SHM vs. USL
SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - SHM is a Municipal Bonds fund tracking the Bloomberg Municipal Managed Money Short, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, SHM returned 1.20%/yr vs 10.91%/yr for USL. At a correlation of -0.05, they often move in opposite directions. SHM charges 0.20%/yr vs 0.88%/yr for USL.
Performance
SHM vs. USL - Performance Comparison
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Returns By Period
In the year-to-date period, SHM achieves a 0.78% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, SHM has underperformed USL with an annualized return of 1.20%, while USL has yielded a comparatively higher 10.91% annualized return.
SHM
- 1D
- 0.04%
- 1M
- 0.39%
- YTD
- 0.78%
- 6M
- 1.08%
- 1Y
- 3.47%
- 3Y*
- 2.93%
- 5Y*
- 0.91%
- 10Y*
- 1.20%
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%
SHM vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 0.78% | 3.95% | 1.22% | 2.92% | -3.82% | -0.37% | 2.65% | 3.64% | 1.56% | 0.99% |
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 SHM and USL is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007 | -0.05 |
The correlation between SHM and USL shifts across timeframes, from -0.17 (1 year) to -0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHM vs. USL — Risk / Return Rank
SHM
USL
SHM vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) 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.
| SHM | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.34 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 3.47 | -0.39 |
| Martin ratioReturn relative to average drawdown | 7.88 | 7.02 | +0.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SHM | USL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.76 | 2.04 | +0.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.58 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.34 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.01 | +0.47 |
Drawdowns
SHM vs. USL - Drawdown Comparison
The maximum SHM drawdown since its inception was -11.61%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for SHM and USL.
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Drawdown Indicators
| SHM | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.61% | -89.06% | +77.45% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | -16.76% | +15.63% |
Max Drawdown (3Y)Largest decline over 3 years | -2.03% | -23.33% | +21.30% |
Max Drawdown (5Y)Largest decline over 5 years | -6.67% | -33.82% | +27.15% |
Max Drawdown (10Y)Largest decline over 10 years | -11.61% | -66.02% | +54.41% |
Current DrawdownCurrent decline from peak | -0.37% | -38.16% | +37.79% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -61.46% | +60.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 8.27% | -7.83% |
Volatility
SHM vs. USL - Volatility Comparison
The current volatility for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) is 0.35%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that SHM 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.
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Volatility by Period
| SHM | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 10.53% | -10.18% |
Volatility (6M)Calculated over the trailing 6-month period | 0.85% | 23.33% | -22.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 28.54% | -27.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.07% | 30.08% | -28.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.31% | 32.35% | -29.04% |
SHM vs. USL - Expense Ratio Comparison
SHM has a 0.20% expense ratio, which is lower than USL's 0.88% expense ratio.
Dividends
SHM vs. USL - Dividend Comparison
SHM's dividend yield for the trailing twelve months is around 2.67%, while USL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 2.67% | 2.61% | 2.06% | 1.15% | 0.69% | 0.86% | 1.24% | 1.40% | 1.23% | 1.06% | 0.94% | 0.92% |
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% | 0.00% |
Frequently Asked Questions
SHM and USL have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (10.53%) compared to SHM (0.35%). In terms of maximum drawdown, SHM dropped -11.61% vs USL's -89.06%.
On 10-year performance, USL leads with 10.91% vs 1.20% for SHM. On fees, SHM is cheaper at 0.20% per year. On volatility, SHM has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USL has performed better with a 10.91% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHM is cheaper with a 0.20% expense ratio, compared with 0.88% for USL.
SHM has the higher dividend yield at 2.67%, compared with 0.00% for USL.
SHM is categorized as Municipal Bonds, while USL is Oil & Gas. SHM tracks Bloomberg Municipal Managed Money Short, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.20% for SHM and 0.88% for USL.
SHM currently has the higher Sharpe Ratio (2.76 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.
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