KAT vs. USL

Last updated Jun 4, 2026

KAT (Scharf ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - KAT is a Large Cap Blend Equities fund actively managed by Scharf Investments, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. KAT is actively managed, while USL is passively managed. At a correlation of -0.14, they often move in opposite directions. KAT charges 0.75%/yr vs 0.88%/yr for USL.

Performance

KAT vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Scharf ETF (KAT) 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, KAT achieves a 0.37% return, which is significantly lower than USL's 63.07% return.

KAT

• 1D: -0.74%
• 1M: 0.22%
• YTD: 0.37%
• 6M: 2.21%
• 1Y: —
• 3Y*: —
• 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)

KAT vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
KAT Scharf ETF	0.37%	0.98%
USL United States 12 Month Oil Fund LP	63.07%	-8.84%

Correlation

The correlation between KAT and USL is -0.14, 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 (All Time) Calculated using the full available price history since Aug 26, 2025	-0.14

KAT vs. USL - Sectors Allocation Comparison

Sectors	KAT	USL
Financial Services	26.2%	4.5%
Healthcare	22.9%	-
Industrials	14.4%	-
Technology	12.5%	-
Communication Services	6.3%	-
Energy	6.2%	-
Consumer Cyclical	5.1%	-
Basic Materials	4.2%	-
Consumer Defensive	2.1%	-
Real Estate	-	-
Utilities	-	-

Return for Risk

KAT vs. USL — Risk / Return Rank

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

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.

KAT vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Scharf ETF (KAT) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	KAT	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.04	—
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	0.17	0.01	+0.16

Drawdowns

KAT vs. USL - Drawdown Comparison

The maximum KAT drawdown since its inception was -9.25%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for KAT and USL.

Drawdown Indicators

	KAT	USL	Difference
Max Drawdown Largest peak-to-trough decline	-9.25%	-89.06%	+79.81%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.76%	—
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	-4.98%	-38.16%	+33.18%
Average Drawdown Average peak-to-trough decline	-3.20%	-61.46%	+58.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.27%	—

Volatility

Volatility by Period

	KAT	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.48%	28.54%	-18.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.48%	30.08%	-19.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.48%	32.35%	-21.87%

KAT vs. USL - Expense Ratio Comparison

KAT has a 0.75% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

KAT vs. USL - Dividend Comparison

Neither KAT nor USL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KAT and USL in my portfolio?

KAT and USL have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KAT or USL?

On fees, KAT is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KAT or USL?

KAT is cheaper with a 0.75% expense ratio, compared with 0.88% for USL.

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

KAT and USL have nearly identical dividend yields, around 0.00%.

What is the main difference between KAT and USL?

KAT is categorized as Large Cap Blend Equities, while USL is Oil & Gas. They also come from different issuers: Scharf Investments and Concierge Technologies. Their fees differ too: 0.75% for KAT and 0.88% for USL.