USL vs. BNDI

Last updated Jun 4, 2026

USL (United States 12 Month Oil Fund LP) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both exchange-traded funds - USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil, while BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos. USL is passively managed, while BNDI is actively managed. Over the past 3 years, USL returned 18.42%/yr vs 4.83%/yr for BNDI. At a correlation of -0.14, they often move in opposite directions. USL charges 0.88%/yr vs 0.58%/yr for BNDI.

Performance

USL vs. BNDI - Performance Comparison

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

Returns By Period

In the year-to-date period, USL achieves a 63.07% return, which is significantly higher than BNDI's 1.29% return.

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%

BNDI

• 1D: -0.21%
• 1M: 0.36%
• YTD: 1.29%
• 6M: 1.22%
• 1Y: 7.00%
• 3Y*: 4.83%
• 5Y*: —
• 10Y*: —

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

USL vs. BNDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	-5.88%
BNDI Neos Enhanced Income Aggregate Bond ETF	1.29%	7.95%	1.74%	6.89%	-2.60%

Correlation

The correlation between USL and BNDI is -0.41, 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	-0.41
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	-0.14

Over the past year, the inverse relationship between USL and BNDI has strengthened: their correlation has moved from -0.14 to -0.41, meaning they now move in opposite directions more often than their long-term average.

USL vs. BNDI - Sectors Allocation Comparison

Sectors	USL	BNDI
Financial Services	4.5%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

USL vs. BNDI — Risk / Return Rank

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

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

BNDI

BNDI Risk / Return Rank: 50
BNDI Sharpe Ratio Rank: 48
BNDI Sortino Ratio Rank: 52
BNDI Omega Ratio Rank: 47
BNDI Calmar Ratio Rank: 51
BNDI Martin Ratio Rank: 53

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.

USL vs. BNDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and Neos Enhanced Income Aggregate Bond ETF (BNDI). 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.

	USL	BNDI	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.69	+0.35
Sortino ratio: Return per unit of downside risk	2.58	2.54	+0.04
Omega ratio: Gain probability vs. loss probability	1.34	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	3.47	2.56	+0.91
Martin ratio: Return relative to average drawdown	7.02	9.12	-2.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USL vs. BNDI - Sharpe Ratio Comparison

The current USL Sharpe Ratio is 2.04, which is comparable to the BNDI Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of USL and BNDI, 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

	USL	BNDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.69	+0.35
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	0.01	0.65	-0.64

Drawdowns

USL vs. BNDI - Drawdown Comparison

The maximum USL drawdown since its inception was -89.06%, which is greater than BNDI's maximum drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for USL and BNDI.

Drawdown Indicators

	USL	BNDI	Difference
Max Drawdown Largest peak-to-trough decline	-89.06%	-6.98%	-82.08%
Max Drawdown (1Y) Largest decline over 1 year	-16.76%	-2.75%	-14.01%
Max Drawdown (3Y) Largest decline over 3 years	-23.33%	-5.83%	-17.50%
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	-38.16%	-0.84%	-37.32%
Average Drawdown Average peak-to-trough decline	-61.46%	-1.71%	-59.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.27%	0.77%	+7.50%

Volatility

USL vs. BNDI - Volatility Comparison

United States 12 Month Oil Fund LP (USL) has a higher volatility of 10.53% compared to Neos Enhanced Income Aggregate Bond ETF (BNDI) at 1.38%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USL	BNDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.53%	1.38%	+9.15%
Volatility (6M) Calculated over the trailing 6-month period	23.33%	3.08%	+20.25%
Volatility (1Y) Calculated over the trailing 1-year period	28.54%	4.17%	+24.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.08%	6.19%	+23.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.35%	6.19%	+26.16%

USL vs. BNDI - Expense Ratio Comparison

USL has a 0.88% expense ratio, which is higher than BNDI's 0.58% expense ratio.

Dividends

USL vs. BNDI - Dividend Comparison

USL has not paid dividends to shareholders, while BNDI's dividend yield for the trailing twelve months is around 5.80%.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	5.80%	5.69%	5.54%	5.17%	1.68%
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 USL and BNDI in my portfolio?

USL and BNDI have a correlation of -0.41, 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 BNDI?

USL has higher volatility (10.53%) compared to BNDI (1.38%). In terms of maximum drawdown, USL dropped -89.06% vs BNDI's -6.98%.

Which ETF is better, USL or BNDI?

On 3-year performance, USL leads with 18.42% vs 4.83% for BNDI. On fees, BNDI is cheaper at 0.58% per year. On volatility, BNDI has been the lower-risk option at 1.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USL or BNDI?

Over the 3-year period, USL has performed better with a 18.42% return vs 4.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USL or BNDI?

BNDI is cheaper with a 0.58% expense ratio, compared with 0.88% for USL.

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

BNDI has the higher dividend yield at 5.80%, compared with 0.00% for USL.

What is the main difference between USL and BNDI?

USL is categorized as Oil & Gas, while BNDI is Intermediate Core-Plus Bond. They also come from different issuers: Concierge Technologies and Neos. Their fees differ too: 0.88% for USL and 0.58% for BNDI.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.69), 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.