RECS vs. USL

Last updated Jun 4, 2026

RECS (Columbia Research Enhanced Core ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - RECS is a Large Cap Growth Equities fund tracking the Beta Advantage Research Enhanced U.S. Equity 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, RECS returned 9.89%/yr vs 10.91%/yr for USL. At a 0.09 correlation, their price movements are largely independent. RECS charges 0.15%/yr vs 0.88%/yr for USL.

Performance

RECS vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Research Enhanced Core ETF (RECS) 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, RECS achieves a 6.61% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, RECS has underperformed USL with an annualized return of 9.89%, while USL has yielded a comparatively higher 10.91% annualized return.

RECS

• 1D: -0.75%
• 1M: 4.11%
• YTD: 6.61%
• 6M: 6.84%
• 1Y: 25.02%
• 3Y*: 21.66%
• 5Y*: 14.04%
• 10Y*: 9.89%

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)

RECS vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RECS Columbia Research Enhanced Core ETF	6.61%	19.30%	26.27%	23.19%	-14.39%	32.73%	15.35%	-0.93%	0.00%	0.00%
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 RECS and USL is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007	0.09

The correlation between RECS and USL shifts across timeframes, from -0.30 (1 year) to 0.13 (10 years), reflecting how their relationship changes across market environments.

RECS vs. USL - Sectors Allocation Comparison

Sectors	RECS	USL
Technology	33.6%	-
Financial Services	13.2%	4.5%
Communication Services	11.0%	-
Consumer Cyclical	10.6%	-
Healthcare	9.9%	-
Industrials	6.7%	-
Consumer Defensive	5.0%	-
Energy	3.4%	-
Real Estate	2.3%	-
Utilities	2.2%	-
Basic Materials	2.1%	-

Return for Risk

RECS vs. USL — Risk / Return Rank

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

RECS

RECS Risk / Return Rank: 62
RECS Sharpe Ratio Rank: 63
RECS Sortino Ratio Rank: 63
RECS Omega Ratio Rank: 62
RECS Calmar Ratio Rank: 57
RECS Martin Ratio Rank: 66

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.

RECS vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced Core ETF (RECS) 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.

	RECS	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.04	+0.10
Sortino ratio: Return per unit of downside risk	2.97	2.58	+0.39
Omega ratio: Gain probability vs. loss probability	1.38	1.34	+0.04
Calmar ratio: Return relative to maximum drawdown	2.85	3.47	-0.62
Martin ratio: Return relative to average drawdown	12.27	7.02	+5.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RECS vs. USL - Sharpe Ratio Comparison

The current RECS Sharpe Ratio is 2.13, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of RECS 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

	RECS	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.04	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.58	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.34	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.01	+0.37

Drawdowns

RECS vs. USL - Drawdown Comparison

The maximum RECS drawdown since its inception was -34.29%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for RECS and USL.

Drawdown Indicators

	RECS	USL	Difference
Max Drawdown Largest peak-to-trough decline	-34.29%	-89.06%	+54.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-16.76%	+7.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.60%	-23.33%	+4.73%
Max Drawdown (5Y) Largest decline over 5 years	-22.08%	-33.82%	+11.74%
Max Drawdown (10Y) Largest decline over 10 years	-34.29%	-66.02%	+31.73%
Current Drawdown Current decline from peak	-0.93%	-38.16%	+37.23%
Average Drawdown Average peak-to-trough decline	-1.28%	-61.46%	+60.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	8.27%	-6.23%

Volatility

RECS vs. USL - Volatility Comparison

The current volatility for Columbia Research Enhanced Core ETF (RECS) is 2.97%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that RECS 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

	RECS	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	10.53%	-7.56%
Volatility (6M) Calculated over the trailing 6-month period	8.84%	23.33%	-14.49%
Volatility (1Y) Calculated over the trailing 1-year period	11.78%	28.54%	-16.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.38%	30.08%	-13.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.22%	32.35%	-16.13%

RECS vs. USL - Expense Ratio Comparison

RECS has a 0.15% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

RECS vs. USL - Dividend Comparison

RECS's dividend yield for the trailing twelve months is around 1.04%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RECS Columbia Research Enhanced Core ETF	1.04%	1.11%	1.09%	1.00%	1.41%	20.64%	1.09%	0.49%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RECS and USL in my portfolio?

RECS and USL have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RECS or USL?

USL has higher volatility (10.53%) compared to RECS (2.97%). In terms of maximum drawdown, RECS dropped -34.29% vs USL's -89.06%.

Which ETF is better, RECS or USL?

On 10-year performance, USL leads with 10.91% vs 9.89% for RECS. On fees, RECS is cheaper at 0.15% per year. On volatility, RECS has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RECS or USL?

Over the 10-year period, USL has performed better with a 10.91% return vs 9.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RECS or USL?

RECS is cheaper with a 0.15% expense ratio, compared with 0.88% for USL.

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

RECS has the higher dividend yield at 1.04%, compared with 0.00% for USL.

What is the main difference between RECS and USL?

RECS is categorized as Large Cap Growth Equities, while USL is Oil & Gas. RECS tracks Beta Advantage Research Enhanced U.S. Equity Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Ameriprise Financial and Concierge Technologies. Their fees differ too: 0.15% for RECS and 0.88% for USL.

Which has better risk-adjusted returns?

RECS currently has the higher Sharpe Ratio (2.13 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.