JULH vs. USL

Last updated Jun 6, 2026

JULH (Innovator Premium Income 20 Barrier ETF - July) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - JULH is a Options Trading fund actively managed by Innovator, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. JULH is actively managed, while USL is passively managed. Over the past year, JULH returned 5.07% vs 52.34% for USL. At a correlation of -0.01, they often move in opposite directions. JULH charges 0.79%/yr vs 0.88%/yr for USL.

Performance

JULH vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 20 Barrier ETF - July (JULH) 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, JULH achieves a 2.22% return, which is significantly lower than USL's 57.21% return.

JULH

• 1D: -0.04%
• 1M: 0.32%
• YTD: 2.22%
• 6M: 1.10%
• 1Y: 5.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USL

• 1D: -2.09%
• 1M: 2.40%
• YTD: 57.21%
• 6M: 51.69%
• 1Y: 52.34%
• 3Y*: 17.22%
• 5Y*: 16.56%
• 10Y*: 10.15%

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

JULH vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JULH Innovator Premium Income 20 Barrier ETF - July	2.22%	5.39%	6.93%	4.43%
USL United States 12 Month Oil Fund LP	57.21%	-12.37%	8.30%	7.89%

Correlation

The correlation between JULH and USL is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Jul 5, 2023	-0.01

The correlation between JULH and USL shifts across timeframes, from -0.16 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

JULH vs. USL - Sectors Allocation Comparison

Sectors	JULH	USL
Technology	33.6%	-
Financial Services	12.4%	4.5%
Communication Services	10.5%	-
Consumer Cyclical	10.0%	-
Healthcare	9.5%	-
Industrials	8.5%	-
Consumer Defensive	5.3%	-
Energy	4.0%	-
Utilities	2.5%	-
Real Estate	2.0%	-
Basic Materials	1.9%	-

Return for Risk

JULH vs. USL — Risk / Return Rank

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

JULH

JULH Risk / Return Rank: 61
JULH Sharpe Ratio Rank: 58
JULH Sortino Ratio Rank: 52
JULH Omega Ratio Rank: 83
JULH Calmar Ratio Rank: 64
JULH Martin Ratio Rank: 48

USL

USL Risk / Return Rank: 53
USL Sharpe Ratio Rank: 56
USL Sortino Ratio Rank: 51
USL Omega Ratio Rank: 51
USL Calmar Ratio Rank: 65
USL Martin Ratio Rank: 41

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.

JULH vs. USL - Risk-Adjusted Trends Comparison

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

	JULH	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.84	-0.01
Sortino ratio: Return per unit of downside risk	2.32	2.38	-0.06
Omega ratio: Gain probability vs. loss probability	1.47	1.31	+0.16
Calmar ratio: Return relative to maximum drawdown	2.95	3.14	-0.18
Martin ratio: Return relative to average drawdown	7.48	6.33	+1.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JULH vs. USL - Sharpe Ratio Comparison

The current JULH Sharpe Ratio is 1.82, which is comparable to the USL Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of JULH 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

	JULH	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	1.84	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	0.00	+1.38

Drawdowns

JULH vs. USL - Drawdown Comparison

The maximum JULH drawdown since its inception was -5.51%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for JULH and USL.

Drawdown Indicators

	JULH	USL	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-89.06%	+83.55%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-16.76%	+15.04%
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	-0.04%	-40.38%	+40.34%
Average Drawdown Average peak-to-trough decline	-0.28%	-61.45%	+61.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	8.29%	-7.61%

Volatility

JULH vs. USL - Volatility Comparison

The current volatility for Innovator Premium Income 20 Barrier ETF - July (JULH) is 0.14%, while United States 12 Month Oil Fund LP (USL) has a volatility of 8.50%. This indicates that JULH 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

	JULH	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	8.50%	-8.36%
Volatility (6M) Calculated over the trailing 6-month period	2.25%	23.47%	-21.22%
Volatility (1Y) Calculated over the trailing 1-year period	2.80%	28.66%	-25.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.75%	30.09%	-25.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.75%	32.35%	-27.60%

JULH vs. USL - Expense Ratio Comparison

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

Dividends

JULH vs. USL - Dividend Comparison

JULH's dividend yield for the trailing twelve months is around 5.28%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
JULH Innovator Premium Income 20 Barrier ETF - July	5.28%	5.31%	6.89%	3.67%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JULH and USL in my portfolio?

JULH and USL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JULH or USL?

USL has higher volatility (8.50%) compared to JULH (0.14%). In terms of maximum drawdown, JULH dropped -5.51% vs USL's -89.06%.

Which ETF is better, JULH or USL?

On 1-year performance, USL leads with 52.34% vs 5.07% for JULH. On fees, JULH is cheaper at 0.79% per year. On volatility, JULH has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JULH or USL?

Over the 1-year period, USL has performed better with a 52.34% return vs 5.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JULH or USL?

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

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

JULH has the higher dividend yield at 5.28%, compared with 0.00% for USL.

What is the main difference between JULH and USL?

JULH 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 JULH and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (1.84 vs 1.82), 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.