USL vs. BPH

Last updated Jun 25, 2026

USL (United States 12 Month Oil Fund LP) and BPH (BP p.l.c. ADRhedged ETF) are both exchange-traded funds - USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil, while BPH is a Energy Equities fund actively managed by Precidian. USL is passively managed, while BPH is actively managed. A 0.58 correlation means they provide meaningful diversification when combined. USL charges 0.88%/yr vs 0.19%/yr for BPH.

Performance

USL vs. BPH - Performance Comparison

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

Returns By Period

USL

• 1D: -3.22%
• 1M: -16.18%
• YTD: 35.42%
• 6M: 33.45%
• 1Y: 27.96%
• 3Y*: 12.05%
• 5Y*: 11.84%
• 10Y*: 9.07%

BPH

• 1D: -0.55%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USL vs. BPH - Yearly Performance Comparison

	2026 (YTD)
USL United States 12 Month Oil Fund LP	-16.18%
BPH BP p.l.c. ADRhedged ETF	-5.53%

Correlation

The correlation between USL and BPH is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 26, 2026	0.58

Return for Risk

USL vs. BPH — Risk / Return Rank

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

USL

USL Risk / Return Rank: 29
USL Sharpe Ratio Rank: 30
USL Sortino Ratio Rank: 29
USL Omega Ratio Rank: 28
USL Calmar Ratio Rank: 30
USL Martin Ratio Rank: 29

BPH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. BPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and BP p.l.c. ADRhedged ETF (BPH). 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	BPH	Difference
Sharpe ratio: Return per unit of total volatility	0.99	—	—
Sortino ratio: Return per unit of downside risk	1.47	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.39	—	—
Martin ratio: Return relative to average drawdown	3.60	—	—

Drawdowns

USL vs. BPH - Drawdown Comparison

The maximum USL drawdown since its inception was -89.06%, which is greater than BPH's maximum drawdown of -9.43%. Use the drawdown chart below to compare losses from any high point for USL and BPH.

Drawdown Indicators

	USL	BPH	Difference
Max Drawdown Largest peak-to-trough decline	-89.06%	-9.43%	-79.63%
Max Drawdown (1Y) Largest decline over 1 year	-20.18%	—	—
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	-48.64%	-8.71%	-39.93%
Average Drawdown Average peak-to-trough decline	-61.39%	-3.18%	-58.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.78%	—	—

Volatility

Volatility by Period

	USL	BPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.59%	—	—
Volatility (6M) Calculated over the trailing 6-month period	24.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	28.66%	24.10%	+4.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.28%	24.10%	+6.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.34%	24.10%	+8.24%

USL vs. BPH - Expense Ratio Comparison

USL has a 0.88% expense ratio, which is higher than BPH's 0.19% expense ratio.

Dividends

USL vs. BPH - Dividend Comparison

USL has not paid dividends to shareholders, while BPH's dividend yield for the trailing twelve months is around 0.53%.

Position	TTM
BPH BP p.l.c. ADRhedged ETF	0.53%
USL United States 12 Month Oil Fund LP	0.00%

Frequently Asked Questions

Can I hold both USL and BPH in my portfolio?

USL and BPH have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USL or BPH?

On fees, BPH is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USL or BPH?

BPH is cheaper with a 0.19% expense ratio, compared with 0.88% for USL.

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

BPH has the higher dividend yield at 0.53%, compared with 0.00% for USL.

What is the main difference between USL and BPH?

USL is categorized as Oil & Gas, while BPH is Energy Equities. They also come from different issuers: Concierge Technologies and Precidian. Their fees differ too: 0.88% for USL and 0.19% for BPH.