ONEO vs. USL

Last updated Jun 4, 2026

ONEO (SPDR Russell 1000 Momentum Focus ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - ONEO is a Momentum fund tracking the Russell 1000 Momentum Focused Factor Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, ONEO returned 11.94%/yr vs 10.91%/yr for USL. At a 0.22 correlation, their price movements are largely independent. ONEO charges 0.20%/yr vs 0.88%/yr for USL.

Performance

ONEO vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Momentum Focus ETF (ONEO) 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, ONEO achieves a 17.85% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, ONEO has outperformed USL with an annualized return of 11.94%, while USL has yielded a comparatively lower 10.91% annualized return.

ONEO

• 1D: 0.19%
• 1M: 6.36%
• YTD: 17.85%
• 6M: 18.38%
• 1Y: 27.50%
• 3Y*: 19.36%
• 5Y*: 10.50%
• 10Y*: 11.94%

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)

ONEO vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEO SPDR Russell 1000 Momentum Focus ETF	17.85%	10.61%	15.01%	15.64%	-12.01%	26.72%	10.76%	26.53%	-12.41%	21.16%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between ONEO and USL is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Dec 4, 2015	0.22

The correlation between ONEO and USL shifts across timeframes, from -0.22 (1 year) to 0.22 (10 years), reflecting how their relationship changes across market environments.

ONEO vs. USL - Sectors Allocation Comparison

Sectors	ONEO	USL
Technology	21.9%	-
Industrials	18.0%	-
Consumer Cyclical	11.6%	-
Healthcare	9.5%	-
Financial Services	9.4%	4.5%
Energy	7.3%	-
Utilities	5.8%	-
Consumer Defensive	5.4%	-
Basic Materials	4.7%	-
Communication Services	3.6%	-
Real Estate	2.9%	-

Return for Risk

ONEO vs. USL — Risk / Return Rank

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

ONEO

ONEO Risk / Return Rank: 69
ONEO Sharpe Ratio Rank: 64
ONEO Sortino Ratio Rank: 66
ONEO Omega Ratio Rank: 61
ONEO Calmar Ratio Rank: 75
ONEO Martin Ratio Rank: 77

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.

ONEO vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Momentum Focus ETF (ONEO) 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.

	ONEO	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.04	+0.12
Sortino ratio: Return per unit of downside risk	3.09	2.58	+0.51
Omega ratio: Gain probability vs. loss probability	1.38	1.34	+0.04
Calmar ratio: Return relative to maximum drawdown	3.75	3.47	+0.28
Martin ratio: Return relative to average drawdown	14.86	7.02	+7.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONEO vs. USL - Sharpe Ratio Comparison

The current ONEO Sharpe Ratio is 2.16, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of ONEO 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

	ONEO	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.04	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.58	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.34	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.01	+0.62

Drawdowns

ONEO vs. USL - Drawdown Comparison

The maximum ONEO drawdown since its inception was -40.86%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for ONEO and USL.

Drawdown Indicators

	ONEO	USL	Difference
Max Drawdown Largest peak-to-trough decline	-40.86%	-89.06%	+48.20%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-16.76%	+9.39%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	-23.33%	+3.61%
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	-33.82%	+11.43%
Max Drawdown (10Y) Largest decline over 10 years	-40.86%	-66.02%	+25.16%
Current Drawdown Current decline from peak	0.00%	-38.16%	+38.16%
Average Drawdown Average peak-to-trough decline	-5.00%	-61.46%	+56.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	8.27%	-6.41%

Volatility

ONEO vs. USL - Volatility Comparison

The current volatility for SPDR Russell 1000 Momentum Focus ETF (ONEO) is 3.77%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that ONEO 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

	ONEO	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	10.53%	-6.76%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	23.33%	-13.67%
Volatility (1Y) Calculated over the trailing 1-year period	12.84%	28.54%	-15.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	30.08%	-12.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.66%	32.35%	-13.69%

ONEO vs. USL - Expense Ratio Comparison

ONEO has a 0.20% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

ONEO vs. USL - Dividend Comparison

ONEO's dividend yield for the trailing twelve months is around 1.16%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONEO SPDR Russell 1000 Momentum Focus ETF	1.16%	1.29%	1.30%	1.56%	1.73%	1.19%	1.28%	1.64%	1.72%	7.69%	1.82%	0.17%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ONEO and USL in my portfolio?

ONEO and USL have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEO or USL?

USL has higher volatility (10.53%) compared to ONEO (3.77%). In terms of maximum drawdown, ONEO dropped -40.86% vs USL's -89.06%.

Which ETF is better, ONEO or USL?

On 10-year performance, ONEO leads with 11.94% vs 10.91% for USL. On fees, ONEO is cheaper at 0.20% per year. On volatility, ONEO has been the lower-risk option at 3.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEO or USL?

Over the 10-year period, ONEO has performed better with a 11.94% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEO or USL?

ONEO is cheaper with a 0.20% expense ratio, compared with 0.88% for USL.

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

ONEO has the higher dividend yield at 1.16%, compared with 0.00% for USL.

What is the main difference between ONEO and USL?

ONEO is categorized as Momentum, while USL is Oil & Gas. ONEO tracks Russell 1000 Momentum Focused Factor Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.20% for ONEO and 0.88% for USL.

Which has better risk-adjusted returns?

ONEO currently has the higher Sharpe Ratio (2.16 vs 2.04), 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.