OMAH vs. USL

Last updated Jun 4, 2026

OMAH (VistaShares Target 15™ Berkshire Select Income ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - OMAH is a Derivative Income fund actively managed by VistaShares, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. OMAH is actively managed, while USL is passively managed. Over the past year, OMAH returned 11.44% vs 57.86% for USL. At a 0.01 correlation, their price movements are largely independent. OMAH charges 0.95%/yr vs 0.88%/yr for USL.

Performance

OMAH vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VistaShares Target 15™ Berkshire Select Income ETF (OMAH) 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, OMAH achieves a 4.56% return, which is significantly lower than USL's 63.07% return.

OMAH

• 1D: -0.70%
• 1M: 0.44%
• YTD: 4.56%
• 6M: 4.00%
• 1Y: 11.44%
• 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)

OMAH vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
OMAH VistaShares Target 15™ Berkshire Select Income ETF	4.56%	6.74%
USL United States 12 Month Oil Fund LP	63.07%	-6.99%

Correlation

The correlation between OMAH and USL is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.01

The correlation between OMAH and USL shifts across timeframes, from -0.13 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

OMAH vs. USL - Sectors Allocation Comparison

Sectors	OMAH	USL
Financial Services	38.9%	4.5%
Consumer Defensive	16.2%	-
Technology	13.6%	-
Energy	10.5%	-
Communication Services	9.8%	-
Healthcare	7.0%	-
Consumer Cyclical	4.1%	-
Basic Materials	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

OMAH vs. USL — Risk / Return Rank

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

OMAH

OMAH Risk / Return Rank: 49
OMAH Sharpe Ratio Rank: 39
OMAH Sortino Ratio Rank: 38
OMAH Omega Ratio Rank: 37
OMAH Calmar Ratio Rank: 75
OMAH Martin Ratio Rank: 54

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.

OMAH vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VistaShares Target 15™ Berkshire Select Income ETF (OMAH) 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.

	OMAH	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.04	-0.61
Sortino ratio: Return per unit of downside risk	2.02	2.58	-0.56
Omega ratio: Gain probability vs. loss probability	1.25	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	3.82	3.47	+0.35
Martin ratio: Return relative to average drawdown	9.48	7.02	+2.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OMAH vs. USL - Sharpe Ratio Comparison

The current OMAH Sharpe Ratio is 1.43, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of OMAH 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

	OMAH	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	2.04	-0.61
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	0.70	0.01	+0.69

Drawdowns

OMAH vs. USL - Drawdown Comparison

The maximum OMAH drawdown since its inception was -11.83%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for OMAH and USL.

Drawdown Indicators

	OMAH	USL	Difference
Max Drawdown Largest peak-to-trough decline	-11.83%	-89.06%	+77.23%
Max Drawdown (1Y) Largest decline over 1 year	-3.00%	-16.76%	+13.76%
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	-2.65%	-38.16%	+35.51%
Average Drawdown Average peak-to-trough decline	-1.26%	-61.46%	+60.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	8.27%	-7.06%

Volatility

OMAH vs. USL - Volatility Comparison

The current volatility for VistaShares Target 15™ Berkshire Select Income ETF (OMAH) is 1.93%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that OMAH 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

	OMAH	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.93%	10.53%	-8.60%
Volatility (6M) Calculated over the trailing 6-month period	5.49%	23.33%	-17.84%
Volatility (1Y) Calculated over the trailing 1-year period	8.05%	28.54%	-20.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.21%	30.08%	-16.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.21%	32.35%	-19.14%

OMAH vs. USL - Expense Ratio Comparison

OMAH has a 0.95% expense ratio, which is higher than USL's 0.88% expense ratio.

Dividends

OMAH vs. USL - Dividend Comparison

OMAH's dividend yield for the trailing twelve months is around 15.44%, while USL has not paid dividends to shareholders.

Position	TTM	2025
OMAH VistaShares Target 15™ Berkshire Select Income ETF	15.44%	12.86%
USL United States 12 Month Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both OMAH and USL in my portfolio?

OMAH and USL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OMAH or USL?

USL has higher volatility (10.53%) compared to OMAH (1.93%). In terms of maximum drawdown, OMAH dropped -11.83% vs USL's -89.06%.

Which ETF is better, OMAH or USL?

On 1-year performance, USL leads with 57.86% vs 11.44% for OMAH. On fees, USL is cheaper at 0.88% per year. On volatility, OMAH has been the lower-risk option at 1.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OMAH or USL?

Over the 1-year period, USL has performed better with a 57.86% return vs 11.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OMAH or USL?

USL is cheaper with a 0.88% expense ratio, compared with 0.95% for OMAH.

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

OMAH has the higher dividend yield at 15.44%, compared with 0.00% for USL.

What is the main difference between OMAH and USL?

OMAH is categorized as Derivative Income, while USL is Oil & Gas. They also come from different issuers: VistaShares and Concierge Technologies. Their fees differ too: 0.95% for OMAH and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.43), 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.