PBOG vs. USL

Last updated Jun 4, 2026

PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) and USL (United States 12 Month Oil Fund LP) are both Oil & Gas funds - PBOG tracks the BITA Global Oil & Gas Select Index while USL tracks the 12 Month Light Sweet Crude Oil. Both are passively managed. A 0.74 correlation means they provide meaningful diversification when combined. PBOG charges 0.13%/yr vs 0.88%/yr for USL.

Performance

PBOG vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG) 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, PBOG achieves a 32.22% return, which is significantly lower than USL's 63.07% return.

PBOG

• 1D: 1.23%
• 1M: -2.32%
• YTD: 32.22%
• 6M: 29.70%
• 1Y: —
• 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)

PBOG vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	32.22%	1.62%
USL United States 12 Month Oil Fund LP	63.07%	-0.77%

Correlation

The correlation between PBOG and USL is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025	0.74

Return for Risk

PBOG vs. USL — Risk / Return Rank

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

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.

PBOG vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PBOG	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.04	—
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	3.31	0.01	+3.30

Drawdowns

PBOG vs. USL - Drawdown Comparison

The maximum PBOG drawdown since its inception was -11.45%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for PBOG and USL.

Drawdown Indicators

	PBOG	USL	Difference
Max Drawdown Largest peak-to-trough decline	-11.45%	-89.06%	+77.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.76%	—
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	-6.81%	-38.16%	+31.35%
Average Drawdown Average peak-to-trough decline	-3.10%	-61.46%	+58.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.27%	—

Volatility

Volatility by Period

	PBOG	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	23.67%	28.54%	-4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.67%	30.08%	-6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.67%	32.35%	-8.68%

PBOG vs. USL - Expense Ratio Comparison

PBOG has a 0.13% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

PBOG vs. USL - Dividend Comparison

PBOG's dividend yield for the trailing twelve months is around 0.13%, while USL has not paid dividends to shareholders.

Position	TTM	2025
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	0.13%	0.17%
USL United States 12 Month Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBOG and USL in my portfolio?

PBOG and USL have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBOG or USL?

On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBOG or USL?

PBOG is cheaper with a 0.13% expense ratio, compared with 0.88% for USL.

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

PBOG has the higher dividend yield at 0.13%, compared with 0.00% for USL.

What is the main difference between PBOG and USL?

PBOG tracks BITA Global Oil & Gas Select Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Portfolio Building Blocks and Concierge Technologies. Their fees differ too: 0.13% for PBOG and 0.88% for USL.