RSPA vs. USL

Last updated Jun 4, 2026

RSPA (Invesco S&P 500 Equal Weight Income Advantage ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - RSPA is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past year, RSPA returned 18.38% vs 57.86% for USL. At a correlation of -0.03, they often move in opposite directions. RSPA charges 0.29%/yr vs 0.88%/yr for USL.

Performance

RSPA vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) 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, RSPA achieves a 7.86% return, which is significantly lower than USL's 63.07% return.

RSPA

• 1D: -0.28%
• 1M: 2.86%
• YTD: 7.86%
• 6M: 8.49%
• 1Y: 18.38%
• 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)

RSPA vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RSPA Invesco S&P 500 Equal Weight Income Advantage ETF	7.86%	11.07%	3.68%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	-6.10%

Correlation

The correlation between RSPA and USL is -0.21, 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	-0.21
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	-0.03

The correlation between RSPA and USL shifts across timeframes, from -0.21 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

RSPA vs. USL - Sectors Allocation Comparison

Sectors	RSPA	USL
Technology	18.3%	-
Industrials	14.7%	-
Financial Services	14.4%	4.5%
Healthcare	10.9%	-
Consumer Cyclical	10.3%	-
Consumer Defensive	6.5%	-
Real Estate	6.2%	-
Utilities	6.0%	-
Energy	4.5%	-
Basic Materials	4.1%	-
Communication Services	4.0%	-

Return for Risk

RSPA vs. USL — Risk / Return Rank

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

RSPA

RSPA Risk / Return Rank: 59
RSPA Sharpe Ratio Rank: 57
RSPA Sortino Ratio Rank: 59
RSPA Omega Ratio Rank: 57
RSPA Calmar Ratio Rank: 59
RSPA Martin Ratio Rank: 64

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.

RSPA vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) 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.

	RSPA	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.04	-0.06
Sortino ratio: Return per unit of downside risk	2.85	2.58	+0.27
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.02
Calmar ratio: Return relative to maximum drawdown	2.97	3.47	-0.49
Martin ratio: Return relative to average drawdown	11.88	7.02	+4.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RSPA vs. USL - Sharpe Ratio Comparison

The current RSPA Sharpe Ratio is 1.98, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of RSPA 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

	RSPA	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.04	-0.06
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	0.95	0.01	+0.94

Drawdowns

RSPA vs. USL - Drawdown Comparison

The maximum RSPA drawdown since its inception was -15.37%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for RSPA and USL.

Drawdown Indicators

	RSPA	USL	Difference
Max Drawdown Largest peak-to-trough decline	-15.37%	-89.06%	+73.69%
Max Drawdown (1Y) Largest decline over 1 year	-6.21%	-16.76%	+10.55%
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	-0.28%	-38.16%	+37.88%
Average Drawdown Average peak-to-trough decline	-2.05%	-61.46%	+59.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	8.27%	-6.72%

Volatility

RSPA vs. USL - Volatility Comparison

The current volatility for Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) is 1.95%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that RSPA 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

	RSPA	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	10.53%	-8.58%
Volatility (6M) Calculated over the trailing 6-month period	6.66%	23.33%	-16.67%
Volatility (1Y) Calculated over the trailing 1-year period	9.36%	28.54%	-19.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.00%	30.08%	-17.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.00%	32.35%	-19.35%

RSPA vs. USL - Expense Ratio Comparison

RSPA has a 0.29% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

RSPA vs. USL - Dividend Comparison

RSPA's dividend yield for the trailing twelve months is around 8.98%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024
RSPA Invesco S&P 500 Equal Weight Income Advantage ETF	8.98%	9.14%	4.03%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RSPA and USL in my portfolio?

RSPA and USL have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSPA or USL?

USL has higher volatility (10.53%) compared to RSPA (1.95%). In terms of maximum drawdown, RSPA dropped -15.37% vs USL's -89.06%.

Which ETF is better, RSPA or USL?

On 1-year performance, USL leads with 57.86% vs 18.38% for RSPA. On fees, RSPA is cheaper at 0.29% per year. On volatility, RSPA has been the lower-risk option at 1.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSPA or USL?

Over the 1-year period, USL has performed better with a 57.86% return vs 18.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSPA or USL?

RSPA is cheaper with a 0.29% expense ratio, compared with 0.88% for USL.

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

RSPA has the higher dividend yield at 8.98%, compared with 0.00% for USL.

What is the main difference between RSPA and USL?

RSPA is categorized as S&P 500, while USL is Oil & Gas. RSPA tracks S&P 500 Equal Weight Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.29% for RSPA and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.98), 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.