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USL vs. BNO
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between USL and BNO is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.


-0.50.00.51.0
Correlation: 0.3

Performance

USL vs. BNO - Performance Comparison

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

-10.00%0.00%10.00%20.00%30.00%NovemberDecember2025FebruaryMarchApril
-8.82%
8.40%
USL
BNO

Key characteristics

Sharpe Ratio

USL:

-0.59

BNO:

-0.48

Sortino Ratio

USL:

-0.69

BNO:

-0.52

Omega Ratio

USL:

0.92

BNO:

0.94

Calmar Ratio

USL:

-0.23

BNO:

-0.30

Martin Ratio

USL:

-1.56

BNO:

-1.38

Ulcer Index

USL:

9.51%

BNO:

9.65%

Daily Std Dev

USL:

24.96%

BNO:

27.73%

Max Drawdown

USL:

-89.06%

BNO:

-87.06%

Current Drawdown

USL:

-61.17%

BNO:

-40.28%

Returns By Period

In the year-to-date period, USL achieves a -10.28% return, which is significantly lower than BNO's -7.38% return. Over the past 10 years, USL has outperformed BNO with an annualized return of 2.32%, while BNO has yielded a comparatively lower 1.66% annualized return.


USL

YTD

-10.28%

1M

-8.47%

6M

-8.36%

1Y

-15.76%

5Y*

27.03%

10Y*

2.32%

BNO

YTD

-7.38%

1M

-8.05%

6M

-6.22%

1Y

-14.28%

5Y*

33.26%

10Y*

1.66%

*Annualized

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USL vs. BNO - Expense Ratio Comparison

USL has a 0.88% expense ratio, which is lower than BNO's 0.90% expense ratio.


Expense ratio chart for BNO: current value is 0.90%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
BNO: 0.90%
Expense ratio chart for USL: current value is 0.88%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
USL: 0.88%

Risk-Adjusted Performance

USL vs. BNO — Risk-Adjusted Performance Rank

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

USL
The Risk-Adjusted Performance Rank of USL is 44
Overall Rank
The Sharpe Ratio Rank of USL is 44
Sharpe Ratio Rank
The Sortino Ratio Rank of USL is 44
Sortino Ratio Rank
The Omega Ratio Rank of USL is 44
Omega Ratio Rank
The Calmar Ratio Rank of USL is 99
Calmar Ratio Rank
The Martin Ratio Rank of USL is 22
Martin Ratio Rank

BNO
The Risk-Adjusted Performance Rank of BNO is 66
Overall Rank
The Sharpe Ratio Rank of BNO is 66
Sharpe Ratio Rank
The Sortino Ratio Rank of BNO is 66
Sortino Ratio Rank
The Omega Ratio Rank of BNO is 66
Omega Ratio Rank
The Calmar Ratio Rank of BNO is 77
Calmar Ratio Rank
The Martin Ratio Rank of BNO is 33
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

USL vs. BNO - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and United States Brent Oil Fund LP (BNO). 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.


The chart of Sharpe ratio for USL, currently valued at -0.59, compared to the broader market-1.000.001.002.003.004.00
USL: -0.59
BNO: -0.48
The chart of Sortino ratio for USL, currently valued at -0.69, compared to the broader market-2.000.002.004.006.008.00
USL: -0.69
BNO: -0.52
The chart of Omega ratio for USL, currently valued at 0.92, compared to the broader market0.501.001.502.002.50
USL: 0.92
BNO: 0.94
The chart of Calmar ratio for USL, currently valued at -0.40, compared to the broader market0.002.004.006.008.0010.0012.00
USL: -0.40
BNO: -0.30
The chart of Martin ratio for USL, currently valued at -1.56, compared to the broader market0.0020.0040.0060.00
USL: -1.56
BNO: -1.38

The current USL Sharpe Ratio is -0.59, which is comparable to the BNO Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of USL and BNO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio-1.00-0.500.000.50NovemberDecember2025FebruaryMarchApril
-0.59
-0.48
USL
BNO

Dividends

USL vs. BNO - Dividend Comparison

Neither USL nor BNO has paid dividends to shareholders.


Tickers have no history of dividend payments

Drawdowns

USL vs. BNO - Drawdown Comparison

The maximum USL drawdown since its inception was -89.06%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for USL and BNO. For additional features, visit the drawdowns tool.


-45.00%-40.00%-35.00%-30.00%-25.00%-20.00%NovemberDecember2025FebruaryMarchApril
-33.46%
-40.28%
USL
BNO

Volatility

USL vs. BNO - Volatility Comparison

The current volatility for United States 12 Month Oil Fund LP (USL) is 12.48%, while United States Brent Oil Fund LP (BNO) has a volatility of 13.37%. This indicates that USL experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


4.00%6.00%8.00%10.00%12.00%14.00%NovemberDecember2025FebruaryMarchApril
12.48%
13.37%
USL
BNO