JPO vs. USL

Last updated Jun 3, 2026

JPO (YieldMax JPM Option Income Strategy ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - JPO is a Options Trading fund actively managed by Tidal, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. JPO is actively managed, while USL is passively managed. Over the past year, JPO returned 12.42% vs 56.66% for USL. At a correlation of -0.04, they often move in opposite directions. JPO charges 1.19%/yr vs 0.88%/yr for USL.

Performance

JPO vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax JPM Option Income Strategy ETF (JPO) 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, JPO achieves a -4.00% return, which is significantly lower than USL's 60.58% return.

JPO

• 1D: 1.66%
• 1M: -2.71%
• YTD: -4.00%
• 6M: -0.79%
• 1Y: 12.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

JPO vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPO YieldMax JPM Option Income Strategy ETF	-4.00%	22.26%	13.97%	5.08%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	-12.78%

Correlation

The correlation between JPO and USL is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	-0.04

The correlation between JPO and USL shifts across timeframes, from -0.17 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JPO vs. USL — Risk / Return Rank

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

JPO

JPO Risk / Return Rank: 20
JPO Sharpe Ratio Rank: 20
JPO Sortino Ratio Rank: 19
JPO Omega Ratio Rank: 20
JPO Calmar Ratio Rank: 20
JPO Martin Ratio Rank: 20

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.

JPO vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax JPM Option Income Strategy ETF (JPO) 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.

	JPO	USL	Difference
Sharpe ratio Return per unit of total volatility	0.67	2.00	-1.33
Sortino ratio Return per unit of downside risk	0.97	2.54	-1.57
Omega ratio Gain probability vs. loss probability	1.13	1.33	-0.20
Calmar ratio Return relative to maximum drawdown	0.91	3.67	-2.75
Martin ratio Return relative to average drawdown	2.29	7.44	-5.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPO vs. USL - Sharpe Ratio Comparison

The current JPO Sharpe Ratio is 0.67, which is lower than the USL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of JPO 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

	JPO	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	2.00	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.01	+0.70

Drawdowns

JPO vs. USL - Drawdown Comparison

The maximum JPO drawdown since its inception was -24.80%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for JPO and USL.

Drawdown Indicators

	JPO	USL	Difference
Max Drawdown Largest peak-to-trough decline	-24.80%	-89.06%	+64.26%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	-16.76%	+2.52%
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	-6.81%	-39.10%	+32.29%
Average Drawdown Average peak-to-trough decline	-4.59%	-61.46%	+56.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.68%	8.26%	-2.58%

Volatility

JPO vs. USL - Volatility Comparison

The current volatility for YieldMax JPM Option Income Strategy ETF (JPO) is 6.13%, while United States 12 Month Oil Fund LP (USL) has a volatility of 11.15%. This indicates that JPO 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

	JPO	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	11.15%	-5.02%
Volatility (6M) Calculated over the trailing 6-month period	15.19%	23.30%	-8.11%
Volatility (1Y) Calculated over the trailing 1-year period	18.63%	28.65%	-10.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	30.07%	-11.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	32.35%	-13.29%

JPO vs. USL - Expense Ratio Comparison

JPO has a 1.19% expense ratio, which is higher than USL's 0.88% expense ratio.

Dividends

JPO vs. USL - Dividend Comparison

JPO's dividend yield for the trailing twelve months is around 34.21%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
JPO YieldMax JPM Option Income Strategy ETF	34.21%	34.13%	25.15%	4.84%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPO and USL in my portfolio?

JPO and USL have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPO or USL?

USL has higher volatility (11.15%) compared to JPO (6.13%). In terms of maximum drawdown, JPO dropped -24.80% vs USL's -89.06%.

Which ETF is better, JPO or USL?

On 1-year performance, USL leads with 56.66% vs 12.42% for JPO. On fees, USL is cheaper at 0.88% per year. On volatility, JPO has been the lower-risk option at 6.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPO or USL?

Over the 1-year period, USL has performed better with a 56.66% return vs 12.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPO or USL?

USL is cheaper with a 0.88% expense ratio, compared with 1.19% for JPO.

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

JPO has the higher dividend yield at 34.21%, compared with 0.00% for USL.

What is the main difference between JPO and USL?

JPO is categorized as Options Trading, while USL is Oil & Gas. They also come from different issuers: Tidal and Concierge Technologies. Their fees differ too: 1.19% for JPO and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.00 vs 0.67), 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.