FSCS vs. USL
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 6.11%/yr vs 11.84%/yr for USL. At a 0.19 correlation, their price movements are largely independent. FSCS charges 0.60%/yr vs 0.88%/yr for USL.
Performance
FSCS vs. USL - Performance Comparison
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Returns By Period
In the year-to-date period, FSCS achieves a 2.47% return, which is significantly lower than USL's 35.42% return.
FSCS
- 1D
- 1.07%
- 1M
- 2.48%
- YTD
- 2.47%
- 6M
- 0.63%
- 1Y
- 2.92%
- 3Y*
- 11.03%
- 5Y*
- 6.11%
- 10Y*
- —
USL
- 1D
- -3.22%
- 1M
- -16.18%
- YTD
- 35.42%
- 6M
- 33.45%
- 1Y
- 27.96%
- 3Y*
- 12.05%
- 5Y*
- 11.84%
- 10Y*
- 9.07%
FSCS vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSCS First Trust SMID Capital Strength ETF | 2.47% | 1.77% | 14.98% | 16.81% | -9.11% | 26.08% | 5.71% | 28.00% | -12.85% | 11.41% |
USL United States 12 Month Oil Fund LP | 35.42% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 34.79% |
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 | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2017 | 0.19 |
The correlation between FSCS and USL shifts across timeframes, from -0.25 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FSCS vs. USL — Risk / Return Rank
FSCS
USL
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FSCS | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.18 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 1.39 | -1.02 |
| Martin ratioReturn relative to average drawdown | 0.78 | 3.60 | -2.82 |
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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.
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Drawdown Indicators
| FSCS | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.57% | -89.06% | +45.49% |
Max Drawdown (1Y)Largest decline over 1 year | -7.81% | -20.18% | +12.37% |
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 DrawdownCurrent decline from peak | -3.55% | -48.64% | +45.09% |
Average DrawdownAverage peak-to-trough decline | -5.98% | -61.39% | +55.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.75% | 7.78% | -4.03% |
Volatility
FSCS vs. USL - Volatility Comparison
The current volatility for First Trust SMID Capital Strength ETF (FSCS) is 3.14%, while United States 12 Month Oil Fund LP (USL) has a volatility of 8.59%. 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.
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Volatility by Period
| FSCS | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 8.59% | -5.45% |
Volatility (6M)Calculated over the trailing 6-month period | 8.44% | 24.45% | -16.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.57% | 28.66% | -16.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.05% | 30.28% | -12.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.15% | 32.34% | -11.19% |
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 0.88%, 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 | 0.88% | 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
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.
USL has higher volatility (8.59%) compared to FSCS (3.14%). In terms of maximum drawdown, FSCS dropped -43.57% vs USL's -89.06%.
On 5-year performance, USL leads with 11.84% vs 6.11% for FSCS. On fees, FSCS is cheaper at 0.60% per year. On volatility, FSCS has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USL has performed better with a 11.84% return vs 6.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FSCS is cheaper with a 0.60% expense ratio, compared with 0.88% for USL.
FSCS has the higher dividend yield at 0.88%, compared with 0.00% for 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.
USL currently has the higher Sharpe Ratio (0.99 vs 0.23), 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.
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