GSSC vs. USL

Last updated Jun 4, 2026

GSSC (Goldman Sachs ActiveBeta US Small Cap Equity ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - GSSC is a Small Cap Growth Equities fund tracking the Goldman Sachs ActiveBeta U.S. Small Cap Equity 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, GSSC returned 7.20%/yr vs 17.41%/yr for USL. At a 0.20 correlation, their price movements are largely independent. GSSC charges 0.20%/yr vs 0.88%/yr for USL.

Performance

GSSC vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) 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, GSSC achieves a 13.55% return, which is significantly lower than USL's 63.07% return.

GSSC

• 1D: -1.21%
• 1M: 3.24%
• YTD: 13.55%
• 6M: 13.10%
• 1Y: 30.39%
• 3Y*: 16.72%
• 5Y*: 7.20%
• 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)

GSSC vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF	13.55%	10.76%	11.14%	17.27%	-16.81%	24.13%	16.02%	23.14%	-9.24%	8.77%
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%	27.72%

Correlation

The correlation between GSSC and USL is -0.28, 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	-0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 30, 2017	0.21

The correlation between GSSC and USL shifts across timeframes, from -0.28 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

GSSC vs. USL - Sectors Allocation Comparison

Sectors	GSSC	USL
Industrials	17.7%	-
Financial Services	16.9%	4.5%
Healthcare	16.8%	-
Technology	16.1%	-
Consumer Cyclical	10.6%	-
Energy	4.8%	-
Real Estate	4.3%	-
Consumer Defensive	4.0%	-
Basic Materials	3.9%	-
Communication Services	2.7%	-
Utilities	2.2%	-

Return for Risk

GSSC vs. USL — Risk / Return Rank

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

GSSC

GSSC Risk / Return Rank: 51
GSSC Sharpe Ratio Rank: 47
GSSC Sortino Ratio Rank: 48
GSSC Omega Ratio Rank: 44
GSSC Calmar Ratio Rank: 59
GSSC Martin Ratio Rank: 56

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.

GSSC vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) 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.

	GSSC	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.04	-0.39
Sortino ratio: Return per unit of downside risk	2.37	2.58	-0.21
Omega ratio: Gain probability vs. loss probability	1.28	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	2.89	3.47	-0.58
Martin ratio: Return relative to average drawdown	9.64	7.02	+2.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSSC vs. USL - Sharpe Ratio Comparison

The current GSSC Sharpe Ratio is 1.65, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of GSSC 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

	GSSC	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	2.04	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.58	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.01	+0.44

Drawdowns

GSSC vs. USL - Drawdown Comparison

The maximum GSSC drawdown since its inception was -41.38%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for GSSC and USL.

Drawdown Indicators

	GSSC	USL	Difference
Max Drawdown Largest peak-to-trough decline	-41.38%	-89.06%	+47.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-16.76%	+6.20%
Max Drawdown (3Y) Largest decline over 3 years	-26.05%	-23.33%	-2.72%
Max Drawdown (5Y) Largest decline over 5 years	-27.81%	-33.82%	+6.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-1.21%	-38.16%	+36.95%
Average Drawdown Average peak-to-trough decline	-9.02%	-61.46%	+52.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	8.27%	-5.11%

Volatility

GSSC vs. USL - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) is 5.31%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that GSSC 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

	GSSC	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	10.53%	-5.22%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	23.33%	-10.51%
Volatility (1Y) Calculated over the trailing 1-year period	18.58%	28.54%	-9.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	30.08%	-8.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.02%	32.35%	-9.33%

GSSC vs. USL - Expense Ratio Comparison

GSSC has a 0.20% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

GSSC vs. USL - Dividend Comparison

GSSC's dividend yield for the trailing twelve months is around 1.07%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF	1.07%	1.17%	1.42%	1.33%	1.31%	1.00%	0.94%	1.24%	1.21%	0.73%
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%

Frequently Asked Questions

Can I hold both GSSC and USL in my portfolio?

GSSC and USL have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSSC or USL?

USL has higher volatility (10.53%) compared to GSSC (5.31%). In terms of maximum drawdown, GSSC dropped -41.38% vs USL's -89.06%.

Which ETF is better, GSSC or USL?

On 5-year performance, USL leads with 17.41% vs 7.20% for GSSC. On fees, GSSC is cheaper at 0.20% per year. On volatility, GSSC has been the lower-risk option at 5.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSSC or USL?

Over the 5-year period, USL has performed better with a 17.41% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSSC or USL?

GSSC is cheaper with a 0.20% expense ratio, compared with 0.88% for USL.

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

GSSC has the higher dividend yield at 1.07%, compared with 0.00% for USL.

What is the main difference between GSSC and USL?

GSSC is categorized as Small Cap Growth Equities, while USL is Oil & Gas. GSSC tracks Goldman Sachs ActiveBeta U.S. Small Cap Equity Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Goldman Sachs and Concierge Technologies. Their fees differ too: 0.20% for GSSC and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.65), 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.