GXDW vs. USL
GXDW (Global X Dorsey Wright Thematic ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - GXDW is a Systematic Trend fund tracking the Nasdaq Dorsey Wright Thematic Rotation Total Return 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, GXDW returned -11.18%/yr vs 11.84%/yr for USL. At a 0.13 correlation, their price movements are largely independent. GXDW charges 0.50%/yr vs 0.88%/yr for USL.
Performance
GXDW vs. USL - Performance Comparison
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Returns By Period
In the year-to-date period, GXDW achieves a 11.13% return, which is significantly lower than USL's 35.42% return.
GXDW
- 1D
- -1.82%
- 1M
- -9.22%
- YTD
- 11.13%
- 6M
- 7.58%
- 1Y
- 6.14%
- 3Y*
- 2.20%
- 5Y*
- -11.18%
- 10Y*
- —
USL
- 1D
- -3.22%
- 1M
- -16.18%
- YTD
- 35.42%
- 6M
- 33.45%
- 1Y
- 27.96%
- 3Y*
- 12.05%
- 5Y*
- 11.84%
- 10Y*
- 9.07%
GXDW vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GXDW Global X Dorsey Wright Thematic ETF | 11.13% | 3.52% | -3.55% | 10.26% | -48.08% | 3.21% | 61.07% | 4.74% |
USL United States 12 Month Oil Fund LP | 35.42% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 9.53% |
Correlation
The correlation between GXDW and USL is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2019 | 0.13 |
The correlation between GXDW and USL shifts across timeframes, from -0.15 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GXDW vs. USL — Risk / Return Rank
GXDW
USL
GXDW vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Dorsey Wright Thematic ETF (GXDW) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GXDW | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.18 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | 1.39 | -1.14 |
| Martin ratioReturn relative to average drawdown | 0.58 | 3.60 | -3.02 |
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Drawdowns
GXDW vs. USL - Drawdown Comparison
The maximum GXDW drawdown since its inception was -67.81%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for GXDW and USL.
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Drawdown Indicators
| GXDW | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.81% | -89.06% | +21.25% |
Max Drawdown (1Y)Largest decline over 1 year | -24.65% | -20.18% | -4.47% |
Max Drawdown (3Y)Largest decline over 3 years | -31.89% | -23.33% | -8.56% |
Max Drawdown (5Y)Largest decline over 5 years | -61.17% | -33.82% | -27.35% |
Max Drawdown (10Y)Largest decline over 10 years | — | -66.02% | — |
Current DrawdownCurrent decline from peak | -56.07% | -48.64% | -7.43% |
Average DrawdownAverage peak-to-trough decline | -43.16% | -61.39% | +18.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.63% | 7.78% | +2.85% |
Volatility
GXDW vs. USL - Volatility Comparison
Global X Dorsey Wright Thematic ETF (GXDW) has a higher volatility of 13.77% compared to United States 12 Month Oil Fund LP (USL) at 8.59%. This indicates that GXDW's price experiences larger fluctuations and is considered to be riskier than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GXDW | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.77% | 8.59% | +5.18% |
Volatility (6M)Calculated over the trailing 6-month period | 22.56% | 24.45% | -1.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.43% | 28.66% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.19% | 30.28% | -2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.87% | 32.34% | -2.47% |
GXDW vs. USL - Expense Ratio Comparison
GXDW has a 0.50% expense ratio, which is lower than USL's 0.88% expense ratio.
Dividends
GXDW vs. USL - Dividend Comparison
GXDW's dividend yield for the trailing twelve months is around 1.26%, while USL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GXDW Global X Dorsey Wright Thematic ETF | 1.26% | 1.40% | 1.08% | 1.99% | 1.48% | 1.56% | 0.48% | 0.31% |
USL United States 12 Month Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GXDW and USL have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GXDW has higher volatility (13.77%) compared to USL (8.59%). In terms of maximum drawdown, GXDW dropped -67.81% vs USL's -89.06%.
On 5-year performance, USL leads with 11.84% vs -11.18% for GXDW. On fees, GXDW is cheaper at 0.50% per year. On volatility, USL has been the lower-risk option at 8.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USL has performed better with a 11.84% return vs -11.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GXDW is cheaper with a 0.50% expense ratio, compared with 0.88% for USL.
GXDW has the higher dividend yield at 1.26%, compared with 0.00% for USL.
GXDW is categorized as Systematic Trend, while USL is Oil & Gas. GXDW tracks Nasdaq Dorsey Wright Thematic Rotation Total Return Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Global X and Concierge Technologies. Their fees differ too: 0.50% for GXDW and 0.88% for USL.
USL currently has the higher Sharpe Ratio (0.99 vs 0.22), 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.
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