USL vs. CPER
USL (United States 12 Month Oil Fund, LP) and CPER (United States Copper Index Fund) are both exchange-traded funds - USL is a Oil & Gas fund tracking the Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while CPER is a Copper fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 10 years, USL returned 11.91%/yr vs 10.57%/yr for CPER. Their 0.25 correlation means their historical movements had little consistent relationship. USL charges 1.02%/yr vs 1.06%/yr for CPER.
Performance
USL vs. CPER - Performance Comparison
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Returns By Period
In the year-to-date period, USL achieves a 50.47% return, which is significantly higher than CPER's 13.16% return. Over the past 10 years, USL has outperformed CPER with an annualized return of 11.91%, while CPER has yielded a comparatively lower 10.57% annualized return.
USL
- 1D
- 0.72%
- 1M
- 11.48%
- 6M
- 34.61%
- YTD
- 50.47%
- 1Y
- 36.97%
- 3Y*
- 10.51%
- 5Y*
- 14.04%
- 10Y*
- 11.91%
- ALL TIME*
- -0.05%
CPER
- 1D
- 0.56%
- 1M
- 6.09%
- 6M
- 8.59%
- YTD
- 13.16%
- 1Y
- 43.49%
- 3Y*
- 17.80%
- 5Y*
- 7.64%
- 10Y*
- 10.57%
- ALL TIME*
- 3.14%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.98M | $14.74M | $24.58M | |
| $634.47K | $669.88K | $1.15M |
USL vs. CPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USL United States 12 Month Oil Fund, LP | 50.47% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
CPER United States Copper Index Fund | 13.16% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
Correlation
The correlation between USL and CPER is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.25 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.24 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2011 | 0.25 |
The correlation between USL and CPER shifts across timeframes, from -0.04 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USL vs. CPER — Risk / Return Rank
USL
CPER
USL vs. CPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund, LP (USL) and United States Copper Index Fund (CPER). 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 | CPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.28 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 2.70 | -1.12 |
| Martin ratioReturn relative to average drawdown | 4.38 | 8.40 | -4.02 |
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Drawdowns
USL vs. CPER - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than CPER's maximum drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for USL and CPER.
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Drawdown Indicators
| USL | CPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -54.04% | -35.02% |
Max Drawdown (1Y)Largest decline over 1 year | -20.91% | -16.43% | -4.48% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -24.77% | +1.44% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -34.75% | +0.93% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | -38.42% | -27.60% |
Current DrawdownCurrent decline from peak | -42.93% | -2.56% | -40.37% |
Average DrawdownAverage peak-to-trough decline | -61.30% | -25.19% | -36.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.38% | 5.26% | +3.12% |
Volatility
USL vs. CPER - Volatility Comparison
United States 12 Month Oil Fund, LP (USL) has a higher volatility of 10.45% compared to United States Copper Index Fund (CPER) at 6.29%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.45% | 6.29% | +4.16% |
Volatility (6M)Calculated over the trailing 6-month period | 25.73% | 21.59% | +4.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.92% | 28.15% | +1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.36% | 27.08% | +3.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.35% | 24.11% | +8.24% |
USL vs. CPER - Expense Ratio Comparison
USL has a 1.02% expense ratio, which is lower than CPER's 1.06% expense ratio.
Dividends
USL vs. CPER - Dividend Comparison
Neither USL nor CPER has paid dividends to shareholders.
Frequently Asked Questions
USL and CPER have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (10.45%) compared to CPER (6.29%). In terms of maximum drawdown, USL dropped -89.06% vs CPER's -54.04%.
On 10-year performance, USL leads with 11.91% vs 10.57% for CPER. On fees, USL is cheaper at 1.02% per year. On volatility, CPER has been the lower-risk option at 6.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USL has performed better with a 11.91% return vs 10.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USL is cheaper with a 1.02% expense ratio, compared with 1.06% for CPER.
USL and CPER have nearly identical dividend yields, around 0.00%.
USL is categorized as Oil & Gas, while CPER is Copper. USL tracks Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while CPER tracks SummerHaven Copper Index Total Return. Their fees differ too: 1.02% for USL and 1.06% for CPER.
CPER currently has the higher Sharpe Ratio (1.58 vs 1.11), 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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