INVG vs. USL

Last updated Jun 24, 2026

INVG (GMO Systematic Investment Grade Credit ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - INVG is a Corporate Bonds fund actively managed by GMO, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. INVG is actively managed, while USL is passively managed. Over the past year, INVG returned 5.23% vs 26.14% for USL. At a correlation of -0.35, they often move in opposite directions. INVG charges 0.25%/yr vs 0.88%/yr for USL.

Performance

INVG vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Systematic Investment Grade Credit ETF (INVG) 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, INVG achieves a 0.96% return, which is significantly lower than USL's 39.93% return.

INVG

• 1D: 0.16%
• 1M: 0.87%
• YTD: 0.96%
• 6M: 1.01%
• 1Y: 5.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USL

• 1D: -0.53%
• 1M: -13.39%
• YTD: 39.93%
• 6M: 37.90%
• 1Y: 26.14%
• 3Y*: 13.28%
• 5Y*: 12.73%
• 10Y*: 9.43%

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

INVG vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
INVG GMO Systematic Investment Grade Credit ETF	0.96%	5.03%
USL United States 12 Month Oil Fund LP	39.93%	-3.19%

Correlation

The correlation between INVG and USL is -0.36, 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	-0.36
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	-0.35

Return for Risk

INVG vs. USL — Risk / Return Rank

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

INVG

INVG Risk / Return Rank: 36
INVG Sharpe Ratio Rank: 36
INVG Sortino Ratio Rank: 36
INVG Omega Ratio Rank: 33
INVG Calmar Ratio Rank: 36
INVG Martin Ratio Rank: 37

USL

USL Risk / Return Rank: 27
USL Sharpe Ratio Rank: 27
USL Sortino Ratio Rank: 26
USL Omega Ratio Rank: 26
USL Calmar Ratio Rank: 31
USL Martin Ratio Rank: 27

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.

INVG vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Systematic Investment Grade Credit ETF (INVG) 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.

	INVG	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.92	+0.26
Sortino ratio: Return per unit of downside risk	1.74	1.38	+0.37
Omega ratio: Gain probability vs. loss probability	1.21	1.17	+0.04
Calmar ratio: Return relative to maximum drawdown	1.67	1.50	+0.17
Martin ratio: Return relative to average drawdown	5.31	3.41	+1.89

INVG vs. USL - Sharpe Ratio Comparison

The current INVG Sharpe Ratio is 1.18, which is comparable to the USL Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of INVG 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.

Drawdowns

INVG vs. USL - Drawdown Comparison

The maximum INVG drawdown since its inception was -3.15%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for INVG and USL.

Drawdown Indicators

	INVG	USL	Difference
Max Drawdown Largest peak-to-trough decline	-3.15%	-89.06%	+85.91%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-17.53%	+14.38%
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	-0.61%	-46.93%	+46.32%
Average Drawdown Average peak-to-trough decline	-0.71%	-61.39%	+60.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	7.72%	-6.73%

Volatility

INVG vs. USL - Volatility Comparison

The current volatility for GMO Systematic Investment Grade Credit ETF (INVG) is 1.26%, while United States 12 Month Oil Fund LP (USL) has a volatility of 8.21%. This indicates that INVG 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

	INVG	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	8.21%	-6.95%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	24.20%	-20.79%
Volatility (1Y) Calculated over the trailing 1-year period	4.45%	28.90%	-24.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.45%	30.24%	-25.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.45%	32.33%	-27.88%

INVG vs. USL - Expense Ratio Comparison

INVG has a 0.25% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

INVG vs. USL - Dividend Comparison

INVG's dividend yield for the trailing twelve months is around 4.66%, while USL has not paid dividends to shareholders.

Position	TTM	2025
INVG GMO Systematic Investment Grade Credit ETF	4.66%	2.81%
USL United States 12 Month Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both INVG and USL in my portfolio?

INVG and USL have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INVG or USL?

USL has higher volatility (8.21%) compared to INVG (1.26%). In terms of maximum drawdown, INVG dropped -3.15% vs USL's -89.06%.

Which ETF is better, INVG or USL?

On 1-year performance, USL leads with 26.14% vs 5.23% for INVG. On fees, INVG is cheaper at 0.25% per year. On volatility, INVG has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INVG or USL?

Over the 1-year period, USL has performed better with a 26.14% return vs 5.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INVG or USL?

INVG is cheaper with a 0.25% expense ratio, compared with 0.88% for USL.

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

INVG has the higher dividend yield at 4.66%, compared with 0.00% for USL.

What is the main difference between INVG and USL?

INVG is categorized as Corporate Bonds, while USL is Oil & Gas. They also come from different issuers: GMO and Concierge Technologies. Their fees differ too: 0.25% for INVG and 0.88% for USL.

Which has better risk-adjusted returns?

INVG currently has the higher Sharpe Ratio (1.18 vs 0.92), 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.