TMFE vs. USL

Last updated Jun 4, 2026

TMFE (The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - TMFE is a Large Cap Blend Equities fund tracking the Motley Fool Capital Efficiency 100 Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, TMFE returned 18.83%/yr vs 18.42%/yr for USL. At a correlation of -0.02, they often move in opposite directions. TMFE charges 0.50%/yr vs 0.88%/yr for USL.

Performance

TMFE vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF (TMFE) 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, TMFE achieves a 1.48% return, which is significantly lower than USL's 63.07% return.

TMFE

• 1D: -0.63%
• 1M: 1.94%
• YTD: 1.48%
• 6M: 1.24%
• 1Y: 7.52%
• 3Y*: 18.83%
• 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)

TMFE vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TMFE The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF	1.48%	11.10%	27.95%	41.12%	-25.84%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%

Correlation

The correlation between TMFE and USL is -0.32, 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	-0.32
Correlation (3Y) Calculated over the trailing 3-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Jan 3, 2022	-0.02

Over the past year, the inverse relationship between TMFE and USL has strengthened: their correlation has moved from -0.02 to -0.32, meaning they now move in opposite directions more often than their long-term average.

TMFE vs. USL - Sectors Allocation Comparison

Sectors	TMFE	USL
Technology	30.0%	-
Consumer Cyclical	18.1%	-
Communication Services	16.1%	-
Consumer Defensive	10.8%	-
Financial Services	9.4%	4.5%
Healthcare	9.3%	-
Industrials	4.5%	-
Basic Materials	1.9%	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

TMFE vs. USL — Risk / Return Rank

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

TMFE

TMFE Risk / Return Rank: 19
TMFE Sharpe Ratio Rank: 19
TMFE Sortino Ratio Rank: 18
TMFE Omega Ratio Rank: 18
TMFE Calmar Ratio Rank: 17
TMFE Martin Ratio Rank: 21

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.

TMFE vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF (TMFE) 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.

	TMFE	USL	Difference
Sharpe ratio: Return per unit of total volatility	0.62	2.04	-1.42
Sortino ratio: Return per unit of downside risk	0.95	2.58	-1.63
Omega ratio: Gain probability vs. loss probability	1.11	1.34	-0.23
Calmar ratio: Return relative to maximum drawdown	0.67	3.47	-2.80
Martin ratio: Return relative to average drawdown	2.49	7.02	-4.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMFE vs. USL - Sharpe Ratio Comparison

The current TMFE Sharpe Ratio is 0.62, which is lower than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of TMFE 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

	TMFE	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	2.04	-1.42
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	0.51	0.01	+0.50

Drawdowns

TMFE vs. USL - Drawdown Comparison

The maximum TMFE drawdown since its inception was -31.07%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for TMFE and USL.

Drawdown Indicators

	TMFE	USL	Difference
Max Drawdown Largest peak-to-trough decline	-31.07%	-89.06%	+57.99%
Max Drawdown (1Y) Largest decline over 1 year	-11.30%	-16.76%	+5.46%
Max Drawdown (3Y) Largest decline over 3 years	-18.81%	-23.33%	+4.52%
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	-1.83%	-38.16%	+36.33%
Average Drawdown Average peak-to-trough decline	-8.27%	-61.46%	+53.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	8.27%	-5.25%

Volatility

TMFE vs. USL - Volatility Comparison

The current volatility for The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF (TMFE) is 2.84%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that TMFE 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

	TMFE	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	10.53%	-7.69%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	23.33%	-14.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	28.54%	-16.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	30.08%	-10.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	32.35%	-13.09%

TMFE vs. USL - Expense Ratio Comparison

TMFE has a 0.50% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

TMFE vs. USL - Dividend Comparison

TMFE's dividend yield for the trailing twelve months is around 0.31%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
TMFE The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF	0.31%	0.32%	0.44%	0.45%	0.40%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMFE and USL in my portfolio?

TMFE and USL have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMFE or USL?

USL has higher volatility (10.53%) compared to TMFE (2.84%). In terms of maximum drawdown, TMFE dropped -31.07% vs USL's -89.06%.

Which ETF is better, TMFE or USL?

On 3-year performance, TMFE leads with 18.83% vs 18.42% for USL. On fees, TMFE is cheaper at 0.50% per year. On volatility, TMFE has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMFE or USL?

Over the 3-year period, TMFE has performed better with a 18.83% return vs 18.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMFE or USL?

TMFE is cheaper with a 0.50% expense ratio, compared with 0.88% for USL.

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

TMFE has the higher dividend yield at 0.31%, compared with 0.00% for USL.

What is the main difference between TMFE and USL?

TMFE is categorized as Large Cap Blend Equities, while USL is Oil & Gas. TMFE tracks Motley Fool Capital Efficiency 100 Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: RBB Fund and Concierge Technologies. Their fees differ too: 0.50% for TMFE and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 0.62), 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.