USL vs. INVG

Last updated Jun 24, 2026

USL (United States 12 Month Oil Fund LP) and INVG (GMO Systematic Investment Grade Credit ETF) are both exchange-traded funds - USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil, while INVG is a Corporate Bonds fund actively managed by GMO. USL is passively managed, while INVG is actively managed. Over the past year, USL returned 26.14% vs 5.23% for INVG. At a correlation of -0.35, they often move in opposite directions. USL charges 0.88%/yr vs 0.25%/yr for INVG.

Performance

USL vs. INVG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States 12 Month Oil Fund LP (USL) and GMO Systematic Investment Grade Credit ETF (INVG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USL achieves a 39.93% return, which is significantly higher than INVG's 0.96% 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%

INVG

• 1D: 0.16%
• 1M: 0.87%
• YTD: 0.96%
• 6M: 1.01%
• 1Y: 5.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USL vs. INVG - Yearly Performance Comparison

	2026 (YTD)	2025
USL United States 12 Month Oil Fund LP	39.93%	-3.19%
INVG GMO Systematic Investment Grade Credit ETF	0.96%	5.03%

Correlation

The correlation between USL and INVG is -0.36, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.36
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	-0.35

Return for Risk

USL vs. INVG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USL

USL Risk / Return Rank: 27
USL Sharpe Ratio Rank: 27
USL Sortino Ratio Rank: 26
USL Omega Ratio Rank: 26
USL Calmar Ratio Rank: 31
USL Martin Ratio Rank: 27

INVG

INVG Risk / Return Rank: 36
INVG Sharpe Ratio Rank: 36
INVG Sortino Ratio Rank: 36
INVG Omega Ratio Rank: 33
INVG Calmar Ratio Rank: 36
INVG Martin Ratio Rank: 37

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USL vs. INVG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and GMO Systematic Investment Grade Credit ETF (INVG). 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	INVG	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.18	-0.26
Sortino ratio: Return per unit of downside risk	1.38	1.74	-0.37
Omega ratio: Gain probability vs. loss probability	1.17	1.21	-0.04
Calmar ratio: Return relative to maximum drawdown	1.50	1.67	-0.17
Martin ratio: Return relative to average drawdown	3.41	5.31	-1.89

USL vs. INVG - Sharpe Ratio Comparison

The current USL Sharpe Ratio is 0.92, which is comparable to the INVG Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of USL and INVG, 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. INVG - Drawdown Comparison

The maximum USL drawdown since its inception was -89.06%, which is greater than INVG's maximum drawdown of -3.15%. Use the drawdown chart below to compare losses from any high point for USL and INVG.

Drawdown Indicators

	USL	INVG	Difference
Max Drawdown Largest peak-to-trough decline	-89.06%	-3.15%	-85.91%
Max Drawdown (1Y) Largest decline over 1 year	-17.53%	-3.15%	-14.38%
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	-46.93%	-0.61%	-46.32%
Average Drawdown Average peak-to-trough decline	-61.39%	-0.71%	-60.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.72%	0.99%	+6.73%

Volatility

USL vs. INVG - Volatility Comparison

United States 12 Month Oil Fund LP (USL) has a higher volatility of 8.21% compared to GMO Systematic Investment Grade Credit ETF (INVG) at 1.26%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than INVG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USL	INVG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.21%	1.26%	+6.95%
Volatility (6M) Calculated over the trailing 6-month period	24.20%	3.41%	+20.79%
Volatility (1Y) Calculated over the trailing 1-year period	28.90%	4.45%	+24.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.24%	4.45%	+25.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.33%	4.45%	+27.88%

USL vs. INVG - Expense Ratio Comparison

USL has a 0.88% expense ratio, which is higher than INVG's 0.25% expense ratio.

Dividends

USL vs. INVG - Dividend Comparison

USL has not paid dividends to shareholders, while INVG's dividend yield for the trailing twelve months is around 4.66%.

Position	TTM	2025
INVG GMO Systematic Investment Grade Credit ETF	4.66%	2.81%
USL United States 12 Month Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both USL and INVG in my portfolio?

USL and INVG have a correlation of -0.36, 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 INVG?

USL has higher volatility (8.21%) compared to INVG (1.26%). In terms of maximum drawdown, USL dropped -89.06% vs INVG's -3.15%.

Which ETF is better, USL or INVG?

On 1-year performance, USL leads with 26.14% vs 5.23% for INVG. On fees, INVG is cheaper at 0.25% per year. On volatility, INVG has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USL or INVG?

Over the 1-year period, USL has performed better with a 26.14% return vs 5.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USL or INVG?

INVG is cheaper with a 0.25% expense ratio, compared with 0.88% for USL.

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

INVG has the higher dividend yield at 4.66%, compared with 0.00% for USL.

What is the main difference between USL and INVG?

USL is categorized as Oil & Gas, while INVG is Corporate Bonds. They also come from different issuers: Concierge Technologies and GMO. Their fees differ too: 0.88% for USL and 0.25% for INVG.

Which has better risk-adjusted returns?

INVG currently has the higher Sharpe Ratio (1.18 vs 0.92), 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.