USL vs. JPMB
USL (United States 12 Month Oil Fund LP) and JPMB (JPMorgan USD Emerging Markets Sovereign Bond ETF) are both exchange-traded funds - USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil, while JPMB is a Emerging Markets Bonds fund tracking the J.P. Morgan Emerging Markets Risk-Aware Bond Index. Both are passively managed. Over the past 5 years, USL returned 12.73%/yr vs 1.42%/yr for JPMB. At a 0.06 correlation, their price movements are largely independent. USL charges 0.88%/yr vs 0.39%/yr for JPMB.
Performance
USL vs. JPMB - Performance Comparison
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Returns By Period
In the year-to-date period, USL achieves a 39.93% return, which is significantly higher than JPMB's 1.95% 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%
JPMB
- 1D
- -0.11%
- 1M
- 1.76%
- YTD
- 1.95%
- 6M
- 1.93%
- 1Y
- 10.60%
- 3Y*
- 7.78%
- 5Y*
- 1.42%
- 10Y*
- —
USL vs. JPMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
USL United States 12 Month Oil Fund LP | 39.93% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -19.20% |
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 1.95% | 13.73% | 1.46% | 9.48% | -16.05% | -2.26% | 5.36% | 17.71% | -4.74% |
Correlation
The correlation between USL and JPMB is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2018 | 0.06 |
The correlation between USL and JPMB shifts across timeframes, from -0.37 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USL vs. JPMB — Risk / Return Rank
USL
JPMB
USL vs. JPMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB). 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 | JPMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.38 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 2.31 | -0.81 |
| Martin ratioReturn relative to average drawdown | 3.41 | 9.81 | -6.39 |
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Drawdowns
USL vs. JPMB - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than JPMB's maximum drawdown of -26.33%. Use the drawdown chart below to compare losses from any high point for USL and JPMB.
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Drawdown Indicators
| USL | JPMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -26.33% | -62.73% |
Max Drawdown (1Y)Largest decline over 1 year | -17.53% | -4.61% | -12.92% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -7.53% | -15.80% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -26.16% | -7.66% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | — | — |
Current DrawdownCurrent decline from peak | -46.93% | -0.53% | -46.40% |
Average DrawdownAverage peak-to-trough decline | -61.39% | -7.02% | -54.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.72% | 1.08% | +6.64% |
Volatility
USL vs. JPMB - Volatility Comparison
United States 12 Month Oil Fund LP (USL) has a higher volatility of 8.21% compared to JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) at 1.79%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than JPMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | JPMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.21% | 1.79% | +6.42% |
Volatility (6M)Calculated over the trailing 6-month period | 24.20% | 4.53% | +19.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.90% | 5.43% | +23.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.24% | 8.94% | +21.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.33% | 9.63% | +22.70% |
USL vs. JPMB - Expense Ratio Comparison
USL has a 0.88% expense ratio, which is higher than JPMB's 0.39% expense ratio.
Dividends
USL vs. JPMB - Dividend Comparison
USL has not paid dividends to shareholders, while JPMB's dividend yield for the trailing twelve months is around 5.78%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 5.78% | 6.71% | 6.32% | 5.99% | 4.94% | 4.29% | 4.29% | 4.51% | 4.58% |
USL United States 12 Month Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USL and JPMB have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (8.21%) compared to JPMB (1.79%). In terms of maximum drawdown, USL dropped -89.06% vs JPMB's -26.33%.
On 5-year performance, USL leads with 12.73% vs 1.42% for JPMB. On fees, JPMB is cheaper at 0.39% per year. On volatility, JPMB has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USL has performed better with a 12.73% return vs 1.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPMB is cheaper with a 0.39% expense ratio, compared with 0.88% for USL.
JPMB has the higher dividend yield at 5.78%, compared with 0.00% for USL.
USL is categorized as Oil & Gas, while JPMB is Emerging Markets Bonds. USL tracks 12 Month Light Sweet Crude Oil, while JPMB tracks J.P. Morgan Emerging Markets Risk-Aware Bond Index. They also come from different issuers: Concierge Technologies and JPMorgan. Their fees differ too: 0.88% for USL and 0.39% for JPMB.
JPMB currently has the higher Sharpe Ratio (1.96 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.
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