JANH vs. USL

Last updated Jun 23, 2026

JANH (Innovator Premium Income 20 Barrier ETF - January) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - JANH is a Options Trading fund actively managed by Innovator, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. JANH is actively managed, while USL is passively managed. Over the past year, JANH returned 7.63% vs 20.67% for USL. At a correlation of -0.06, they often move in opposite directions. JANH charges 0.79%/yr vs 0.88%/yr for USL.

Performance

JANH vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 20 Barrier ETF - January (JANH) 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, JANH achieves a 3.50% return, which is significantly lower than USL's 40.68% return.

JANH

• 1D: -0.04%
• 1M: 0.38%
• YTD: 3.50%
• 6M: 3.49%
• 1Y: 7.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USL

• 1D: -1.37%
• 1M: -12.93%
• YTD: 40.68%
• 6M: 39.29%
• 1Y: 20.67%
• 3Y*: 13.48%
• 5Y*: 12.91%
• 10Y*: 9.48%

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

JANH vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JANH Innovator Premium Income 20 Barrier ETF - January	3.50%	6.34%	7.25%
USL United States 12 Month Oil Fund LP	40.68%	-12.37%	8.30%

Correlation

The correlation between JANH and USL is -0.31, 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	-0.31
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	-0.06

Over the past year, the inverse relationship between JANH and USL has strengthened: their correlation has moved from -0.06 to -0.31, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

JANH vs. USL — Risk / Return Rank

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

JANH

JANH Risk / Return Rank: 75
JANH Sharpe Ratio Rank: 70
JANH Sortino Ratio Rank: 79
JANH Omega Ratio Rank: 92
JANH Calmar Ratio Rank: 52
JANH Martin Ratio Rank: 80

USL

USL Risk / Return Rank: 22
USL Sharpe Ratio Rank: 21
USL Sortino Ratio Rank: 21
USL Omega Ratio Rank: 20
USL Calmar Ratio Rank: 26
USL Martin Ratio Rank: 22

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.

JANH vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 20 Barrier ETF - January (JANH) 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.

	JANH	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.19	0.72	+1.47
Sortino ratio: Return per unit of downside risk	3.36	1.13	+2.23
Omega ratio: Gain probability vs. loss probability	1.59	1.14	+0.45
Calmar ratio: Return relative to maximum drawdown	2.52	1.22	+1.31
Martin ratio: Return relative to average drawdown	15.40	2.71	+12.69

JANH vs. USL - Sharpe Ratio Comparison

The current JANH Sharpe Ratio is 2.19, which is higher than the USL Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of JANH 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

JANH vs. USL - Drawdown Comparison

The maximum JANH drawdown since its inception was -8.00%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for JANH and USL.

Drawdown Indicators

	JANH	USL	Difference
Max Drawdown Largest peak-to-trough decline	-8.00%	-89.06%	+81.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-17.09%	+14.05%
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	-0.10%	-46.65%	+46.55%
Average Drawdown Average peak-to-trough decline	-0.30%	-61.39%	+61.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	8.62%	-8.12%

Volatility

JANH vs. USL - Volatility Comparison

The current volatility for Innovator Premium Income 20 Barrier ETF - January (JANH) is 0.84%, while United States 12 Month Oil Fund LP (USL) has a volatility of 8.21%. This indicates that JANH 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

	JANH	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	8.21%	-7.37%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	24.22%	-20.81%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	28.95%	-25.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.34%	30.24%	-23.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.34%	32.36%	-26.02%

JANH vs. USL - Expense Ratio Comparison

JANH has a 0.79% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

JANH vs. USL - Dividend Comparison

JANH's dividend yield for the trailing twelve months is around 6.12%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024
JANH Innovator Premium Income 20 Barrier ETF - January	6.12%	6.20%	6.71%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JANH and USL in my portfolio?

JANH and USL have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANH or USL?

USL has higher volatility (8.21%) compared to JANH (0.84%). In terms of maximum drawdown, JANH dropped -8.00% vs USL's -89.06%.

Which ETF is better, JANH or USL?

On 1-year performance, USL leads with 20.67% vs 7.63% for JANH. On fees, JANH is cheaper at 0.79% per year. On volatility, JANH has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANH or USL?

Over the 1-year period, USL has performed better with a 20.67% return vs 7.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANH or USL?

JANH is cheaper with a 0.79% expense ratio, compared with 0.88% for USL.

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

JANH has the higher dividend yield at 6.12%, compared with 0.00% for USL.

What is the main difference between JANH and USL?

JANH is categorized as Options Trading, while USL is Oil & Gas. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for JANH and 0.88% for USL.

Which has better risk-adjusted returns?

JANH currently has the higher Sharpe Ratio (2.19 vs 0.72), 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.