HSMV vs. USL

Last updated Jun 5, 2026

HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - HSMV is a Small Cap Blend Equities fund actively managed by First Trust, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. HSMV is actively managed, while USL is passively managed. Over the past 5 years, HSMV returned 3.79%/yr vs 17.05%/yr for USL. At a 0.14 correlation, their price movements are largely independent. HSMV charges 0.80%/yr vs 0.88%/yr for USL.

Performance

HSMV vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) 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, HSMV achieves a 3.62% return, which is significantly lower than USL's 60.58% return.

HSMV

• 1D: 0.49%
• 1M: -2.16%
• YTD: 3.62%
• 6M: 4.04%
• 1Y: 5.27%
• 3Y*: 9.10%
• 5Y*: 3.79%
• 10Y*: —

USL

• 1D: -1.53%
• 1M: -1.98%
• YTD: 60.58%
• 6M: 56.11%
• 1Y: 56.55%
• 3Y*: 17.93%
• 5Y*: 17.05%
• 10Y*: 10.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HSMV vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	3.62%	1.57%	13.17%	5.01%	-9.44%	23.72%	34.70%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	-1.11%	27.10%	62.48%	32.13%

Correlation

The correlation between HSMV and USL is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020	0.14

The correlation between HSMV and USL shifts across timeframes, from -0.23 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

HSMV vs. USL - Sectors Allocation Comparison

Sectors	HSMV	USL
Real Estate	23.8%	-
Financial Services	16.6%	4.5%
Industrials	15.0%	-
Utilities	11.9%	-
Consumer Defensive	7.9%	-
Consumer Cyclical	7.8%	-
Basic Materials	5.4%	-
Healthcare	4.9%	-
Energy	2.8%	-
Communication Services	2.3%	-
Technology	1.7%	-

Return for Risk

HSMV vs. USL — Risk / Return Rank

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

HSMV

HSMV Risk / Return Rank: 17
HSMV Sharpe Ratio Rank: 17
HSMV Sortino Ratio Rank: 17
HSMV Omega Ratio Rank: 16
HSMV Calmar Ratio Rank: 17
HSMV Martin Ratio Rank: 19

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 60
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.

HSMV vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) 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.

	HSMV	USL	Difference
Sharpe ratio: Return per unit of total volatility	0.51	1.99	-1.48
Sortino ratio: Return per unit of downside risk	0.83	2.53	-1.70
Omega ratio: Gain probability vs. loss probability	1.09	1.33	-0.24
Calmar ratio: Return relative to maximum drawdown	0.68	3.39	-2.71
Martin ratio: Return relative to average drawdown	2.03	6.85	-4.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HSMV vs. USL - Sharpe Ratio Comparison

The current HSMV Sharpe Ratio is 0.51, which is lower than the USL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of HSMV 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

	HSMV	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	1.99	-1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.57	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.01	+0.67

Drawdowns

HSMV vs. USL - Drawdown Comparison

The maximum HSMV drawdown since its inception was -19.16%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for HSMV and USL.

Drawdown Indicators

	HSMV	USL	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-89.06%	+69.90%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-16.76%	+8.93%
Max Drawdown (3Y) Largest decline over 3 years	-15.45%	-23.33%	+7.88%
Max Drawdown (5Y) Largest decline over 5 years	-19.16%	-33.82%	+14.66%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-3.89%	-39.10%	+35.21%
Average Drawdown Average peak-to-trough decline	-5.62%	-61.45%	+55.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	8.27%	-5.67%

Volatility

HSMV vs. USL - Volatility Comparison

The current volatility for First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) is 2.83%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.57%. This indicates that HSMV 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

	HSMV	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	10.57%	-7.74%
Volatility (6M) Calculated over the trailing 6-month period	7.27%	23.34%	-16.07%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	28.59%	-18.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.00%	30.09%	-15.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	32.34%	-16.29%

HSMV vs. USL - Expense Ratio Comparison

HSMV has a 0.80% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

HSMV vs. USL - Dividend Comparison

HSMV's dividend yield for the trailing twelve months is around 1.99%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	1.99%	2.01%	1.43%	1.43%	1.26%	0.76%	0.80%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HSMV and USL in my portfolio?

HSMV and USL have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HSMV or USL?

USL has higher volatility (10.57%) compared to HSMV (2.83%). In terms of maximum drawdown, HSMV dropped -19.16% vs USL's -89.06%.

Which ETF is better, HSMV or USL?

On 5-year performance, USL leads with 17.05% vs 3.79% for HSMV. On fees, HSMV is cheaper at 0.80% per year. On volatility, HSMV has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HSMV or USL?

Over the 5-year period, USL has performed better with a 17.05% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HSMV or USL?

HSMV is cheaper with a 0.80% expense ratio, compared with 0.88% for USL.

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

HSMV has the higher dividend yield at 1.99%, compared with 0.00% for USL.

What is the main difference between HSMV and USL?

HSMV is categorized as Small Cap Blend Equities, while USL is Oil & Gas. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.80% for HSMV and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (1.99 vs 0.51), 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.