IMCB vs. USL

Last updated Jun 3, 2026

IMCB (iShares Morningstar Mid-Cap ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - IMCB is a Mid Cap Blend Equities fund tracking the IMCB-US - Morningstar U.S. Mid Cap Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, IMCB returned 11.35%/yr vs 10.74%/yr for USL. At a 0.30 correlation, their price movements are largely independent. IMCB charges 0.04%/yr vs 0.88%/yr for USL.

Performance

IMCB vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCB) 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, IMCB achieves a 15.00% return, which is significantly lower than USL's 60.58% return. Over the past 10 years, IMCB has outperformed USL with an annualized return of 11.35%, while USL has yielded a comparatively lower 10.74% annualized return.

IMCB

• 1D: 1.17%
• 1M: 4.93%
• YTD: 15.00%
• 6M: 15.90%
• 1Y: 24.63%
• 3Y*: 17.94%
• 5Y*: 9.00%
• 10Y*: 11.35%

USL

• 1D: 1.21%
• 1M: 0.73%
• YTD: 60.58%
• 6M: 58.21%
• 1Y: 56.66%
• 3Y*: 17.81%
• 5Y*: 17.18%
• 10Y*: 10.74%

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

IMCB vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCB iShares Morningstar Mid-Cap ETF	15.00%	10.25%	15.10%	16.37%	-16.09%	22.81%	13.35%	31.49%	-11.53%	19.70%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between IMCB 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	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007	0.30

The correlation between IMCB and USL shifts across timeframes, from -0.21 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

IMCB vs. USL - Sectors Allocation Comparison

Sectors	IMCB	USL
Technology	21.3%	-
Industrials	19.0%	-
Financial Services	12.0%	4.5%
Consumer Cyclical	9.0%	-
Healthcare	7.9%	-
Energy	7.4%	-
Utilities	6.2%	-
Basic Materials	5.3%	-
Consumer Defensive	5.1%	-
Real Estate	4.3%	-
Communication Services	2.3%	-

Return for Risk

IMCB vs. USL — Risk / Return Rank

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

IMCB

IMCB Risk / Return Rank: 59
IMCB Sharpe Ratio Rank: 56
IMCB Sortino Ratio Rank: 57
IMCB Omega Ratio Rank: 54
IMCB Calmar Ratio Rank: 61
IMCB Martin Ratio Rank: 66

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 58
USL Sortino Ratio Rank: 52
USL Omega Ratio Rank: 53
USL Calmar Ratio Rank: 72
USL Martin Ratio Rank: 45

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.

IMCB vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCB) 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.

	IMCB	USL	Difference
Sharpe ratio Return per unit of total volatility	1.94	2.00	-0.06
Sortino ratio Return per unit of downside risk	2.75	2.54	+0.21
Omega ratio Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio Return relative to maximum drawdown	3.08	3.67	-0.58
Martin ratio Return relative to average drawdown	12.25	7.44	+4.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMCB vs. USL - Sharpe Ratio Comparison

The current IMCB Sharpe Ratio is 1.94, which is comparable to the USL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of IMCB 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

	IMCB	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	2.00	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.57	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.33	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.01	+0.50

Drawdowns

IMCB vs. USL - Drawdown Comparison

The maximum IMCB drawdown since its inception was -58.80%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for IMCB and USL.

Drawdown Indicators

	IMCB	USL	Difference
Max Drawdown Largest peak-to-trough decline	-58.80%	-89.06%	+30.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-16.76%	+8.71%
Max Drawdown (3Y) Largest decline over 3 years	-19.80%	-23.33%	+3.53%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-33.82%	+8.67%
Max Drawdown (10Y) Largest decline over 10 years	-40.99%	-66.02%	+25.03%
Current Drawdown Current decline from peak	0.00%	-39.10%	+39.10%
Average Drawdown Average peak-to-trough decline	-7.73%	-61.46%	+53.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	8.26%	-6.23%

Volatility

IMCB vs. USL - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCB) is 3.37%, while United States 12 Month Oil Fund LP (USL) has a volatility of 11.15%. This indicates that IMCB 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

	IMCB	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	11.15%	-7.78%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	23.30%	-13.69%
Volatility (1Y) Calculated over the trailing 1-year period	12.75%	28.65%	-15.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.57%	30.07%	-12.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.65%	32.35%	-12.70%

IMCB vs. USL - Expense Ratio Comparison

IMCB has a 0.04% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

IMCB vs. USL - Dividend Comparison

IMCB's dividend yield for the trailing twelve months is around 1.21%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCB iShares Morningstar Mid-Cap ETF	1.21%	1.42%	1.43%	1.55%	1.70%	1.08%	1.12%	1.32%	1.80%	1.31%	1.79%	1.47%
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 IMCB and USL in my portfolio?

IMCB 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, IMCB or USL?

USL has higher volatility (11.15%) compared to IMCB (3.37%). In terms of maximum drawdown, IMCB dropped -58.80% vs USL's -89.06%.

Which ETF is better, IMCB or USL?

On 10-year performance, IMCB leads with 11.35% vs 10.74% for USL. On fees, IMCB is cheaper at 0.04% per year. On volatility, IMCB has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCB or USL?

Over the 10-year period, IMCB has performed better with a 11.35% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCB or USL?

IMCB is cheaper with a 0.04% expense ratio, compared with 0.88% for USL.

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

IMCB has the higher dividend yield at 1.21%, compared with 0.00% for USL.

What is the main difference between IMCB and USL?

IMCB is categorized as Mid Cap Blend Equities, while USL is Oil & Gas. IMCB tracks IMCB-US - Morningstar U.S. Mid Cap Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.04% for IMCB and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.00 vs 1.94), 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.