FTA vs. USL

Last updated Jun 5, 2026

FTA (First Trust Large Cap Value AlphaDEX Fund) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FTA is a Large Cap Value Equities fund tracking the NASDAQ AlphaDEX Large Cap Value 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, FTA returned 11.05%/yr vs 10.57%/yr for USL. At a 0.35 correlation, their price movements are largely independent. FTA charges 0.60%/yr vs 0.88%/yr for USL.

Performance

FTA vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Large Cap Value AlphaDEX Fund (FTA) 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, FTA achieves a 12.15% return, which is significantly lower than USL's 60.58% return. Both investments have delivered pretty close results over the past 10 years, with FTA having a 11.05% annualized return and USL not far behind at 10.57%.

FTA

• 1D: 1.06%
• 1M: 2.42%
• YTD: 12.15%
• 6M: 13.25%
• 1Y: 28.60%
• 3Y*: 16.90%
• 5Y*: 9.30%
• 10Y*: 11.05%

USL

• 1D: -1.53%
• 1M: -1.98%
• YTD: 60.58%
• 6M: 56.11%
• 1Y: 56.55%
• 3Y*: 17.93%
• 5Y*: 17.05%
• 10Y*: 10.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FTA vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTA First Trust Large Cap Value AlphaDEX Fund	12.15%	14.94%	10.13%	10.08%	-3.73%	29.32%	-0.38%	24.73%	-13.63%	18.47%
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 FTA and USL is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007	0.35

The correlation between FTA and USL shifts across timeframes, from -0.12 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

FTA vs. USL - Sectors Allocation Comparison

Sectors	FTA	USL
Financial Services	19.7%	4.5%
Utilities	13.3%	-
Healthcare	10.6%	-
Energy	9.6%	-
Industrials	9.6%	-
Consumer Cyclical	8.5%	-
Technology	8.0%	-
Consumer Defensive	6.9%	-
Real Estate	5.9%	-
Communication Services	4.3%	-
Basic Materials	2.7%	-

Return for Risk

FTA vs. USL — Risk / Return Rank

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

FTA

FTA Risk / Return Rank: 82
FTA Sharpe Ratio Rank: 78
FTA Sortino Ratio Rank: 83
FTA Omega Ratio Rank: 74
FTA Calmar Ratio Rank: 90
FTA Martin Ratio Rank: 86

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 60
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.

FTA vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Large Cap Value AlphaDEX Fund (FTA) 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.

	FTA	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.99	+0.50
Sortino ratio: Return per unit of downside risk	3.67	2.53	+1.14
Omega ratio: Gain probability vs. loss probability	1.43	1.33	+0.10
Calmar ratio: Return relative to maximum drawdown	5.60	3.39	+2.21
Martin ratio: Return relative to average drawdown	17.82	6.85	+10.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTA vs. USL - Sharpe Ratio Comparison

The current FTA Sharpe Ratio is 2.48, which is comparable to the USL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of FTA 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

	FTA	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	1.99	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.57	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.33	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.01	+0.38

Drawdowns

FTA vs. USL - Drawdown Comparison

The maximum FTA drawdown since its inception was -62.45%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FTA and USL.

Drawdown Indicators

	FTA	USL	Difference
Max Drawdown Largest peak-to-trough decline	-62.45%	-89.06%	+26.61%
Max Drawdown (1Y) Largest decline over 1 year	-5.13%	-16.76%	+11.63%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	-23.33%	+4.60%
Max Drawdown (5Y) Largest decline over 5 years	-19.80%	-33.82%	+14.02%
Max Drawdown (10Y) Largest decline over 10 years	-44.97%	-66.02%	+21.05%
Current Drawdown Current decline from peak	0.00%	-39.10%	+39.10%
Average Drawdown Average peak-to-trough decline	-9.03%	-61.45%	+52.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	8.27%	-6.66%

Volatility

FTA vs. USL - Volatility Comparison

The current volatility for First Trust Large Cap Value AlphaDEX Fund (FTA) is 2.80%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.57%. This indicates that FTA 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

	FTA	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	10.57%	-7.77%
Volatility (6M) Calculated over the trailing 6-month period	7.48%	23.34%	-15.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.57%	28.59%	-17.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	30.09%	-13.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.96%	32.34%	-12.38%

FTA vs. USL - Expense Ratio Comparison

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

Dividends

FTA vs. USL - Dividend Comparison

FTA's dividend yield for the trailing twelve months is around 1.66%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTA First Trust Large Cap Value AlphaDEX Fund	1.66%	1.89%	2.02%	2.10%	2.15%	1.54%	2.03%	1.88%	2.28%	1.53%	1.56%	2.05%
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 FTA and USL in my portfolio?

FTA and USL have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTA or USL?

USL has higher volatility (10.57%) compared to FTA (2.80%). In terms of maximum drawdown, FTA dropped -62.45% vs USL's -89.06%.

Which ETF is better, FTA or USL?

On 10-year performance, FTA leads with 11.05% vs 10.57% for USL. On fees, FTA is cheaper at 0.60% per year. On volatility, FTA has been the lower-risk option at 2.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTA or USL?

Over the 10-year period, FTA has performed better with a 11.05% return vs 10.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTA or USL?

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

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

FTA has the higher dividend yield at 1.66%, compared with 0.00% for USL.

What is the main difference between FTA and USL?

FTA is categorized as Large Cap Value Equities, while USL is Oil & Gas. FTA tracks NASDAQ AlphaDEX Large Cap Value 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 FTA and 0.88% for USL.

Which has better risk-adjusted returns?

FTA currently has the higher Sharpe Ratio (2.48 vs 1.99), 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.