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 12 Month Light Sweet Crude Oil, while CPER is a Copper fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 10 years, USL returned 9.43%/yr vs 10.37%/yr for CPER. At a 0.26 correlation, their price movements are largely independent. USL charges 0.88%/yr vs 1.06%/yr for CPER.
Performance
USL vs. CPER - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, USL achieves a 39.93% return, which is significantly higher than CPER's 6.75% return. Over the past 10 years, USL has underperformed CPER with an annualized return of 9.43%, while CPER has yielded a comparatively higher 10.37% annualized return.
USL
- 1D
- -0.53%
- 1M
- -13.39%
- YTD
- 39.93%
- 6M
- 37.90%
- 1Y
- 26.14%
- 3Y*
- 13.28%
- 5Y*
- 12.73%
- 10Y*
- 9.43%
CPER
- 1D
- -3.84%
- 1M
- -4.11%
- YTD
- 6.75%
- 6M
- 9.28%
- 1Y
- 21.76%
- 3Y*
- 16.60%
- 5Y*
- 7.10%
- 10Y*
- 10.37%
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 | 39.93% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
CPER United States Copper Index Fund | 6.75% | 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 -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2011 | 0.26 |
The correlation between USL and CPER shifts across timeframes, from -0.03 (1 year) to 0.26 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.16 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 0.88 | +0.62 |
| Martin ratioReturn relative to average drawdown | 3.41 | 1.82 | +1.59 |
Loading charts...
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.
Loading charts...
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 | -17.53% | -24.77% | +7.24% |
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 | -46.93% | -8.08% | -38.85% |
Average DrawdownAverage peak-to-trough decline | -61.39% | -25.32% | -36.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.72% | 11.97% | -4.25% |
Volatility
USL vs. CPER - Volatility Comparison
The current volatility for United States 12 Month Oil Fund LP (USL) is 8.21%, while United States Copper Index Fund (CPER) has a volatility of 9.34%. This indicates that USL experiences smaller price fluctuations and is considered to be less risky than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| USL | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.21% | 9.34% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 24.20% | 23.62% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.90% | 35.07% | -6.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.24% | 27.06% | +3.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.33% | 24.11% | +8.22% |
USL vs. CPER - Expense Ratio Comparison
USL has a 0.88% 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 -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPER has higher volatility (9.34%) compared to USL (8.21%). In terms of maximum drawdown, USL dropped -89.06% vs CPER's -54.04%.
On 10-year performance, CPER leads with 10.37% vs 9.43% for USL. On fees, USL is cheaper at 0.88% per year. On volatility, USL has been the lower-risk option at 8.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CPER has performed better with a 10.37% return vs 9.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USL is cheaper with a 0.88% 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 12 Month Light Sweet Crude Oil, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: Concierge Technologies and USCF. Their fees differ too: 0.88% for USL and 1.06% for CPER.
USL currently has the higher Sharpe Ratio (0.92 vs 0.62), 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.
Find the right allocation for USL and CPER
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer