PSC vs. USL

Last updated Jun 4, 2026

PSC (Principal U.S. Small Cap Multi-Factor ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - PSC is a Small Cap Blend Equities fund tracking the Nasdaq US Small Cap Select Leaders TR 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, PSC returned 8.06%/yr vs 17.41%/yr for USL. At a 0.19 correlation, their price movements are largely independent. PSC charges 0.38%/yr vs 0.88%/yr for USL.

Performance

PSC vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal U.S. Small Cap Multi-Factor ETF (PSC) 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, PSC achieves a 13.84% return, which is significantly lower than USL's 63.07% return.

PSC

• 1D: -0.94%
• 1M: 3.79%
• YTD: 13.84%
• 6M: 13.56%
• 1Y: 27.15%
• 3Y*: 18.36%
• 5Y*: 8.06%
• 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)

PSC vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSC Principal U.S. Small Cap Multi-Factor ETF	13.84%	13.41%	12.38%	18.51%	-15.91%	32.56%	13.30%	18.99%	-11.35%	15.93%
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 PSC and USL is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Sep 23, 2016	0.19

The correlation between PSC and USL shifts across timeframes, from -0.26 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

PSC vs. USL - Sectors Allocation Comparison

Sectors	PSC	USL
Technology	20.3%	-
Industrials	17.7%	-
Financial Services	16.5%	4.5%
Healthcare	15.3%	-
Consumer Cyclical	8.1%	-
Energy	6.0%	-
Real Estate	4.6%	-
Basic Materials	4.2%	-
Utilities	2.9%	-
Consumer Defensive	2.3%	-
Communication Services	2.2%	-

Return for Risk

PSC vs. USL — Risk / Return Rank

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

PSC

PSC Risk / Return Rank: 46
PSC Sharpe Ratio Rank: 41
PSC Sortino Ratio Rank: 42
PSC Omega Ratio Rank: 38
PSC Calmar Ratio Rank: 55
PSC Martin Ratio Rank: 55

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.

PSC vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal U.S. Small Cap Multi-Factor ETF (PSC) 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.

	PSC	USL	Difference
Sharpe ratio Return per unit of total volatility	1.46	2.04	-0.57
Sortino ratio Return per unit of downside risk	2.14	2.58	-0.44
Omega ratio Gain probability vs. loss probability	1.25	1.34	-0.08
Calmar ratio Return relative to maximum drawdown	2.74	3.47	-0.73
Martin ratio Return relative to average drawdown	9.55	7.02	+2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSC vs. USL - Sharpe Ratio Comparison

The current PSC Sharpe Ratio is 1.46, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of PSC 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

	PSC	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.04	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.58	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.01	+0.49

Drawdowns

PSC vs. USL - Drawdown Comparison

The maximum PSC drawdown since its inception was -46.69%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for PSC and USL.

Drawdown Indicators

	PSC	USL	Difference
Max Drawdown Largest peak-to-trough decline	-46.69%	-89.06%	+42.37%
Max Drawdown (1Y) Largest decline over 1 year	-9.95%	-16.76%	+6.81%
Max Drawdown (3Y) Largest decline over 3 years	-23.49%	-23.33%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	-33.82%	+7.96%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-0.94%	-38.16%	+37.22%
Average Drawdown Average peak-to-trough decline	-8.28%	-61.46%	+53.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	8.27%	-5.42%

Volatility

PSC vs. USL - Volatility Comparison

The current volatility for Principal U.S. Small Cap Multi-Factor ETF (PSC) is 4.93%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that PSC 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

	PSC	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	10.53%	-5.60%
Volatility (6M) Calculated over the trailing 6-month period	12.77%	23.33%	-10.56%
Volatility (1Y) Calculated over the trailing 1-year period	18.65%	28.54%	-9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.99%	30.08%	-9.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.30%	32.35%	-9.05%

PSC vs. USL - Expense Ratio Comparison

PSC has a 0.38% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

PSC vs. USL - Dividend Comparison

PSC's dividend yield for the trailing twelve months is around 0.58%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PSC Principal U.S. Small Cap Multi-Factor ETF	0.58%	0.67%	0.75%	0.73%	1.92%	1.45%	1.25%	1.47%	1.30%	0.95%	0.35%
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%

Frequently Asked Questions

Can I hold both PSC and USL in my portfolio?

PSC and USL have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSC or USL?

USL has higher volatility (10.53%) compared to PSC (4.93%). In terms of maximum drawdown, PSC dropped -46.69% vs USL's -89.06%.

Which ETF is better, PSC or USL?

On 5-year performance, USL leads with 17.41% vs 8.06% for PSC. On fees, PSC is cheaper at 0.38% per year. On volatility, PSC has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSC or USL?

Over the 5-year period, USL has performed better with a 17.41% return vs 8.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSC or USL?

PSC is cheaper with a 0.38% expense ratio, compared with 0.88% for USL.

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

PSC has the higher dividend yield at 0.58%, compared with 0.00% for USL.

What is the main difference between PSC and USL?

PSC is categorized as Small Cap Blend Equities, while USL is Oil & Gas. PSC tracks Nasdaq US Small Cap Select Leaders TR Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Principal and Concierge Technologies. Their fees differ too: 0.38% for PSC and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.46), 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.