FTSL vs. USL

Last updated Jun 4, 2026

FTSL (First Trust Senior Loan Fund) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - FTSL is a High Yield Bonds fund actively managed by First Trust, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. FTSL is actively managed, while USL is passively managed. Over the past 10 years, FTSL returned 4.45%/yr vs 10.91%/yr for USL. At a 0.12 correlation, their price movements are largely independent. FTSL charges 0.86%/yr vs 0.88%/yr for USL.

Performance

FTSL vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Senior Loan Fund (FTSL) 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, FTSL achieves a 0.62% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, FTSL has underperformed USL with an annualized return of 4.45%, while USL has yielded a comparatively higher 10.91% annualized return.

FTSL

• 1D: -0.02%
• 1M: 0.20%
• YTD: 0.62%
• 6M: 0.99%
• 1Y: 4.53%
• 3Y*: 7.34%
• 5Y*: 5.02%
• 10Y*: 4.45%

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)

FTSL vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTSL First Trust Senior Loan Fund	0.62%	5.98%	8.27%	11.58%	-2.50%	3.94%	2.99%	10.11%	-1.30%	2.59%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between FTSL and USL is -0.21, 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	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since May 3, 2013	0.12

The correlation between FTSL and USL shifts across timeframes, from -0.21 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

FTSL vs. USL - Sectors Allocation Comparison

Sectors	FTSL	USL
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	4.5%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FTSL vs. USL — Risk / Return Rank

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

FTSL

FTSL Risk / Return Rank: 60
FTSL Sharpe Ratio Rank: 63
FTSL Sortino Ratio Rank: 73
FTSL Omega Ratio Rank: 83
FTSL Calmar Ratio Rank: 39
FTSL Martin Ratio Rank: 44

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.

FTSL vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Senior Loan Fund (FTSL) 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.

	FTSL	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.04	+0.12
Sortino ratio: Return per unit of downside risk	3.35	2.58	+0.77
Omega ratio: Gain probability vs. loss probability	1.51	1.34	+0.17
Calmar ratio: Return relative to maximum drawdown	1.95	3.47	-1.52
Martin ratio: Return relative to average drawdown	7.25	7.02	+0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTSL vs. USL - Sharpe Ratio Comparison

The current FTSL Sharpe Ratio is 2.15, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FTSL 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

	FTSL	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.04	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.50	0.58	+0.92
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.34	+0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.01	+0.84

Drawdowns

FTSL vs. USL - Drawdown Comparison

The maximum FTSL drawdown since its inception was -22.67%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for FTSL and USL.

Drawdown Indicators

	FTSL	USL	Difference
Max Drawdown Largest peak-to-trough decline	-22.67%	-89.06%	+66.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.33%	-16.76%	+14.43%
Max Drawdown (3Y) Largest decline over 3 years	-2.66%	-23.33%	+20.67%
Max Drawdown (5Y) Largest decline over 5 years	-6.96%	-33.82%	+26.86%
Max Drawdown (10Y) Largest decline over 10 years	-22.67%	-66.02%	+43.35%
Current Drawdown Current decline from peak	-0.03%	-38.16%	+38.13%
Average Drawdown Average peak-to-trough decline	-0.76%	-61.46%	+60.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	8.27%	-7.64%

Volatility

FTSL vs. USL - Volatility Comparison

The current volatility for First Trust Senior Loan Fund (FTSL) is 0.36%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that FTSL 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

	FTSL	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	10.53%	-10.17%
Volatility (6M) Calculated over the trailing 6-month period	1.95%	23.33%	-21.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.11%	28.54%	-26.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.35%	30.08%	-26.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.19%	32.35%	-27.16%

FTSL vs. USL - Expense Ratio Comparison

FTSL has a 0.86% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

FTSL vs. USL - Dividend Comparison

FTSL's dividend yield for the trailing twelve months is around 6.46%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTSL First Trust Senior Loan Fund	6.46%	6.59%	7.56%	7.59%	4.77%	3.17%	3.48%	4.44%	4.29%	3.64%	3.70%	3.95%
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 FTSL and USL in my portfolio?

FTSL and USL have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTSL or USL?

USL has higher volatility (10.53%) compared to FTSL (0.36%). In terms of maximum drawdown, FTSL dropped -22.67% vs USL's -89.06%.

Which ETF is better, FTSL or USL?

On 10-year performance, USL leads with 10.91% vs 4.45% for FTSL. On fees, FTSL is cheaper at 0.86% per year. On volatility, FTSL has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTSL or USL?

Over the 10-year period, USL has performed better with a 10.91% return vs 4.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTSL or USL?

FTSL is cheaper with a 0.86% expense ratio, compared with 0.88% for USL.

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

FTSL has the higher dividend yield at 6.46%, compared with 0.00% for USL.

What is the main difference between FTSL and USL?

FTSL is categorized as High Yield Bonds, while USL is Oil & Gas. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.86% for FTSL and 0.88% for USL.

Which has better risk-adjusted returns?

FTSL currently has the higher Sharpe Ratio (2.15 vs 2.04), 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.