IVRS vs. USL

Last updated Jun 4, 2026

IVRS (iShares Future Metaverse Tech And Communications ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - IVRS is a Technology Equities fund tracking the Morningstar Global Metaverse & Virtual Interaction Select Index - Benchmark TR Net, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, IVRS returned 9.46%/yr vs 18.42%/yr for USL. At a 0.00 correlation, their price movements are largely independent. IVRS charges 0.47%/yr vs 0.88%/yr for USL.

Performance

IVRS vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Future Metaverse Tech And Communications ETF (IVRS) 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, IVRS achieves a -5.51% return, which is significantly lower than USL's 63.07% return.

IVRS

• 1D: -2.21%
• 1M: 1.13%
• YTD: -5.51%
• 6M: -8.57%
• 1Y: -1.11%
• 3Y*: 9.46%
• 5Y*: —
• 10Y*: —

USL

• 1D: 1.55%
• 1M: -1.61%
• YTD: 63.07%
• 6M: 59.66%
• 1Y: 57.86%
• 3Y*: 18.42%
• 5Y*: 17.41%
• 10Y*: 10.91%

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

IVRS vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IVRS iShares Future Metaverse Tech And Communications ETF	-5.51%	12.75%	7.40%	28.15%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	0.97%

Correlation

The correlation between IVRS 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	-0.02
Correlation (All Time) Calculated using the full available price history since Feb 17, 2023	0.00

The correlation between IVRS and USL shifts across timeframes, from -0.23 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

IVRS vs. USL - Sectors Allocation Comparison

Sectors	IVRS	USL
Technology	38.4%	-
Communication Services	37.3%	-
Financial Services	19.7%	4.5%
Consumer Cyclical	4.6%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

IVRS vs. USL — Risk / Return Rank

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

IVRS

IVRS Risk / Return Rank: 8
IVRS Sharpe Ratio Rank: 8
IVRS Sortino Ratio Rank: 8
IVRS Omega Ratio Rank: 8
IVRS Calmar Ratio Rank: 9
IVRS Martin Ratio Rank: 8

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 59
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.

IVRS vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Future Metaverse Tech And Communications ETF (IVRS) 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.

	IVRS	USL	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	2.04	-2.09
Sortino ratio: Return per unit of downside risk	0.08	2.58	-2.50
Omega ratio: Gain probability vs. loss probability	1.01	1.34	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.04	3.47	-3.50
Martin ratio: Return relative to average drawdown	-0.08	7.02	-7.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVRS vs. USL - Sharpe Ratio Comparison

The current IVRS Sharpe Ratio is -0.05, which is lower than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of IVRS 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

	IVRS	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	2.04	-2.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.01	+0.60

Drawdowns

IVRS vs. USL - Drawdown Comparison

The maximum IVRS drawdown since its inception was -31.43%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for IVRS and USL.

Drawdown Indicators

	IVRS	USL	Difference
Max Drawdown Largest peak-to-trough decline	-31.43%	-89.06%	+57.63%
Max Drawdown (1Y) Largest decline over 1 year	-31.43%	-16.76%	-14.67%
Max Drawdown (3Y) Largest decline over 3 years	-31.43%	-23.33%	-8.10%
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	-18.72%	-38.16%	+19.44%
Average Drawdown Average peak-to-trough decline	-5.81%	-61.46%	+55.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.55%	8.27%	+6.28%

Volatility

IVRS vs. USL - Volatility Comparison

The current volatility for iShares Future Metaverse Tech And Communications ETF (IVRS) is 5.53%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that IVRS 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

	IVRS	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	10.53%	-5.00%
Volatility (6M) Calculated over the trailing 6-month period	18.59%	23.33%	-4.74%
Volatility (1Y) Calculated over the trailing 1-year period	21.85%	28.54%	-6.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.49%	30.08%	-9.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.49%	32.35%	-11.86%

IVRS vs. USL - Expense Ratio Comparison

IVRS has a 0.47% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

IVRS vs. USL - Dividend Comparison

IVRS's dividend yield for the trailing twelve months is around 8.34%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
IVRS iShares Future Metaverse Tech And Communications ETF	8.34%	7.88%	6.65%	0.48%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVRS and USL in my portfolio?

IVRS 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, IVRS or USL?

USL has higher volatility (10.53%) compared to IVRS (5.53%). In terms of maximum drawdown, IVRS dropped -31.43% vs USL's -89.06%.

Which ETF is better, IVRS or USL?

On 3-year performance, USL leads with 18.42% vs 9.46% for IVRS. On fees, IVRS is cheaper at 0.47% per year. On volatility, IVRS has been the lower-risk option at 5.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVRS or USL?

Over the 3-year period, USL has performed better with a 18.42% return vs 9.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVRS or USL?

IVRS is cheaper with a 0.47% expense ratio, compared with 0.88% for USL.

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

IVRS has the higher dividend yield at 8.34%, compared with 0.00% for USL.

What is the main difference between IVRS and USL?

IVRS is categorized as Technology Equities, while USL is Oil & Gas. IVRS tracks Morningstar Global Metaverse & Virtual Interaction Select Index - Benchmark TR Net, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.47% for IVRS and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs -0.05), 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.