FTKI vs. USL

Last updated Jun 4, 2026

FTKI (First Trust Small Cap BuyWrite Income ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FTKI is a Derivative Income fund actively managed by First Trust, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. FTKI is actively managed, while USL is passively managed. Over the past year, FTKI returned 18.90% vs 57.86% for USL. At a correlation of -0.03, they often move in opposite directions. FTKI charges 0.85%/yr vs 0.88%/yr for USL.

Performance

FTKI vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Small Cap BuyWrite Income ETF (FTKI) 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, FTKI achieves a 9.41% return, which is significantly lower than USL's 63.07% return.

FTKI

• 1D: -0.19%
• 1M: 0.46%
• YTD: 9.41%
• 6M: 9.82%
• 1Y: 18.90%
• 3Y*: —
• 5Y*: —
• 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)

FTKI vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
FTKI First Trust Small Cap BuyWrite Income ETF	9.41%	4.33%
USL United States 12 Month Oil Fund LP	63.07%	-11.22%

Correlation

The correlation between FTKI and USL is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Feb 28, 2025	-0.03

The correlation between FTKI and USL shifts across timeframes, from -0.18 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

FTKI vs. USL - Sectors Allocation Comparison

Sectors	FTKI	USL
Financial Services	21.8%	4.5%
Technology	14.9%	-
Industrials	12.8%	-
Consumer Cyclical	11.2%	-
Energy	9.6%	-
Healthcare	9.0%	-
Real Estate	7.4%	-
Basic Materials	4.3%	-
Communication Services	3.2%	-
Consumer Defensive	2.1%	-
Utilities	2.1%	-

Return for Risk

FTKI vs. USL — Risk / Return Rank

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

FTKI

FTKI Risk / Return Rank: 63
FTKI Sharpe Ratio Rank: 59
FTKI Sortino Ratio Rank: 61
FTKI Omega Ratio Rank: 61
FTKI Calmar Ratio Rank: 70
FTKI Martin Ratio Rank: 64

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.

FTKI vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Small Cap BuyWrite Income ETF (FTKI) 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.

	FTKI	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.04	-0.08
Sortino ratio: Return per unit of downside risk	2.81	2.58	+0.23
Omega ratio: Gain probability vs. loss probability	1.37	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	3.41	3.47	-0.06
Martin ratio: Return relative to average drawdown	11.54	7.02	+4.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTKI vs. USL - Sharpe Ratio Comparison

The current FTKI Sharpe Ratio is 1.96, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FTKI 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

	FTKI	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.04	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.01	+0.72

Drawdowns

FTKI vs. USL - Drawdown Comparison

The maximum FTKI drawdown since its inception was -15.17%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FTKI and USL.

Drawdown Indicators

	FTKI	USL	Difference
Max Drawdown Largest peak-to-trough decline	-15.17%	-89.06%	+73.89%
Max Drawdown (1Y) Largest decline over 1 year	-5.56%	-16.76%	+11.20%
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	-0.97%	-38.16%	+37.19%
Average Drawdown Average peak-to-trough decline	-2.59%	-61.46%	+58.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	8.27%	-6.63%

Volatility

FTKI vs. USL - Volatility Comparison

The current volatility for First Trust Small Cap BuyWrite Income ETF (FTKI) is 2.54%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that FTKI 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

	FTKI	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	10.53%	-7.99%
Volatility (6M) Calculated over the trailing 6-month period	7.44%	23.33%	-15.89%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	28.54%	-18.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.31%	30.08%	-14.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.31%	32.35%	-17.04%

FTKI vs. USL - Expense Ratio Comparison

FTKI has a 0.85% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FTKI vs. USL - Dividend Comparison

FTKI's dividend yield for the trailing twelve months is around 11.51%, while USL has not paid dividends to shareholders.

Position	TTM	2025
FTKI First Trust Small Cap BuyWrite Income ETF	11.51%	8.99%
USL United States 12 Month Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTKI and USL in my portfolio?

FTKI and USL have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTKI or USL?

USL has higher volatility (10.53%) compared to FTKI (2.54%). In terms of maximum drawdown, FTKI dropped -15.17% vs USL's -89.06%.

Which ETF is better, FTKI or USL?

On 1-year performance, USL leads with 57.86% vs 18.90% for FTKI. On fees, FTKI is cheaper at 0.85% per year. On volatility, FTKI has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTKI or USL?

Over the 1-year period, USL has performed better with a 57.86% return vs 18.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTKI or USL?

FTKI is cheaper with a 0.85% expense ratio, compared with 0.88% for USL.

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

FTKI has the higher dividend yield at 11.51%, compared with 0.00% for USL.

What is the main difference between FTKI and USL?

FTKI is categorized as Derivative Income, while USL is Oil & Gas. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.85% for FTKI and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.96), 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.