FTBI vs. USL

Last updated Jun 5, 2026

FTBI (First Trust Balanced Income ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FTBI is a Diversified Portfolio fund actively managed by First Trust, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. FTBI is actively managed, while USL is passively managed. Over the past year, FTBI returned 17.93% vs 56.55% for USL. At a correlation of -0.29, they often move in opposite directions. FTBI charges 0.97%/yr vs 0.88%/yr for USL.

Performance

FTBI vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Balanced Income ETF (FTBI) 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, FTBI achieves a 6.54% return, which is significantly lower than USL's 60.58% return.

FTBI

• 1D: 0.20%
• 1M: 2.19%
• YTD: 6.54%
• 6M: 6.80%
• 1Y: 17.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

FTBI vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
FTBI First Trust Balanced Income ETF	6.54%	11.80%
USL United States 12 Month Oil Fund LP	60.58%	-0.08%

Correlation

The correlation between FTBI and USL is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since May 30, 2025	-0.29

Return for Risk

FTBI vs. USL — Risk / Return Rank

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

FTBI

FTBI Risk / Return Rank: 78
FTBI Sharpe Ratio Rank: 79
FTBI Sortino Ratio Rank: 84
FTBI Omega Ratio Rank: 80
FTBI Calmar Ratio Rank: 69
FTBI Martin Ratio Rank: 80

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.

FTBI vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Balanced Income ETF (FTBI) 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.

	FTBI	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.99	+0.53
Sortino ratio: Return per unit of downside risk	3.67	2.53	+1.13
Omega ratio: Gain probability vs. loss probability	1.47	1.33	+0.14
Calmar ratio: Return relative to maximum drawdown	3.37	3.39	-0.02
Martin ratio: Return relative to average drawdown	15.34	6.85	+8.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTBI vs. USL - Sharpe Ratio Comparison

The current FTBI Sharpe Ratio is 2.52, which is comparable to the USL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of FTBI 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

	FTBI	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.99	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.65	0.01	+2.65

Drawdowns

FTBI vs. USL - Drawdown Comparison

The maximum FTBI drawdown since its inception was -5.34%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FTBI and USL.

Drawdown Indicators

	FTBI	USL	Difference
Max Drawdown Largest peak-to-trough decline	-5.34%	-89.06%	+83.72%
Max Drawdown (1Y) Largest decline over 1 year	-5.34%	-16.76%	+11.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-0.17%	-39.10%	+38.93%
Average Drawdown Average peak-to-trough decline	-0.61%	-61.45%	+60.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	8.27%	-7.10%

Volatility

FTBI vs. USL - Volatility Comparison

The current volatility for First Trust Balanced Income ETF (FTBI) is 2.02%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.57%. This indicates that FTBI 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

	FTBI	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	10.57%	-8.55%
Volatility (6M) Calculated over the trailing 6-month period	5.65%	23.34%	-17.69%
Volatility (1Y) Calculated over the trailing 1-year period	7.15%	28.59%	-21.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.13%	30.09%	-22.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.13%	32.34%	-25.21%

FTBI vs. USL - Expense Ratio Comparison

FTBI has a 0.97% expense ratio, which is higher than USL's 0.88% expense ratio.

Dividends

FTBI vs. USL - Dividend Comparison

FTBI's dividend yield for the trailing twelve months is around 7.87%, while USL has not paid dividends to shareholders.

Position	TTM	2025
FTBI First Trust Balanced Income ETF	7.87%	4.76%
USL United States 12 Month Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTBI and USL in my portfolio?

FTBI and USL have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTBI or USL?

USL has higher volatility (10.57%) compared to FTBI (2.02%). In terms of maximum drawdown, FTBI dropped -5.34% vs USL's -89.06%.

Which ETF is better, FTBI or USL?

On 1-year performance, USL leads with 56.55% vs 17.93% for FTBI. On fees, USL is cheaper at 0.88% per year. On volatility, FTBI has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTBI or USL?

Over the 1-year period, USL has performed better with a 56.55% return vs 17.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTBI or USL?

USL is cheaper with a 0.88% expense ratio, compared with 0.97% for FTBI.

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

FTBI has the higher dividend yield at 7.87%, compared with 0.00% for USL.

What is the main difference between FTBI and USL?

FTBI is categorized as Diversified Portfolio, while USL is Oil & Gas. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.97% for FTBI and 0.88% for USL.

Which has better risk-adjusted returns?

FTBI currently has the higher Sharpe Ratio (2.52 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.