USL vs. FGDL
USL (United States 12 Month Oil Fund, LP) and FGDL (Franklin Responsibly Sourced Gold 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 FGDL is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 3 years, USL returned 8.03%/yr vs 27.87%/yr for FGDL. Their 0.12 correlation means their historical movements had little consistent relationship. USL charges 1.02%/yr vs 0.15%/yr for FGDL.
Performance
USL vs. FGDL - Performance Comparison
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Returns By Period
In the year-to-date period, USL achieves a 42.12% return, which is significantly higher than FGDL's -5.81% return.
USL
- 1D
- -2.31%
- 1M
- 5.30%
- 6M
- 29.91%
- YTD
- 42.12%
- 1Y
- 30.23%
- 3Y*
- 8.03%
- 5Y*
- 13.78%
- 10Y*
- 10.73%
- ALL TIME*
- -0.35%
FGDL
- 1D
- 0.56%
- 1M
- -0.96%
- 6M
- -17.83%
- YTD
- -5.81%
- 1Y
- 20.43%
- 3Y*
- 27.87%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 21.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $928.01K | $896.66K | $1.26M | |
| $624.51K | $673.47K | $1.06M |
USL vs. FGDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
USL United States 12 Month Oil Fund, LP | 42.12% | -12.37% | 8.30% | -1.11% | -13.12% |
FGDL Franklin Responsibly Sourced Gold ETF | -5.81% | 64.15% | 27.31% | 12.92% | 0.72% |
Correlation
The correlation between USL and FGDL 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 (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | 0.12 |
The correlation between USL and FGDL shifts across timeframes, from -0.05 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USL vs. FGDL — Risk / Return Rank
USL
FGDL
USL vs. FGDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund, LP (USL) and Franklin Responsibly Sourced Gold ETF (FGDL). 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 | FGDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.15 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 0.77 | +0.68 |
| Martin ratioReturn relative to average drawdown | 3.98 | 1.63 | +2.34 |
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Drawdowns
USL vs. FGDL - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than FGDL's maximum drawdown of -26.58%. Use the drawdown chart below to compare losses from any high point for USL and FGDL.
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Drawdown Indicators
| USL | FGDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -26.58% | -62.48% |
Max Drawdown (1Y)Largest decline over 1 year | -20.91% | -26.58% | +5.67% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -26.58% | +3.25% |
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 | -46.10% | -24.74% | -21.36% |
Average DrawdownAverage peak-to-trough decline | -61.29% | -4.67% | -56.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.63% | 12.53% | -4.90% |
Volatility
USL vs. FGDL - Volatility Comparison
United States 12 Month Oil Fund, LP (USL) has a higher volatility of 11.47% compared to Franklin Responsibly Sourced Gold ETF (FGDL) at 5.80%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than FGDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | FGDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.47% | 5.80% | +5.67% |
Volatility (6M)Calculated over the trailing 6-month period | 25.59% | 20.68% | +4.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.00% | 28.20% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.37% | 19.38% | +10.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.37% | 19.38% | +12.99% |
USL vs. FGDL - Expense Ratio Comparison
USL has a 1.02% expense ratio, which is higher than FGDL's 0.15% expense ratio.
Dividends
USL vs. FGDL - Dividend Comparison
Neither USL nor FGDL has paid dividends to shareholders.
Frequently Asked Questions
USL and FGDL 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.
USL has higher volatility (11.47%) compared to FGDL (5.80%). In terms of maximum drawdown, USL dropped -89.06% vs FGDL's -26.58%.
On 3-year performance, FGDL leads with 27.87% vs 8.03% for USL. On fees, FGDL is cheaper at 0.15% per year. On volatility, FGDL has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FGDL has performed better with a 27.87% return vs 8.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FGDL is cheaper with a 0.15% expense ratio, compared with 1.02% for USL.
USL and FGDL have nearly identical dividend yields, around 0.00%.
USL is categorized as Oil & Gas, while FGDL is Gold. USL tracks Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while FGDL tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: USCF and Franklin Templeton. Their fees differ too: 1.02% for USL and 0.15% for FGDL.
USL currently has the higher Sharpe Ratio (1.01 vs 0.73), 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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