OARK vs. USL
OARK (YieldMax Innovation Option Income Strategy ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - OARK is a Options Trading fund actively managed by YieldMax, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. OARK is actively managed, while USL is passively managed. Over the past 3 years, OARK returned 15.03%/yr vs 17.93%/yr for USL. At a 0.01 correlation, their price movements are largely independent. OARK charges 0.99%/yr vs 0.88%/yr for USL.
Performance
OARK vs. USL - Performance Comparison
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Returns By Period
In the year-to-date period, OARK achieves a 7.89% return, which is significantly lower than USL's 60.58% return.
OARK
- 1D
- 1.68%
- 1M
- 3.49%
- YTD
- 7.89%
- 6M
- 4.40%
- 1Y
- 35.59%
- 3Y*
- 15.03%
- 5Y*
- —
- 10Y*
- —
USL
- 1D
- -1.53%
- 1M
- -1.98%
- YTD
- 60.58%
- 6M
- 56.11%
- 1Y
- 56.55%
- 3Y*
- 17.93%
- 5Y*
- 17.05%
- 10Y*
- 10.57%
OARK vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
OARK YieldMax Innovation Option Income Strategy ETF | 7.89% | 20.37% | 7.32% | 20.12% | -9.11% |
USL United States 12 Month Oil Fund LP | 60.58% | -12.37% | 8.30% | -1.11% | 3.83% |
Correlation
The correlation between OARK and USL is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2022 | 0.01 |
The correlation between OARK and USL shifts across timeframes, from -0.19 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OARK vs. USL — Risk / Return Rank
OARK
USL
OARK vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax Innovation Option Income Strategy ETF (OARK) 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.
| OARK | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.33 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 3.39 | -1.85 |
| Martin ratioReturn relative to average drawdown | 3.65 | 6.85 | -3.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OARK | USL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 1.99 | -0.71 |
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 | 0.41 | 0.01 | +0.41 |
Drawdowns
OARK vs. USL - Drawdown Comparison
The maximum OARK drawdown since its inception was -35.48%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for OARK and USL.
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Drawdown Indicators
| OARK | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.48% | -89.06% | +53.58% |
Max Drawdown (1Y)Largest decline over 1 year | -23.26% | -16.76% | -6.50% |
Max Drawdown (3Y)Largest decline over 3 years | -35.48% | -23.33% | -12.15% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.82% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -66.02% | — |
Current DrawdownCurrent decline from peak | -5.18% | -39.10% | +33.92% |
Average DrawdownAverage peak-to-trough decline | -10.58% | -61.45% | +50.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 8.27% | +1.51% |
Volatility
OARK vs. USL - Volatility Comparison
The current volatility for YieldMax Innovation Option Income Strategy ETF (OARK) is 6.52%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.57%. This indicates that OARK 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.
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Volatility by Period
| OARK | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.52% | 10.57% | -4.05% |
Volatility (6M)Calculated over the trailing 6-month period | 19.98% | 23.34% | -3.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.05% | 28.59% | -0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.84% | 30.09% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.84% | 32.34% | -1.50% |
OARK vs. USL - Expense Ratio Comparison
OARK has a 0.99% expense ratio, which is higher than USL's 0.88% expense ratio.
Dividends
OARK vs. USL - Dividend Comparison
OARK's dividend yield for the trailing twelve months is around 64.68%, while USL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
OARK YieldMax Innovation Option Income Strategy ETF | 64.68% | 61.86% | 47.86% | 45.03% |
USL United States 12 Month Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OARK and USL have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (10.57%) compared to OARK (6.52%). In terms of maximum drawdown, OARK dropped -35.48% vs USL's -89.06%.
On 3-year performance, USL leads with 17.93% vs 15.03% for OARK. On fees, USL is cheaper at 0.88% per year. On volatility, OARK has been the lower-risk option at 6.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USL has performed better with a 17.93% return vs 15.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USL is cheaper with a 0.88% expense ratio, compared with 0.99% for OARK.
OARK has the higher dividend yield at 64.68%, compared with 0.00% for USL.
OARK is categorized as Options Trading, while USL is Oil & Gas. They also come from different issuers: YieldMax and Concierge Technologies. Their fees differ too: 0.99% for OARK and 0.88% for USL.
USL currently has the higher Sharpe Ratio (1.99 vs 1.27), 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.
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