Omega ratio Gain probability vs. loss probability	1.27	1.34	-0.07
Calmar ratio Return relative to maximum drawdown	2.56	3.47	-0.91
Martin ratio Return relative to average drawdown	9.30	7.02	+2.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNY vs. USL - Sharpe Ratio Comparison

The current FNY Sharpe Ratio is 1.55, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FNY 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

	FNY	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.04	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.58	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.34	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.01	+0.55

Drawdowns

FNY vs. USL - Drawdown Comparison

The maximum FNY drawdown since its inception was -38.91%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FNY and USL.

Drawdown Indicators

	FNY	USL	Difference
Max Drawdown Largest peak-to-trough decline	-38.91%	-89.06%	+50.15%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-16.76%	+4.75%
Max Drawdown (3Y) Largest decline over 3 years	-24.97%	-23.33%	-1.64%
Max Drawdown (5Y) Largest decline over 5 years	-33.94%	-33.82%	-0.12%
Max Drawdown (10Y) Largest decline over 10 years	-38.91%	-66.02%	+27.11%
Current Drawdown Current decline from peak	-1.03%	-38.16%	+37.13%
Average Drawdown Average peak-to-trough decline	-7.60%	-61.46%	+53.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	8.27%	-4.97%

Volatility

FNY vs. USL - Volatility Comparison

The current volatility for First Trust Mid Cap Growth AlphaDEX Fund (FNY) is 6.61%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that FNY 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

	FNY	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.61%	10.53%	-3.92%
Volatility (6M) Calculated over the trailing 6-month period	15.04%	23.33%	-8.29%
Volatility (1Y) Calculated over the trailing 1-year period	19.91%	28.54%	-8.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.30%	30.08%	-7.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	32.35%	-10.01%

FNY vs. USL - Expense Ratio Comparison

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

Dividends

FNY vs. USL - Dividend Comparison

FNY's dividend yield for the trailing twelve months is around 0.03%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNY First Trust Mid Cap Growth AlphaDEX Fund	0.03%	0.03%	0.56%	0.24%	0.24%	0.00%	0.25%	0.28%	0.06%	0.21%	0.60%	0.46%
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 FNY and USL in my portfolio?

FNY and USL have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNY or USL?

USL has higher volatility (10.53%) compared to FNY (6.61%). In terms of maximum drawdown, FNY dropped -38.91% vs USL's -89.06%.

Which ETF is better, FNY or USL?

On 10-year performance, FNY leads with 13.68% vs 10.91% for USL. On fees, FNY is cheaper at 0.70% per year. On volatility, FNY has been the lower-risk option at 6.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNY or USL?

Over the 10-year period, FNY has performed better with a 13.68% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNY or USL?

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

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

FNY has the higher dividend yield at 0.03%, compared with 0.00% for USL.

What is the main difference between FNY and USL?

FNY is categorized as Mid Cap Growth Equities, while USL is Oil & Gas. FNY tracks NASDAQ AlphaDEX Mid Cap Growth 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 FNY and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.55), 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.