IVOO vs. USL

Last updated Jun 3, 2026

IVOO (Vanguard S&P Mid-Cap 400 ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - IVOO is a Small Cap Growth Equities fund tracking the S&P MidCap 400 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, IVOO returned 11.22%/yr vs 10.74%/yr for USL. At a 0.28 correlation, their price movements are largely independent. IVOO charges 0.10%/yr vs 0.88%/yr for USL.

Performance

IVOO vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 ETF (IVOO) 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, IVOO achieves a 14.15% return, which is significantly lower than USL's 60.58% return. Both investments have delivered pretty close results over the past 10 years, with IVOO having a 11.22% annualized return and USL not far behind at 10.74%.

IVOO

• 1D: 0.86%
• 1M: 3.31%
• YTD: 14.15%
• 6M: 15.23%
• 1Y: 27.06%
• 3Y*: 16.07%
• 5Y*: 8.27%
• 10Y*: 11.22%

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)

IVOO vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOO Vanguard S&P Mid-Cap 400 ETF	14.15%	7.47%	13.77%	16.45%	-13.17%	24.61%	13.61%	26.18%	-11.33%	16.38%
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 IVOO 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	0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.28

The correlation between IVOO and USL shifts across timeframes, from -0.23 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

IVOO vs. USL - Sectors Allocation Comparison

Sectors	IVOO	USL
Industrials	25.1%	-
Technology	15.7%	-
Financial Services	14.4%	4.5%
Consumer Cyclical	10.7%	-
Healthcare	8.6%	-
Real Estate	7.5%	-
Energy	5.5%	-
Basic Materials	4.8%	-
Consumer Defensive	3.8%	-
Utilities	3.1%	-
Communication Services	1.0%	-

Return for Risk

IVOO vs. USL — Risk / Return Rank

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

IVOO

IVOO Risk / Return Rank: 54
IVOO Sharpe Ratio Rank: 50
IVOO Sortino Ratio Rank: 52
IVOO Omega Ratio Rank: 48
IVOO Calmar Ratio Rank: 61
IVOO Martin Ratio Rank: 62

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.

IVOO vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 ETF (IVOO) 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.

	IVOO	USL	Difference
Sharpe ratio Return per unit of total volatility	1.75	2.00	-0.25
Sortino ratio Return per unit of downside risk	2.54	2.54	0.00
Omega ratio Gain probability vs. loss probability	1.31	1.33	-0.02
Calmar ratio Return relative to maximum drawdown	3.06	3.67	-0.61
Martin ratio Return relative to average drawdown	11.19	7.44	+3.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOO vs. USL - Sharpe Ratio Comparison

The current IVOO Sharpe Ratio is 1.75, which is comparable to the USL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of IVOO 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

	IVOO	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.00	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.57	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.33	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.01	+0.61

Drawdowns

IVOO vs. USL - Drawdown Comparison

The maximum IVOO drawdown since its inception was -42.33%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for IVOO and USL.

Drawdown Indicators

	IVOO	USL	Difference
Max Drawdown Largest peak-to-trough decline	-42.33%	-89.06%	+46.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-16.76%	+7.95%
Max Drawdown (3Y) Largest decline over 3 years	-24.22%	-23.33%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-33.82%	+9.60%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-66.02%	+23.69%
Current Drawdown Current decline from peak	0.00%	-39.10%	+39.10%
Average Drawdown Average peak-to-trough decline	-5.27%	-61.46%	+56.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	8.26%	-5.85%

Volatility

IVOO vs. USL - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 ETF (IVOO) is 4.46%, while United States 12 Month Oil Fund LP (USL) has a volatility of 11.15%. This indicates that IVOO 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

	IVOO	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	11.15%	-6.69%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	23.30%	-11.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	28.65%	-13.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	30.07%	-10.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	32.35%	-11.15%

IVOO vs. USL - Expense Ratio Comparison

IVOO has a 0.10% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

IVOO vs. USL - Dividend Comparison

IVOO's dividend yield for the trailing twelve months is around 1.19%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOO Vanguard S&P Mid-Cap 400 ETF	1.19%	1.35%	1.30%	1.25%	1.58%	1.14%	1.23%	1.49%	1.56%	1.22%	1.37%	1.45%
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 IVOO and USL in my portfolio?

IVOO 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, IVOO or USL?

USL has higher volatility (11.15%) compared to IVOO (4.46%). In terms of maximum drawdown, IVOO dropped -42.33% vs USL's -89.06%.

Which ETF is better, IVOO or USL?

On 10-year performance, IVOO leads with 11.22% vs 10.74% for USL. On fees, IVOO is cheaper at 0.10% per year. On volatility, IVOO has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOO or USL?

Over the 10-year period, IVOO has performed better with a 11.22% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOO or USL?

IVOO is cheaper with a 0.10% expense ratio, compared with 0.88% for USL.

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

IVOO has the higher dividend yield at 1.19%, compared with 0.00% for USL.

What is the main difference between IVOO and USL?

IVOO is categorized as Small Cap Growth Equities, while USL is Oil & Gas. IVOO tracks S&P MidCap 400 Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.10% for IVOO and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.00 vs 1.75), 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.