FSCS vs. USL

Last updated Jun 4, 2026

FSCS (First Trust SMID Capital Strength ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FSCS is a Mid Cap Blend Equities fund tracking the SMID Capital Strength Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, FSCS returned 4.93%/yr vs 17.41%/yr for USL. At a 0.20 correlation, their price movements are largely independent. FSCS charges 0.60%/yr vs 0.88%/yr for USL.

Performance

FSCS vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust SMID Capital Strength ETF (FSCS) 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, FSCS achieves a -1.53% return, which is significantly lower than USL's 63.07% return.

FSCS

• 1D: -0.01%
• 1M: -1.54%
• YTD: -1.53%
• 6M: -1.11%
• 1Y: -1.10%
• 3Y*: 9.79%
• 5Y*: 4.93%
• 10Y*: —

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)

FSCS vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSCS First Trust SMID Capital Strength ETF	-1.53%	1.77%	14.98%	16.81%	-9.11%	26.08%	5.71%	28.00%	-12.85%	10.74%
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%	33.59%

Correlation

The correlation between FSCS 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	0.14
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.20

The correlation between FSCS and USL shifts across timeframes, from -0.25 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

FSCS vs. USL - Sectors Allocation Comparison

Sectors	FSCS	USL
Financial Services	26.6%	4.5%
Industrials	24.4%	-
Consumer Cyclical	12.8%	-
Consumer Defensive	12.6%	-
Real Estate	5.0%	-
Technology	4.8%	-
Healthcare	4.6%	-
Basic Materials	4.0%	-
Energy	3.1%	-
Communication Services	2.0%	-
Utilities	-	-

Return for Risk

FSCS vs. USL — Risk / Return Rank

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

FSCS

FSCS Risk / Return Rank: 8
FSCS Sharpe Ratio Rank: 8
FSCS Sortino Ratio Rank: 7
FSCS Omega Ratio Rank: 8
FSCS Calmar Ratio Rank: 8
FSCS Martin Ratio Rank: 8

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.

FSCS vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust SMID Capital Strength ETF (FSCS) 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.

	FSCS	USL	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	2.04	-2.12
Sortino ratio: Return per unit of downside risk	-0.04	2.58	-2.62
Omega ratio: Gain probability vs. loss probability	1.00	1.34	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.14	3.47	-3.61
Martin ratio: Return relative to average drawdown	-0.31	7.02	-7.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSCS vs. USL - Sharpe Ratio Comparison

The current FSCS Sharpe Ratio is -0.09, which is lower than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FSCS 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

	FSCS	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.09	2.04	-2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.58	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.01	+0.38

Drawdowns

FSCS vs. USL - Drawdown Comparison

The maximum FSCS drawdown since its inception was -43.57%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FSCS and USL.

Drawdown Indicators

	FSCS	USL	Difference
Max Drawdown Largest peak-to-trough decline	-43.57%	-89.06%	+45.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.81%	-16.76%	+8.95%
Max Drawdown (3Y) Largest decline over 3 years	-19.55%	-23.33%	+3.78%
Max Drawdown (5Y) Largest decline over 5 years	-21.25%	-33.82%	+12.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-7.32%	-38.16%	+30.84%
Average Drawdown Average peak-to-trough decline	-5.99%	-61.46%	+55.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	8.27%	-4.67%

Volatility

FSCS vs. USL - Volatility Comparison

The current volatility for First Trust SMID Capital Strength ETF (FSCS) is 3.07%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that FSCS 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

	FSCS	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	10.53%	-7.46%
Volatility (6M) Calculated over the trailing 6-month period	8.22%	23.33%	-15.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	28.54%	-15.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.09%	30.08%	-11.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	32.35%	-11.15%

FSCS vs. USL - Expense Ratio Comparison

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

Dividends

FSCS vs. USL - Dividend Comparison

FSCS's dividend yield for the trailing twelve months is around 0.91%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSCS First Trust SMID Capital Strength ETF	0.91%	0.75%	1.12%	1.47%	1.71%	1.21%	1.33%	1.68%	1.67%	0.67%
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%

Frequently Asked Questions

Can I hold both FSCS and USL in my portfolio?

FSCS 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, FSCS or USL?

USL has higher volatility (10.53%) compared to FSCS (3.07%). In terms of maximum drawdown, FSCS dropped -43.57% vs USL's -89.06%.

Which ETF is better, FSCS or USL?

On 5-year performance, USL leads with 17.41% vs 4.93% for FSCS. On fees, FSCS is cheaper at 0.60% per year. On volatility, FSCS has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSCS or USL?

Over the 5-year period, USL has performed better with a 17.41% return vs 4.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSCS or USL?

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

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

FSCS has the higher dividend yield at 0.91%, compared with 0.00% for USL.

What is the main difference between FSCS and USL?

FSCS is categorized as Mid Cap Blend Equities, while USL is Oil & Gas. FSCS tracks SMID Capital Strength 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 FSCS and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs -0.09), 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.