USL vs. DFSD
USL (United States 12 Month Oil Fund, LP) and DFSD (Dimensional Short-Duration Fixed Income 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 DFSD is a Short-Term Bond fund actively managed by Dimensional. USL is passively managed, while DFSD is actively managed. Over the past 3 years, USL returned 10.51%/yr vs 5.18%/yr for DFSD. Their -0.17 correlation means they have often moved in opposite directions in the past. USL charges 1.02%/yr vs 0.16%/yr for DFSD.
Performance
USL vs. DFSD - 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 DFSD's 0.79% 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%
DFSD
- 1D
- -0.06%
- 1M
- -0.23%
- 6M
- 0.35%
- YTD
- 0.79%
- 1Y
- 2.80%
- 3Y*
- 5.18%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.91M | $26.60M | $25.77M | |
| $634.47K | $669.88K | $1.15M |
USL vs. DFSD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USL United States 12 Month Oil Fund, LP | 50.47% | -12.37% | 8.30% | -1.11% | 27.10% | -2.07% |
DFSD Dimensional Short-Duration Fixed Income ETF | 0.79% | 6.59% | 4.60% | 6.09% | -5.87% | -0.05% |
Correlation
The correlation between USL and DFSD is -0.41, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.41 |
Correlation (3Y) Balances recent behavior with more history. | -0.25 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021 | -0.17 |
Over the past year, the inverse relationship between USL and DFSD has strengthened: their correlation has moved from -0.17 to -0.41, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
USL vs. DFSD — Risk / Return Rank
USL
DFSD
USL vs. DFSD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund, LP (USL) and Dimensional Short-Duration Fixed Income ETF (DFSD). 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 | DFSD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.32 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 2.27 | -0.69 |
| Martin ratioReturn relative to average drawdown | 4.38 | 8.33 | -3.95 |
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Drawdowns
USL vs. DFSD - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than DFSD's maximum drawdown of -8.45%. Use the drawdown chart below to compare losses from any high point for USL and DFSD.
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Drawdown Indicators
| USL | DFSD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -8.45% | -80.61% |
Max Drawdown (1Y)Largest decline over 1 year | -20.91% | -1.47% | -19.44% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -1.47% | -21.86% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | — | — |
Current DrawdownCurrent decline from peak | -42.93% | -0.35% | -42.58% |
Average DrawdownAverage peak-to-trough decline | -61.30% | -2.01% | -59.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.38% | 0.40% | +7.98% |
Volatility
USL vs. DFSD - Volatility Comparison
United States 12 Month Oil Fund, LP (USL) has a higher volatility of 10.45% compared to Dimensional Short-Duration Fixed Income ETF (DFSD) at 0.52%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than DFSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | DFSD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.45% | 0.52% | +9.93% |
Volatility (6M)Calculated over the trailing 6-month period | 25.73% | 1.59% | +24.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.92% | 1.94% | +27.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.36% | 2.75% | +27.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.35% | 2.75% | +29.60% |
USL vs. DFSD - Expense Ratio Comparison
USL has a 1.02% expense ratio, which is higher than DFSD's 0.16% expense ratio.
Dividends
USL vs. DFSD - Dividend Comparison
USL has not paid dividends to shareholders, while DFSD's dividend yield for the trailing twelve months is around 4.59%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DFSD Dimensional Short-Duration Fixed Income ETF | 4.59% | 4.12% | 4.81% | 3.89% | 2.12% | 0.11% |
USL United States 12 Month Oil Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USL and DFSD have a correlation of -0.41, 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 DFSD (0.52%). In terms of maximum drawdown, USL dropped -89.06% vs DFSD's -8.45%.
On 3-year performance, USL leads with 10.51% vs 5.18% for DFSD. On fees, DFSD is cheaper at 0.16% per year. On volatility, DFSD has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USL has performed better with a 10.51% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFSD is cheaper with a 0.16% expense ratio, compared with 1.02% for USL.
DFSD has the higher dividend yield at 4.59%, compared with 0.00% for USL.
USL is categorized as Oil & Gas, while DFSD is Short-Term Bond. They also come from different issuers: USCF and Dimensional. Their fees differ too: 1.02% for USL and 0.16% for DFSD.
DFSD currently has the higher Sharpe Ratio (1.71 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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