SMDV vs. USL

Last updated Jun 3, 2026

SMDV (ProShares Russell 2000 Dividend Growers ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - SMDV is a Small Cap Blend Equities fund tracking the Russell 2000 Dividend Growth 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, SMDV returned 7.25%/yr vs 10.74%/yr for USL. At a 0.15 correlation, their price movements are largely independent. SMDV charges 0.40%/yr vs 0.88%/yr for USL.

Performance

SMDV vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Russell 2000 Dividend Growers ETF (SMDV) 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, SMDV achieves a 10.55% return, which is significantly lower than USL's 60.58% return. Over the past 10 years, SMDV has underperformed USL with an annualized return of 7.25%, while USL has yielded a comparatively higher 10.74% annualized return.

SMDV

• 1D: 1.28%
• 1M: -0.15%
• YTD: 10.55%
• 6M: 10.49%
• 1Y: 16.84%
• 3Y*: 9.71%
• 5Y*: 4.23%
• 10Y*: 7.25%

USL

• 1D: 1.21%
• 1M: 0.73%
• YTD: 60.58%
• 6M: 58.21%
• 1Y: 56.66%
• 3Y*: 17.81%
• 5Y*: 17.18%
• 10Y*: 10.74%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMDV vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMDV ProShares Russell 2000 Dividend Growers ETF	10.55%	0.26%	7.03%	8.99%	-5.90%	18.98%	-4.74%	17.23%	-0.58%	4.63%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between SMDV and USL is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Feb 6, 2015	0.15

The correlation between SMDV and USL shifts across timeframes, from -0.27 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

SMDV vs. USL - Sectors Allocation Comparison

Sectors	SMDV	USL
Financial Services	31.9%	4.5%
Industrials	22.2%	-
Utilities	15.8%	-
Basic Materials	7.8%	-
Real Estate	7.4%	-
Consumer Defensive	4.8%	-
Consumer Cyclical	4.1%	-
Technology	3.2%	-
Healthcare	1.8%	-
Communication Services	1.0%	-
Energy	-	-

Return for Risk

SMDV vs. USL — Risk / Return Rank

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

SMDV

SMDV Risk / Return Rank: 31
SMDV Sharpe Ratio Rank: 29
SMDV Sortino Ratio Rank: 32
SMDV Omega Ratio Rank: 28
SMDV Calmar Ratio Rank: 33
SMDV Martin Ratio Rank: 32

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 58
USL Sortino Ratio Rank: 52
USL Omega Ratio Rank: 53
USL Calmar Ratio Rank: 72
USL Martin Ratio Rank: 45

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.

SMDV vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Russell 2000 Dividend Growers ETF (SMDV) 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.

	SMDV	USL	Difference
Sharpe ratio Return per unit of total volatility	1.07	2.00	-0.92
Sortino ratio Return per unit of downside risk	1.71	2.54	-0.83
Omega ratio Gain probability vs. loss probability	1.19	1.33	-0.14
Calmar ratio Return relative to maximum drawdown	1.63	3.67	-2.04
Martin ratio Return relative to average drawdown	4.92	7.44	-2.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMDV vs. USL - Sharpe Ratio Comparison

The current SMDV Sharpe Ratio is 1.07, which is lower than the USL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of SMDV 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

	SMDV	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.00	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.57	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.33	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.01	+0.38

Drawdowns

SMDV vs. USL - Drawdown Comparison

The maximum SMDV drawdown since its inception was -34.12%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for SMDV and USL.

Drawdown Indicators

	SMDV	USL	Difference
Max Drawdown Largest peak-to-trough decline	-34.12%	-89.06%	+54.94%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-16.76%	+6.97%
Max Drawdown (3Y) Largest decline over 3 years	-21.23%	-23.33%	+2.10%
Max Drawdown (5Y) Largest decline over 5 years	-21.23%	-33.82%	+12.59%
Max Drawdown (10Y) Largest decline over 10 years	-34.12%	-66.02%	+31.90%
Current Drawdown Current decline from peak	-1.20%	-39.10%	+37.90%
Average Drawdown Average peak-to-trough decline	-5.94%	-61.46%	+55.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	8.26%	-5.02%

Volatility

SMDV vs. USL - Volatility Comparison

The current volatility for ProShares Russell 2000 Dividend Growers ETF (SMDV) is 4.33%, while United States 12 Month Oil Fund LP (USL) has a volatility of 11.15%. This indicates that SMDV 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

	SMDV	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	11.15%	-6.82%
Volatility (6M) Calculated over the trailing 6-month period	10.42%	23.30%	-12.88%
Volatility (1Y) Calculated over the trailing 1-year period	15.79%	28.65%	-12.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.68%	30.07%	-11.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	32.35%	-11.62%

SMDV vs. USL - Expense Ratio Comparison

SMDV has a 0.40% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

SMDV vs. USL - Dividend Comparison

SMDV's dividend yield for the trailing twelve months is around 2.38%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMDV ProShares Russell 2000 Dividend Growers ETF	2.38%	2.67%	2.68%	2.69%	2.51%	2.02%	2.13%	2.03%	1.97%	1.84%	1.35%	1.81%
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

Can I hold both SMDV and USL in my portfolio?

SMDV and USL have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMDV or USL?

USL has higher volatility (11.15%) compared to SMDV (4.33%). In terms of maximum drawdown, SMDV dropped -34.12% vs USL's -89.06%.

Which ETF is better, SMDV or USL?

On 10-year performance, USL leads with 10.74% vs 7.25% for SMDV. On fees, SMDV is cheaper at 0.40% per year. On volatility, SMDV has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMDV or USL?

Over the 10-year period, USL has performed better with a 10.74% return vs 7.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMDV or USL?

SMDV is cheaper with a 0.40% expense ratio, compared with 0.88% for USL.

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

SMDV has the higher dividend yield at 2.38%, compared with 0.00% for USL.

What is the main difference between SMDV and USL?

SMDV is categorized as Small Cap Blend Equities, while USL is Oil & Gas. SMDV tracks Russell 2000 Dividend Growth Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.40% for SMDV and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.00 vs 1.07), 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.