USL vs. BPH

Last updated Apr 1, 2026

Compare and contrast key facts about United States 12 Month Oil Fund LP (USL) and BP p.l.c. ADRhedged ETF (BPH).

USL and BPH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USL is a passively managed fund by Concierge Technologies that tracks the performance of the 12 Month Light Sweet Crude Oil. It was launched on Dec 6, 2007. BPH is an actively managed fund by Precidian. It was launched on Jan 3, 2025.

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.

USL vs. BPH - Yearly Performance Comparison

	2026 (YTD)	2025
USL United States 12 Month Oil Fund LP	44.67%	-14.68%
BPH BP p.l.c. ADRhedged ETF	37.33%	6.33%

Returns By Period

In the year-to-date period, USL achieves a 44.67% return, which is significantly higher than BPH's 37.33% return.

USL

• 1D: -4.21%
• 1M: 25.68%
• YTD: 44.67%
• 6M: 35.39%
• 1Y: 26.16%
• 3Y*: 12.64%
• 5Y*: 17.35%
• 10Y*: 11.83%

BPH

• 1D: -1.40%
• 1M: 21.65%
• YTD: 37.33%
• 6M: 39.70%
• 1Y: 40.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USL vs. BPH - Expense Ratio Comparison

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

USL

United States 12 Month Oil Fund LP

BPH

BP p.l.c. ADRhedged ETF

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: 52
USL Sharpe Ratio Rank: 53
USL Sortino Ratio Rank: 54
USL Omega Ratio Rank: 47
USL Calmar Ratio Rank: 70
USL Martin Ratio Rank: 35

BPH

BPH Risk / Return Rank: 65
BPH Sharpe Ratio Rank: 74
BPH Sortino Ratio Rank: 69
BPH Omega Ratio Rank: 68
BPH Calmar Ratio Rank: 69
BPH Martin Ratio Rank: 47

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	0.92	1.38	-0.46
Sortino ratio Return per unit of downside risk	1.37	1.80	-0.42
Omega ratio Gain probability vs. loss probability	1.17	1.26	-0.08
Calmar ratio Return relative to maximum drawdown	1.72	1.82	-0.10
Martin ratio Return relative to average drawdown	3.06	4.64	-1.58
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. BPH - Sharpe Ratio Comparison

The current USL Sharpe Ratio is 0.92, which is lower than the BPH Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of USL and BPH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	USL	BPH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.38	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	1.26	-1.27

Correlation

The correlation between USL and BPH is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

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 1.85%.

	TTM	2025
USL United States 12 Month Oil Fund LP	0.00%	0.00%
BPH BP p.l.c. ADRhedged ETF	1.85%	1.74%

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 -26.32%. 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%	-26.32%	-62.74%
Max Drawdown (1Y) Largest decline over 1 year	-17.26%	-22.40%	+5.14%
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	-45.13%	-1.40%	-43.73%
Average Drawdown Average peak-to-trough decline	-61.65%	-7.53%	-54.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.70%	8.79%	+0.91%

Volatility

USL vs. BPH - Volatility Comparison

United States 12 Month Oil Fund LP (USL) has a higher volatility of 12.82% compared to BP p.l.c. ADRhedged ETF (BPH) at 8.41%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than BPH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USL	BPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.82%	8.41%	+4.41%
Volatility (6M) Calculated over the trailing 6-month period	20.34%	19.41%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	28.76%	29.54%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.77%	28.80%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.24%	28.80%	+3.44%