KVLE vs. USL

Last updated Jun 4, 2026

KVLE (KFA Value Liner Dynamic Core Equity Index ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - KVLE is a Large Cap Value Equities fund tracking the 3D/L Value Line Dynamic Core Equity Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, KVLE returned 9.67%/yr vs 17.41%/yr for USL. At a 0.09 correlation, their price movements are largely independent. KVLE charges 0.56%/yr vs 0.88%/yr for USL.

Performance

KVLE vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KFA Value Liner Dynamic Core Equity Index ETF (KVLE) 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, KVLE achieves a 10.22% return, which is significantly lower than USL's 63.07% return.

KVLE

• 1D: -0.91%
• 1M: 4.69%
• YTD: 10.22%
• 6M: 9.55%
• 1Y: 18.85%
• 3Y*: 14.93%
• 5Y*: 9.67%
• 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)

KVLE vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KVLE KFA Value Liner Dynamic Core Equity Index ETF	10.22%	9.34%	18.25%	10.49%	-5.96%	28.01%	1.36%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	6.70%

Correlation

The correlation between KVLE and USL is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Nov 25, 2020	0.09

The correlation between KVLE and USL shifts across timeframes, from -0.26 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

KVLE vs. USL - Sectors Allocation Comparison

Sectors	KVLE	USL
Technology	27.0%	-
Industrials	12.6%	-
Financial Services	12.2%	4.5%
Real Estate	12.0%	-
Healthcare	9.3%	-
Consumer Cyclical	9.2%	-
Consumer Defensive	6.8%	-
Energy	4.6%	-
Communication Services	3.9%	-
Basic Materials	1.3%	-
Utilities	0.7%	-

Return for Risk

KVLE vs. USL — Risk / Return Rank

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

KVLE

KVLE Risk / Return Rank: 47
KVLE Sharpe Ratio Rank: 50
KVLE Sortino Ratio Rank: 51
KVLE Omega Ratio Rank: 49
KVLE Calmar Ratio Rank: 40
KVLE Martin Ratio Rank: 46

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.

KVLE vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KFA Value Liner Dynamic Core Equity Index ETF (KVLE) 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.

	KVLE	USL	Difference
Sharpe ratio Return per unit of total volatility	1.72	2.04	-0.32
Sortino ratio Return per unit of downside risk	2.45	2.58	-0.13
Omega ratio Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio Return relative to maximum drawdown	1.97	3.47	-1.49
Martin ratio Return relative to average drawdown	7.57	7.02	+0.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KVLE vs. USL - Sharpe Ratio Comparison

The current KVLE Sharpe Ratio is 1.72, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of KVLE 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

	KVLE	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	2.04	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.58	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.01	+0.87

Drawdowns

KVLE vs. USL - Drawdown Comparison

The maximum KVLE drawdown since its inception was -18.38%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for KVLE and USL.

Drawdown Indicators

	KVLE	USL	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-89.06%	+70.68%
Max Drawdown (1Y) Largest decline over 1 year	-9.59%	-16.76%	+7.17%
Max Drawdown (3Y) Largest decline over 3 years	-16.39%	-23.33%	+6.94%
Max Drawdown (5Y) Largest decline over 5 years	-18.38%	-33.82%	+15.44%
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	-3.21%	-61.46%	+58.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	8.27%	-5.77%

Volatility

KVLE vs. USL - Volatility Comparison

The current volatility for KFA Value Liner Dynamic Core Equity Index ETF (KVLE) is 2.64%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that KVLE 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

	KVLE	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	10.53%	-7.89%
Volatility (6M) Calculated over the trailing 6-month period	8.35%	23.33%	-14.98%
Volatility (1Y) Calculated over the trailing 1-year period	11.04%	28.54%	-17.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	30.08%	-15.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	32.35%	-18.02%

KVLE vs. USL - Expense Ratio Comparison

KVLE has a 0.56% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

KVLE vs. USL - Dividend Comparison

KVLE's dividend yield for the trailing twelve months is around 7.30%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
KVLE KFA Value Liner Dynamic Core Equity Index ETF	7.30%	7.90%	7.99%	2.53%	5.78%	9.51%	0.35%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KVLE and USL in my portfolio?

KVLE and USL have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KVLE or USL?

USL has higher volatility (10.53%) compared to KVLE (2.64%). In terms of maximum drawdown, KVLE dropped -18.38% vs USL's -89.06%.

Which ETF is better, KVLE or USL?

On 5-year performance, USL leads with 17.41% vs 9.67% for KVLE. On fees, KVLE is cheaper at 0.56% per year. On volatility, KVLE has been the lower-risk option at 2.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KVLE or USL?

Over the 5-year period, USL has performed better with a 17.41% return vs 9.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KVLE or USL?

KVLE is cheaper with a 0.56% expense ratio, compared with 0.88% for USL.

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

KVLE has the higher dividend yield at 7.30%, compared with 0.00% for USL.

What is the main difference between KVLE and USL?

KVLE is categorized as Large Cap Value Equities, while USL is Oil & Gas. KVLE tracks 3D/L Value Line Dynamic Core Equity Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: CICC and Concierge Technologies. Their fees differ too: 0.56% for KVLE and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.72), 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.