PALC vs. USL

Last updated Jun 5, 2026

PALC (Pacer Lunt Large Cap Multi-Factor Alternator ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - PALC is a Large Cap Growth Equities fund tracking the Lunt Capital U.S. Large Cap Multi-Factor Rotation 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, PALC returned 9.50%/yr vs 17.05%/yr for USL. At a 0.15 correlation, their price movements are largely independent. PALC charges 0.60%/yr vs 0.88%/yr for USL.

Performance

PALC vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Lunt Large Cap Multi-Factor Alternator ETF (PALC) 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, PALC achieves a 11.93% return, which is significantly lower than USL's 60.58% return.

PALC

• 1D: 0.48%
• 1M: 6.47%
• YTD: 11.93%
• 6M: 13.40%
• 1Y: 22.43%
• 3Y*: 17.98%
• 5Y*: 9.50%
• 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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PALC vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PALC Pacer Lunt Large Cap Multi-Factor Alternator ETF	11.93%	7.28%	21.24%	17.52%	-14.74%	41.03%	22.18%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	-1.11%	27.10%	62.48%	17.10%

Correlation

The correlation between PALC 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	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jun 26, 2020	0.15

The correlation between PALC and USL shifts across timeframes, from -0.19 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

PALC vs. USL - Sectors Allocation Comparison

Sectors	PALC	USL
Financial Services	22.6%	4.5%
Technology	15.2%	-
Industrials	14.1%	-
Healthcare	11.9%	-
Energy	10.6%	-
Consumer Defensive	10.6%	-
Communication Services	6.2%	-
Consumer Cyclical	4.9%	-
Basic Materials	2.2%	-
Utilities	1.5%	-
Real Estate	0.3%	-

Return for Risk

PALC vs. USL — Risk / Return Rank

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

PALC

PALC Risk / Return Rank: 56
PALC Sharpe Ratio Rank: 58
PALC Sortino Ratio Rank: 59
PALC Omega Ratio Rank: 55
PALC Calmar Ratio Rank: 52
PALC Martin Ratio Rank: 55

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 60
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.

PALC vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Lunt Large Cap Multi-Factor Alternator ETF (PALC) 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.

	PALC	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.99	-0.04
Sortino ratio: Return per unit of downside risk	2.75	2.53	+0.22
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	2.52	3.39	-0.87
Martin ratio: Return relative to average drawdown	9.37	6.85	+2.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PALC vs. USL - Sharpe Ratio Comparison

The current PALC Sharpe Ratio is 1.95, which is comparable to the USL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of PALC 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

	PALC	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	1.99	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.57	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.01	+0.98

Drawdowns

PALC vs. USL - Drawdown Comparison

The maximum PALC drawdown since its inception was -24.45%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for PALC and USL.

Drawdown Indicators

	PALC	USL	Difference
Max Drawdown Largest peak-to-trough decline	-24.45%	-89.06%	+64.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-16.76%	+7.82%
Max Drawdown (3Y) Largest decline over 3 years	-17.39%	-23.33%	+5.94%
Max Drawdown (5Y) Largest decline over 5 years	-24.45%	-33.82%	+9.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	0.00%	-39.10%	+39.10%
Average Drawdown Average peak-to-trough decline	-6.33%	-61.45%	+55.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	8.27%	-5.87%

Volatility

PALC vs. USL - Volatility Comparison

The current volatility for Pacer Lunt Large Cap Multi-Factor Alternator ETF (PALC) is 2.89%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.57%. This indicates that PALC 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

	PALC	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	10.57%	-7.68%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	23.34%	-14.79%
Volatility (1Y) Calculated over the trailing 1-year period	11.59%	28.59%	-17.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	30.09%	-13.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	32.34%	-15.28%

PALC vs. USL - Expense Ratio Comparison

PALC has a 0.60% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

PALC vs. USL - Dividend Comparison

PALC's dividend yield for the trailing twelve months is around 1.18%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
PALC Pacer Lunt Large Cap Multi-Factor Alternator ETF	1.18%	1.08%	0.93%	0.74%	1.69%	0.64%	0.72%
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 PALC and USL in my portfolio?

PALC 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.

Which is riskier, PALC or USL?

USL has higher volatility (10.57%) compared to PALC (2.89%). In terms of maximum drawdown, PALC dropped -24.45% vs USL's -89.06%.

Which ETF is better, PALC or USL?

On 5-year performance, USL leads with 17.05% vs 9.50% for PALC. On fees, PALC is cheaper at 0.60% per year. On volatility, PALC has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PALC or USL?

Over the 5-year period, USL has performed better with a 17.05% return vs 9.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PALC or USL?

PALC is cheaper with a 0.60% expense ratio, compared with 0.88% for USL.

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

PALC has the higher dividend yield at 1.18%, compared with 0.00% for USL.

What is the main difference between PALC and USL?

PALC is categorized as Large Cap Growth Equities, while USL is Oil & Gas. PALC tracks Lunt Capital U.S. Large Cap Multi-Factor Rotation Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Pacer and Concierge Technologies. Their fees differ too: 0.60% for PALC and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (1.99 vs 1.95), 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.