SMLF vs. USL

Last updated Jun 4, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, SMLF returned 12.36%/yr vs 10.91%/yr for USL. At a 0.21 correlation, their price movements are largely independent. SMLF charges 0.30%/yr vs 0.88%/yr for USL.

Performance

SMLF vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) 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, SMLF achieves a 14.46% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, SMLF has outperformed USL with an annualized return of 12.36%, while USL has yielded a comparatively lower 10.91% annualized return.

SMLF

• 1D: -0.72%
• 1M: 4.07%
• YTD: 14.46%
• 6M: 14.20%
• 1Y: 30.98%
• 3Y*: 19.85%
• 5Y*: 10.89%
• 10Y*: 12.36%

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)

SMLF vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLF iShares MSCI USA Small-Cap Multifactor ETF	14.46%	12.30%	16.33%	19.99%	-12.19%	26.53%	8.38%	21.56%	-8.42%	12.70%
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 SMLF 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	0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since May 1, 2015	0.21

The correlation between SMLF and USL shifts across timeframes, from -0.27 (1 year) to 0.22 (10 years), reflecting how their relationship changes across market environments.

SMLF vs. USL - Sectors Allocation Comparison

Sectors	SMLF	USL
Industrials	19.8%	-
Technology	16.6%	-
Financial Services	15.0%	4.5%
Healthcare	12.7%	-
Consumer Cyclical	11.8%	-
Real Estate	5.7%	-
Energy	4.8%	-
Basic Materials	4.6%	-
Consumer Defensive	3.7%	-
Communication Services	3.2%	-
Utilities	2.2%	-

Return for Risk

SMLF vs. USL — Risk / Return Rank

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

SMLF

SMLF Risk / Return Rank: 58
SMLF Sharpe Ratio Rank: 52
SMLF Sortino Ratio Rank: 52
SMLF Omega Ratio Rank: 48
SMLF Calmar Ratio Rank: 71
SMLF 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.

SMLF vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) 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.

	SMLF	USL	Difference
Sharpe ratio Return per unit of total volatility	1.81	2.04	-0.22
Sortino ratio Return per unit of downside risk	2.56	2.58	-0.02
Omega ratio Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio Return relative to maximum drawdown	3.57	3.47	+0.10
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.

SMLF vs. USL - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.81, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SMLF 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

	SMLF	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.04	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.58	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.34	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.01	+0.53

Drawdowns

SMLF vs. USL - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for SMLF and USL.

Drawdown Indicators

	SMLF	USL	Difference
Max Drawdown Largest peak-to-trough decline	-41.89%	-89.06%	+47.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.71%	-16.76%	+8.05%
Max Drawdown (3Y) Largest decline over 3 years	-26.28%	-23.33%	-2.95%
Max Drawdown (5Y) Largest decline over 5 years	-26.28%	-33.82%	+7.54%
Max Drawdown (10Y) Largest decline over 10 years	-41.89%	-66.02%	+24.13%
Current Drawdown Current decline from peak	-0.72%	-38.16%	+37.44%
Average Drawdown Average peak-to-trough decline	-6.60%	-61.46%	+54.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	8.27%	-5.74%

Volatility

SMLF vs. USL - Volatility Comparison

The current volatility for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) is 4.80%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that SMLF 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

	SMLF	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	10.53%	-5.73%
Volatility (6M) Calculated over the trailing 6-month period	12.31%	23.33%	-11.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.21%	28.54%	-11.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	30.08%	-8.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	32.35%	-10.57%

SMLF vs. USL - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

SMLF vs. USL - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.03%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLF iShares MSCI USA Small-Cap Multifactor ETF	1.03%	1.14%	1.33%	1.13%	1.23%	1.07%	1.33%	1.39%	1.17%	0.93%	0.78%	0.79%
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 SMLF and USL in my portfolio?

SMLF 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, SMLF or USL?

USL has higher volatility (10.53%) compared to SMLF (4.80%). In terms of maximum drawdown, SMLF dropped -41.89% vs USL's -89.06%.

Which ETF is better, SMLF or USL?

On 10-year performance, SMLF leads with 12.36% vs 10.91% for USL. On fees, SMLF is cheaper at 0.30% per year. On volatility, SMLF has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLF or USL?

Over the 10-year period, SMLF has performed better with a 12.36% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLF or USL?

SMLF is cheaper with a 0.30% expense ratio, compared with 0.88% for USL.

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

SMLF has the higher dividend yield at 1.03%, compared with 0.00% for USL.

What is the main difference between SMLF and USL?

SMLF is categorized as Small Cap Blend Equities, while USL is Oil & Gas. SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.30% for SMLF and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.81), 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.