USL vs. ACVT

Last updated Aug 3, 2026

USL (United States 12 Month Oil Fund, LP) and ACVT (Advent Convertible Bond ETF) are both exchange-traded funds - USL is a Oil & Gas fund tracking the Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while ACVT is a Convertible Bonds fund actively managed by Advent. USL is passively managed, while ACVT is actively managed. Over the past year, USL returned 36.97% vs 9.04% for ACVT. Their -0.20 correlation means they have often moved in opposite directions in the past. USL charges 1.02%/yr vs 0.65%/yr for ACVT.

Performance

USL vs. ACVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States 12 Month Oil Fund, LP (USL) and Advent Convertible Bond ETF (ACVT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USL achieves a 50.47% return, which is significantly higher than ACVT's 6.12% return.

USL

• 1D: 0.72%
• 1M: 11.48%
• 6M: 34.61%
• YTD: 50.47%
• 1Y: 36.97%
• 3Y*: 10.51%
• 5Y*: 14.04%
• 10Y*: 11.91%
• ALL TIME*: -0.05%

ACVT

• 1D: 0.31%
• 1M: -0.18%
• 6M: 5.24%
• YTD: 6.12%
• 1Y: 9.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.55%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ACVT Advent Convertible Bond ETF	$1.70K	$2.25K	$22.89K
USL United States 12 Month Oil Fund, LP	$634.47K	$669.88K	$1.15M

USL vs. ACVT - Yearly Performance Comparison

	2026 (YTD)	2025
USL United States 12 Month Oil Fund, LP	50.47%	0.25%
ACVT Advent Convertible Bond ETF	6.12%	8.04%

Correlation

The correlation between USL and ACVT is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.24
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	-0.20

Return for Risk

USL vs. ACVT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USL

USL Risk / Return Rank: 43
USL Sharpe Ratio Rank: 45
USL Sortino Ratio Rank: 44
USL Omega Ratio Rank: 42
USL Calmar Ratio Rank: 44
USL Martin Ratio Rank: 41

ACVT

ACVT Risk / Return Rank: 59
ACVT Sharpe Ratio Rank: 63
ACVT Sortino Ratio Rank: 66
ACVT Omega Ratio Rank: 60
ACVT Calmar Ratio Rank: 51
ACVT Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USL vs. ACVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund, LP (USL) and Advent Convertible Bond ETF (ACVT). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	USL	ACVT	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.49	-0.39
Sortino ratio: Return per unit of downside risk	1.62	2.21	-0.59
Omega ratio: Gain probability vs. loss probability	1.20	1.26	-0.07
Calmar ratio: Return relative to maximum drawdown	1.58	1.84	-0.26
Martin ratio: Return relative to average drawdown	4.38	6.54	-2.15

USL vs. ACVT - Sharpe Ratio Comparison

The current USL Sharpe Ratio is 1.11, which is comparable to the ACVT Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of USL and ACVT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USL vs. ACVT - Drawdown Comparison

The maximum USL drawdown since its inception was -89.06%, which is greater than ACVT's maximum drawdown of -4.81%. Use the drawdown chart below to compare losses from any high point for USL and ACVT.

Drawdown Indicators

	USL	ACVT	Difference
Max Drawdown Largest peak-to-trough decline	-89.06%	-4.81%	-84.25%
Max Drawdown (1Y) Largest decline over 1 year	-20.91%	-4.81%	-16.10%
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	-42.93%	-0.29%	-42.64%
Average Drawdown Average peak-to-trough decline	-61.30%	-0.82%	-60.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.38%	1.35%	+7.03%

Volatility

USL vs. ACVT - Volatility Comparison

United States 12 Month Oil Fund, LP (USL) has a higher volatility of 10.45% compared to Advent Convertible Bond ETF (ACVT) at 1.72%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than ACVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USL	ACVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.45%	1.72%	+8.73%
Volatility (6M) Calculated over the trailing 6-month period	25.73%	4.82%	+20.91%
Volatility (1Y) Calculated over the trailing 1-year period	29.92%	5.93%	+23.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.36%	5.77%	+24.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.35%	5.77%	+26.58%

USL vs. ACVT - Expense Ratio Comparison

USL has a 1.02% expense ratio, which is higher than ACVT's 0.65% expense ratio.

Dividends

USL vs. ACVT - Dividend Comparison

USL has not paid dividends to shareholders, while ACVT's dividend yield for the trailing twelve months is around 1.68%.

Position	TTM	2025
ACVT Advent Convertible Bond ETF	1.53%	1.19%
USL United States 12 Month Oil Fund, LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both USL and ACVT in my portfolio?

USL and ACVT have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USL or ACVT?

USL has higher volatility (10.45%) compared to ACVT (1.72%). In terms of maximum drawdown, USL dropped -89.06% vs ACVT's -4.81%.

Which ETF is better, USL or ACVT?

On 1-year performance, USL leads with 36.97% vs 9.04% for ACVT. On fees, ACVT is cheaper at 0.65% per year. On volatility, ACVT has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USL or ACVT?

Over the 1-year period, USL has performed better with a 36.97% return vs 9.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USL or ACVT?

ACVT is cheaper with a 0.65% expense ratio, compared with 1.02% for USL.

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

ACVT has the higher dividend yield at 1.53%, compared with 0.00% for USL.

What is the main difference between USL and ACVT?

USL is categorized as Oil & Gas, while ACVT is Convertible Bonds. They also come from different issuers: USCF and Advent. Their fees differ too: 1.02% for USL and 0.65% for ACVT.

Which has better risk-adjusted returns?

ACVT currently has the higher Sharpe Ratio (1.49 vs 1.11), 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.