OPPJ vs. USL
OPPJ (WisdomTree Japan Opportunities ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - OPPJ is a Japan Equities fund tracking the WisdomTree Japan Opportunities 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, OPPJ returned 17.36%/yr vs 10.91%/yr for USL. At a 0.18 correlation, their price movements are largely independent. OPPJ charges 0.58%/yr vs 0.88%/yr for USL.
Performance
OPPJ vs. USL - Performance Comparison
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Returns By Period
In the year-to-date period, OPPJ achieves a 26.16% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, OPPJ has outperformed USL with an annualized return of 17.36%, while USL has yielded a comparatively lower 10.91% annualized return.
OPPJ
- 1D
- -0.02%
- 1M
- 2.99%
- YTD
- 26.16%
- 6M
- 32.96%
- 1Y
- 64.97%
- 3Y*
- 34.91%
- 5Y*
- 25.18%
- 10Y*
- 17.36%
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%
OPPJ vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OPPJ WisdomTree Japan Opportunities ETF | 26.16% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
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 OPPJ and USL is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2013 | 0.18 |
The correlation between OPPJ and USL shifts across timeframes, from -0.17 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OPPJ vs. USL — Risk / Return Rank
OPPJ
USL
OPPJ vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Opportunities ETF (OPPJ) 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.
| OPPJ | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.34 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 6.65 | 3.47 | +3.18 |
| Martin ratioReturn relative to average drawdown | 23.90 | 7.02 | +16.88 |
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
| OPPJ | USL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.33 | 2.04 | +1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.40 | 0.58 | +0.82 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | 0.34 | +0.55 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.01 | +0.75 |
Drawdowns
OPPJ vs. USL - Drawdown Comparison
The maximum OPPJ drawdown since its inception was -39.30%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for OPPJ and USL.
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Drawdown Indicators
| OPPJ | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.30% | -89.06% | +49.76% |
Max Drawdown (1Y)Largest decline over 1 year | -9.82% | -16.76% | +6.94% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -23.33% | +6.84% |
Max Drawdown (5Y)Largest decline over 5 years | -16.49% | -33.82% | +17.33% |
Max Drawdown (10Y)Largest decline over 10 years | -39.30% | -66.02% | +26.72% |
Current DrawdownCurrent decline from peak | -4.27% | -38.16% | +33.89% |
Average DrawdownAverage peak-to-trough decline | -6.49% | -61.46% | +54.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 8.27% | -5.54% |
Volatility
OPPJ vs. USL - Volatility Comparison
The current volatility for WisdomTree Japan Opportunities ETF (OPPJ) is 5.08%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that OPPJ 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
| OPPJ | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 10.53% | -5.45% |
Volatility (6M)Calculated over the trailing 6-month period | 15.39% | 23.33% | -7.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.64% | 28.54% | -8.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.05% | 30.08% | -12.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.71% | 32.35% | -12.64% |
OPPJ vs. USL - Expense Ratio Comparison
OPPJ has a 0.58% expense ratio, which is lower than USL's 0.88% expense ratio.
Dividends
OPPJ vs. USL - Dividend Comparison
OPPJ's dividend yield for the trailing twelve months is around 1.50%, while USL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPPJ WisdomTree Japan Opportunities ETF | 1.50% | 1.78% | 4.02% | 2.71% | 2.63% | 2.96% | 3.04% | 2.17% | 2.06% | 1.53% | 1.66% | 3.61% |
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
OPPJ and USL have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (10.53%) compared to OPPJ (5.08%). In terms of maximum drawdown, OPPJ dropped -39.30% vs USL's -89.06%.
On 10-year performance, OPPJ leads with 17.36% vs 10.91% for USL. On fees, OPPJ is cheaper at 0.58% per year. On volatility, OPPJ has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OPPJ has performed better with a 17.36% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OPPJ is cheaper with a 0.58% expense ratio, compared with 0.88% for USL.
OPPJ has the higher dividend yield at 1.50%, compared with 0.00% for USL.
OPPJ is categorized as Japan Equities, while USL is Oil & Gas. OPPJ tracks WisdomTree Japan Opportunities Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: WisdomTree and Concierge Technologies. Their fees differ too: 0.58% for OPPJ and 0.88% for USL.
OPPJ currently has the higher Sharpe Ratio (3.33 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.
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