FSMD vs. USL

Last updated Jun 3, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor 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, FSMD returned 9.79%/yr vs 17.18%/yr for USL. At a 0.20 correlation, their price movements are largely independent. FSMD charges 0.29%/yr vs 0.88%/yr for USL.

Performance

FSMD vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) 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, FSMD achieves a 14.94% return, which is significantly lower than USL's 60.58% return.

FSMD

• 1D: 0.90%
• 1M: 3.02%
• YTD: 14.94%
• 6M: 15.74%
• 1Y: 26.74%
• 3Y*: 17.66%
• 5Y*: 9.79%
• 10Y*: —

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)

FSMD vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	14.94%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	4.74%

Correlation

The correlation between FSMD 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 (All Time) Calculated using the full available price history since Mar 1, 2019	0.20

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

FSMD vs. USL - Sectors Allocation Comparison

Sectors	FSMD	USL
Industrials	20.7%	-
Technology	18.2%	-
Financial Services	15.4%	4.5%
Healthcare	11.6%	-
Consumer Cyclical	11.1%	-
Real Estate	6.2%	-
Energy	4.6%	-
Basic Materials	3.9%	-
Consumer Defensive	3.3%	-
Communication Services	2.8%	-
Utilities	2.2%	-

Return for Risk

FSMD vs. USL — Risk / Return Rank

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

FSMD

FSMD Risk / Return Rank: 55
FSMD Sharpe Ratio Rank: 50
FSMD Sortino Ratio Rank: 52
FSMD Omega Ratio Rank: 49
FSMD Calmar Ratio Rank: 63
FSMD Martin Ratio Rank: 62

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.

FSMD vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) 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.

	FSMD	USL	Difference
Sharpe ratio Return per unit of total volatility	1.76	2.00	-0.24
Sortino ratio Return per unit of downside risk	2.55	2.54	+0.01
Omega ratio Gain probability vs. loss probability	1.31	1.33	-0.02
Calmar ratio Return relative to maximum drawdown	3.16	3.67	-0.50
Martin ratio Return relative to average drawdown	11.42	7.44	+3.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMD vs. USL - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.76, which is comparable to the USL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of FSMD 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

	FSMD	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	2.00	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.57	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.01	+0.55

Drawdowns

FSMD vs. USL - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FSMD and USL.

Drawdown Indicators

	FSMD	USL	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	-89.06%	+48.39%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-16.76%	+8.32%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	-23.33%	+1.17%
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	-33.82%	+11.66%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	0.00%	-39.10%	+39.10%
Average Drawdown Average peak-to-trough decline	-6.01%	-61.46%	+55.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	8.26%	-5.92%

Volatility

FSMD vs. USL - Volatility Comparison

The current volatility for Fidelity Small-Mid Multifactor ETF (FSMD) is 4.50%, while United States 12 Month Oil Fund LP (USL) has a volatility of 11.15%. This indicates that FSMD 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

	FSMD	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	11.15%	-6.65%
Volatility (6M) Calculated over the trailing 6-month period	11.39%	23.30%	-11.91%
Volatility (1Y) Calculated over the trailing 1-year period	15.26%	28.65%	-13.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.48%	30.07%	-11.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.43%	32.35%	-10.92%

FSMD vs. USL - Expense Ratio Comparison

FSMD has a 0.29% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FSMD vs. USL - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.21%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	1.21%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSMD and USL in my portfolio?

FSMD 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, FSMD or USL?

USL has higher volatility (11.15%) compared to FSMD (4.50%). In terms of maximum drawdown, FSMD dropped -40.67% vs USL's -89.06%.

Which ETF is better, FSMD or USL?

On 5-year performance, USL leads with 17.18% vs 9.79% for FSMD. On fees, FSMD is cheaper at 0.29% per year. On volatility, FSMD has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMD or USL?

Over the 5-year period, USL has performed better with a 17.18% return vs 9.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMD or USL?

FSMD is cheaper with a 0.29% expense ratio, compared with 0.88% for USL.

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

FSMD has the higher dividend yield at 1.21%, compared with 0.00% for USL.

What is the main difference between FSMD and USL?

FSMD is categorized as Small Cap Growth Equities, while USL is Oil & Gas. FSMD tracks Fidelity Small-Mid Multifactor Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Fidelity and Concierge Technologies. Their fees differ too: 0.29% for FSMD and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.00 vs 1.76), 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.