USL vs. COP
USL (United States 12 Month Oil Fund LP) is Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil, while COP (ConocoPhillips Company) is a stock. Over the past 10 years, USL returned 9.47%/yr vs 13.53%/yr for COP. A 0.60 correlation means they provide meaningful diversification when combined.
Performance
USL vs. COP - Performance Comparison
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Returns By Period
In the year-to-date period, USL achieves a 38.59% return, which is significantly higher than COP's 15.41% return. Over the past 10 years, USL has underperformed COP with an annualized return of 9.47%, while COP has yielded a comparatively higher 13.53% annualized return.
USL
- 1D
- 2.34%
- 1M
- -12.16%
- YTD
- 38.59%
- 6M
- 36.57%
- 1Y
- 31.59%
- 3Y*
- 12.74%
- 5Y*
- 12.35%
- 10Y*
- 9.47%
COP
- 1D
- -0.48%
- 1M
- -8.72%
- YTD
- 15.41%
- 6M
- 17.69%
- 1Y
- 23.52%
- 3Y*
- 4.84%
- 5Y*
- 15.75%
- 10Y*
- 13.53%
USL vs. COP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USL United States 12 Month Oil Fund LP | 38.59% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
COP ConocoPhillips Company | 15.41% | -2.34% | -12.02% | 1.98% | 71.69% | 86.60% | -36.04% | 6.63% | 15.63% | 11.95% |
Correlation
The correlation between USL and COP is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2007 | 0.60 |
The correlation between USL and COP has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.
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Return for Risk
USL vs. COP — Risk / Return Rank
USL
COP
USL vs. COP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and ConocoPhillips Company (COP). 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 | COP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.15 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 1.19 | +0.38 |
| Martin ratioReturn relative to average drawdown | 4.03 | 3.20 | +0.82 |
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Drawdowns
USL vs. COP - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than COP's maximum drawdown of -84.55%. Use the drawdown chart below to compare losses from any high point for USL and COP.
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Drawdown Indicators
| USL | COP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -84.55% | -4.51% |
Max Drawdown (1Y)Largest decline over 1 year | -20.18% | -19.88% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -36.19% | +12.86% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -36.19% | +2.37% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | -70.66% | +4.64% |
Current DrawdownCurrent decline from peak | -47.44% | -19.88% | -27.56% |
Average DrawdownAverage peak-to-trough decline | -61.38% | -25.48% | -35.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.87% | 7.36% | +0.51% |
Volatility
USL vs. COP - Volatility Comparison
United States 12 Month Oil Fund LP (USL) and ConocoPhillips Company (COP) have volatilities of 8.99% and 8.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | COP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.99% | 8.97% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 24.46% | 22.86% | +1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.36% | 29.44% | -1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.29% | 32.80% | -2.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.34% | 37.62% | -5.28% |
Dividends
USL vs. COP - Dividend Comparison
USL has not paid dividends to shareholders, while COP's dividend yield for the trailing twelve months is around 3.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COP ConocoPhillips Company | 3.10% | 3.40% | 3.35% | 3.37% | 4.23% | 2.70% | 4.23% | 2.05% | 1.86% | 1.93% | 1.99% | 6.30% |
USL United States 12 Month Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USL and COP have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (8.99%) compared to COP (8.97%). In terms of maximum drawdown, USL dropped -89.06% vs COP's -84.55%.
USL currently has the higher Sharpe Ratio (1.12 vs 0.80), 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.
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