USL vs. CPXR

Last updated Aug 3, 2026

USL (United States 12 Month Oil Fund, LP) and CPXR (USCF Daily Target 2X Copper Index ETF) are both exchange-traded funds - USL is a Oil & Gas fund tracking the Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while CPXR is a Copper fund tracking the SummerHaven Copper Index. Both are passively managed. Over the past year, USL returned 36.97% vs 83.67% for CPXR. Their 0.03 correlation means their historical movements had little consistent relationship. USL charges 1.02%/yr vs 1.20%/yr for CPXR.

Performance

USL vs. CPXR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States 12 Month Oil Fund, LP (USL) and USCF Daily Target 2X Copper Index ETF (CPXR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USL achieves a 50.47% return, which is significantly higher than CPXR's 20.21% 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%

CPXR

• 1D: 1.31%
• 1M: 11.94%
• 6M: 12.04%
• YTD: 20.21%
• 1Y: 83.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 37.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPXR USCF Daily Target 2X Copper Index ETF	$409.02K	$351.97K	$733.40K
USL United States 12 Month Oil Fund, LP	$634.47K	$669.88K	$1.15M

USL vs. CPXR - Yearly Performance Comparison

	2026 (YTD)	2025
USL United States 12 Month Oil Fund, LP	50.47%	-15.99%
CPXR USCF Daily Target 2X Copper Index ETF	20.21%	35.65%

Correlation

The correlation between USL and CPXR is -0.05, 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.	-0.05
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.03

Return for Risk

USL vs. CPXR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USL

USL Risk / Return Rank: 43
USL Sharpe Ratio Rank: 45
USL Sortino Ratio Rank: 44
USL Omega Ratio Rank: 42
USL Calmar Ratio Rank: 44
USL Martin Ratio Rank: 41

CPXR

CPXR Risk / Return Rank: 66
CPXR Sharpe Ratio Rank: 67
CPXR Sortino Ratio Rank: 61
CPXR Omega Ratio Rank: 63
CPXR Calmar Ratio Rank: 76
CPXR Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USL vs. CPXR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund, LP (USL) and USCF Daily Target 2X Copper Index ETF (CPXR). 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	CPXR	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.55	-0.45
Sortino ratio: Return per unit of downside risk	1.62	2.07	-0.45
Omega ratio: Gain probability vs. loss probability	1.20	1.27	-0.07
Calmar ratio: Return relative to maximum drawdown	1.58	2.71	-1.13
Martin ratio: Return relative to average drawdown	4.38	7.86	-3.47

USL vs. CPXR - Sharpe Ratio Comparison

The current USL Sharpe Ratio is 1.11, which is comparable to the CPXR Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of USL and CPXR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USL vs. CPXR - Drawdown Comparison

The maximum USL drawdown since its inception was -89.06%, which is greater than CPXR's maximum drawdown of -47.87%. Use the drawdown chart below to compare losses from any high point for USL and CPXR.

Drawdown Indicators

	USL	CPXR	Difference
Max Drawdown Largest peak-to-trough decline	-89.06%	-47.87%	-41.19%
Max Drawdown (1Y) Largest decline over 1 year	-20.91%	-31.64%	+10.73%
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	-42.93%	-6.19%	-36.74%
Average Drawdown Average peak-to-trough decline	-61.30%	-18.96%	-42.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.38%	10.90%	-2.52%

Volatility

USL vs. CPXR - Volatility Comparison

The current volatility for United States 12 Month Oil Fund, LP (USL) is 10.45%, while USCF Daily Target 2X Copper Index ETF (CPXR) has a volatility of 12.08%. This indicates that USL experiences smaller price fluctuations and is considered to be less risky than CPXR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USL	CPXR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.45%	12.08%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	25.73%	42.09%	-16.36%
Volatility (1Y) Calculated over the trailing 1-year period	29.92%	56.10%	-26.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.36%	66.91%	-36.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.35%	66.91%	-34.56%

USL vs. CPXR - Expense Ratio Comparison

USL has a 1.02% expense ratio, which is lower than CPXR's 1.20% expense ratio.

Dividends

USL vs. CPXR - Dividend Comparison

USL has not paid dividends to shareholders, while CPXR's dividend yield for the trailing twelve months is around 0.58%.

Position	TTM	2025
CPXR USCF Daily Target 2X Copper Index ETF	0.58%	0.70%
USL United States 12 Month Oil Fund, LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both USL and CPXR in my portfolio?

USL and CPXR have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USL or CPXR?

CPXR has higher volatility (12.08%) compared to USL (10.45%). In terms of maximum drawdown, USL dropped -89.06% vs CPXR's -47.87%.

Which ETF is better, USL or CPXR?

On 1-year performance, CPXR leads with 83.67% vs 36.97% for USL. On fees, USL is cheaper at 1.02% per year. On volatility, USL has been the lower-risk option at 10.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USL or CPXR?

Over the 1-year period, CPXR has performed better with a 83.67% return vs 36.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USL or CPXR?

USL is cheaper with a 1.02% expense ratio, compared with 1.20% for CPXR.

Which ETF pays a higher dividend yield, USL or CPXR?

CPXR has the higher dividend yield at 0.58%, compared with 0.00% for USL.

What is the main difference between USL and CPXR?

USL is categorized as Oil & Gas, while CPXR is Copper. USL tracks Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while CPXR tracks SummerHaven Copper Index. Their fees differ too: 1.02% for USL and 1.20% for CPXR.

Which has better risk-adjusted returns?

CPXR currently has the higher Sharpe Ratio (1.55 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.