GVUS vs. USL

Last updated Jun 4, 2026

GVUS (Goldman Sachs MarketBeta Russell 1000 Value Equity ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - GVUS is a Large Cap Value Equities fund tracking the Russell 1000 Value 40 Act Daily Capped Index - Benchmark TR Gross, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past year, GVUS returned 28.22% vs 57.86% for USL. At a correlation of -0.02, they often move in opposite directions. GVUS charges 0.12%/yr vs 0.88%/yr for USL.

Performance

GVUS vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MarketBeta Russell 1000 Value Equity ETF (GVUS) 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, GVUS achieves a 14.24% return, which is significantly lower than USL's 63.07% return.

GVUS

• 1D: 0.03%
• 1M: 4.34%
• YTD: 14.24%
• 6M: 14.89%
• 1Y: 28.22%
• 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)

GVUS vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GVUS Goldman Sachs MarketBeta Russell 1000 Value Equity ETF	14.24%	15.90%	14.08%	5.51%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-4.00%

Correlation

The correlation between GVUS 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 (All Time) Calculated using the full available price history since Dec 1, 2023	-0.02

The correlation between GVUS and USL shifts across timeframes, from -0.21 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

GVUS vs. USL - Sectors Allocation Comparison

Sectors	GVUS	USL
Financial Services	19.2%	4.5%
Technology	15.0%	-
Industrials	13.1%	-
Healthcare	10.8%	-
Communication Services	8.5%	-
Consumer Cyclical	7.3%	-
Consumer Defensive	7.1%	-
Energy	6.9%	-
Utilities	4.3%	-
Real Estate	4.0%	-
Basic Materials	3.8%	-

Return for Risk

GVUS vs. USL — Risk / Return Rank

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

GVUS

GVUS Risk / Return Rank: 82
GVUS Sharpe Ratio Rank: 81
GVUS Sortino Ratio Rank: 83
GVUS Omega Ratio Rank: 80
GVUS Calmar Ratio Rank: 82
GVUS Martin Ratio Rank: 85

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.

GVUS vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta Russell 1000 Value Equity ETF (GVUS) 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.

	GVUS	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.04	+0.58
Sortino ratio: Return per unit of downside risk	3.71	2.58	+1.13
Omega ratio: Gain probability vs. loss probability	1.47	1.34	+0.13
Calmar ratio: Return relative to maximum drawdown	4.24	3.47	+0.77
Martin ratio: Return relative to average drawdown	17.70	7.02	+10.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GVUS vs. USL - Sharpe Ratio Comparison

The current GVUS Sharpe Ratio is 2.61, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of GVUS 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

	GVUS	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.04	+0.58
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	1.55	0.01	+1.54

Drawdowns

GVUS vs. USL - Drawdown Comparison

The maximum GVUS drawdown since its inception was -15.82%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for GVUS and USL.

Drawdown Indicators

	GVUS	USL	Difference
Max Drawdown Largest peak-to-trough decline	-15.82%	-89.06%	+73.24%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-16.76%	+10.08%
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	0.00%	-38.16%	+38.16%
Average Drawdown Average peak-to-trough decline	-2.01%	-61.46%	+59.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	8.27%	-6.67%

Volatility

GVUS vs. USL - Volatility Comparison

The current volatility for Goldman Sachs MarketBeta Russell 1000 Value Equity ETF (GVUS) is 3.01%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that GVUS 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

	GVUS	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	10.53%	-7.52%
Volatility (6M) Calculated over the trailing 6-month period	8.14%	23.33%	-15.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.86%	28.54%	-17.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.28%	30.08%	-16.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.28%	32.35%	-19.07%

GVUS vs. USL - Expense Ratio Comparison

GVUS has a 0.12% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

GVUS vs. USL - Dividend Comparison

GVUS's dividend yield for the trailing twelve months is around 1.58%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GVUS Goldman Sachs MarketBeta Russell 1000 Value Equity ETF	1.58%	1.77%	2.04%	0.00%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GVUS and USL in my portfolio?

GVUS 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, GVUS or USL?

USL has higher volatility (10.53%) compared to GVUS (3.01%). In terms of maximum drawdown, GVUS dropped -15.82% vs USL's -89.06%.

Which ETF is better, GVUS or USL?

On 1-year performance, USL leads with 57.86% vs 28.22% for GVUS. On fees, GVUS is cheaper at 0.12% per year. On volatility, GVUS has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVUS or USL?

Over the 1-year period, USL has performed better with a 57.86% return vs 28.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVUS or USL?

GVUS is cheaper with a 0.12% expense ratio, compared with 0.88% for USL.

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

GVUS has the higher dividend yield at 1.58%, compared with 0.00% for USL.

What is the main difference between GVUS and USL?

GVUS is categorized as Large Cap Value Equities, while USL is Oil & Gas. GVUS tracks Russell 1000 Value 40 Act Daily Capped Index - Benchmark TR Gross, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Goldman Sachs and Concierge Technologies. Their fees differ too: 0.12% for GVUS and 0.88% for USL.

Which has better risk-adjusted returns?

GVUS currently has the higher Sharpe Ratio (2.61 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.