KONG vs. USL

Last updated Jun 4, 2026

KONG (Formidable Fortress ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - KONG is a Volatility Hedged Equity fund actively managed by Formidable Asset Management, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. KONG is actively managed, while USL is passively managed. Over the past 3 years, KONG returned 9.34%/yr vs 18.42%/yr for USL. At a 0.10 correlation, their price movements are largely independent. KONG charges 0.89%/yr vs 0.88%/yr for USL.

Performance

KONG vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Formidable Fortress ETF (KONG) 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, KONG achieves a 2.62% return, which is significantly lower than USL's 63.07% return.

KONG

• 1D: -0.02%
• 1M: 1.91%
• YTD: 2.62%
• 6M: 3.53%
• 1Y: 7.33%
• 3Y*: 9.34%
• 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)

KONG vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KONG Formidable Fortress ETF	2.62%	6.56%	9.67%	12.71%	-9.63%	5.07%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	10.66%

Correlation

The correlation between KONG and USL is -0.18, 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	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jul 23, 2021	0.10

The correlation between KONG and USL shifts across timeframes, from -0.18 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

KONG vs. USL - Sectors Allocation Comparison

Sectors	KONG	USL
Technology	33.1%	-
Industrials	15.7%	-
Healthcare	13.3%	-
Financial Services	9.3%	4.5%
Communication Services	7.7%	-
Real Estate	6.1%	-
Energy	5.0%	-
Basic Materials	3.6%	-
Consumer Defensive	3.4%	-
Consumer Cyclical	2.9%	-
Utilities	-	-

Return for Risk

KONG vs. USL — Risk / Return Rank

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

KONG

KONG Risk / Return Rank: 21
KONG Sharpe Ratio Rank: 21
KONG Sortino Ratio Rank: 20
KONG Omega Ratio Rank: 19
KONG Calmar Ratio Rank: 20
KONG Martin Ratio Rank: 26

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.

KONG vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Formidable Fortress ETF (KONG) 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.

	KONG	USL	Difference
Sharpe ratio: Return per unit of total volatility	0.68	2.04	-1.36
Sortino ratio: Return per unit of downside risk	1.02	2.58	-1.56
Omega ratio: Gain probability vs. loss probability	1.12	1.34	-0.21
Calmar ratio: Return relative to maximum drawdown	0.86	3.47	-2.61
Martin ratio: Return relative to average drawdown	3.46	7.02	-3.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KONG vs. USL - Sharpe Ratio Comparison

The current KONG Sharpe Ratio is 0.68, which is lower than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of KONG 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

	KONG	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	2.04	-1.36
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	0.36	0.01	+0.35

Drawdowns

KONG vs. USL - Drawdown Comparison

The maximum KONG drawdown since its inception was -19.98%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for KONG and USL.

Drawdown Indicators

	KONG	USL	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-89.06%	+69.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-16.76%	+8.22%
Max Drawdown (3Y) Largest decline over 3 years	-15.48%	-23.33%	+7.85%
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	-0.91%	-38.16%	+37.25%
Average Drawdown Average peak-to-trough decline	-5.81%	-61.46%	+55.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	8.27%	-6.15%

Volatility

KONG vs. USL - Volatility Comparison

The current volatility for Formidable Fortress ETF (KONG) is 2.26%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that KONG 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

	KONG	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	10.53%	-8.27%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	23.33%	-14.81%
Volatility (1Y) Calculated over the trailing 1-year period	10.84%	28.54%	-17.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.59%	30.08%	-15.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.59%	32.35%	-17.76%

KONG vs. USL - Expense Ratio Comparison

KONG has a 0.89% expense ratio, which is higher than USL's 0.88% expense ratio.

Dividends

KONG vs. USL - Dividend Comparison

KONG's dividend yield for the trailing twelve months is around 0.36%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
KONG Formidable Fortress ETF	0.36%	0.37%	0.78%	0.69%	0.49%	0.12%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KONG and USL in my portfolio?

KONG and USL have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KONG or USL?

USL has higher volatility (10.53%) compared to KONG (2.26%). In terms of maximum drawdown, KONG dropped -19.98% vs USL's -89.06%.

Which ETF is better, KONG or USL?

On 3-year performance, USL leads with 18.42% vs 9.34% for KONG. On fees, USL is cheaper at 0.88% per year. On volatility, KONG has been the lower-risk option at 2.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KONG or USL?

Over the 3-year period, USL has performed better with a 18.42% return vs 9.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KONG or USL?

USL is cheaper with a 0.88% expense ratio, compared with 0.89% for KONG.

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

KONG has the higher dividend yield at 0.36%, compared with 0.00% for USL.

What is the main difference between KONG and USL?

KONG is categorized as Volatility Hedged Equity, while USL is Oil & Gas. They also come from different issuers: Formidable Asset Management and Concierge Technologies. Their fees differ too: 0.89% for KONG and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 0.68), 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.