USL vs. BPH

Last updated Jun 4, 2026

USL (United States 12 Month Oil Fund LP) and BPH (BP p.l.c. ADRhedged ETF) are both Oil & Gas funds. USL is passively managed, while BPH is actively managed. Their correlation of 0.94 suggests significant overlap in exposure. 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: 1.55%
• 1M: -1.61%
• YTD: 63.07%
• 6M: 59.66%
• 1Y: 57.86%
• 3Y*: 18.42%
• 5Y*: 17.41%
• 10Y*: 10.91%

BPH

• 1D: 1.20%
• 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	3.35%
BPH BP p.l.c. ADRhedged ETF	2.83%

Correlation

The correlation between USL and BPH is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 27, 2026	0.94

USL vs. BPH - Sectors Allocation Comparison

Sectors	USL	BPH
Financial Services	4.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

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: 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.

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.

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

Sharpe Ratios by Period

	USL	BPH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	—	—
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	9.48	-9.47

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 -2.35%. 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%	-2.35%	-86.71%
Max Drawdown (1Y) Largest decline over 1 year	-16.76%	—	—
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	-38.16%	0.00%	-38.16%
Average Drawdown Average peak-to-trough decline	-61.46%	-1.08%	-60.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.27%	—	—

Volatility

Volatility by Period

	USL	BPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	28.54%	25.75%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.08%	25.75%	+4.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.35%	25.75%	+6.60%

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

Neither USL nor BPH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USL and BPH in my portfolio?

With a correlation of 0.94, USL and BPH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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?

USL and BPH have nearly identical dividend yields, around 0.00%.

What is the main difference between USL and BPH?

They also come from different issuers: Concierge Technologies and Precidian. Their fees differ too: 0.88% for USL and 0.19% for BPH.