USL vs. NFTY
USL (United States 12 Month Oil Fund LP) and NFTY (First Trust India NIFTY 50 Equal Weight ETF) are both exchange-traded funds - USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil, while NFTY is a Asia Pacific Equities fund tracking the NIFTY 50 Equal Weight Index. Both are passively managed. Over the past 10 years, USL returned 9.43%/yr vs 8.36%/yr for NFTY. At a 0.11 correlation, their price movements are largely independent. USL charges 0.88%/yr vs 0.80%/yr for NFTY.
Performance
USL vs. NFTY - 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 NFTY's -7.30% return. Over the past 10 years, USL has outperformed NFTY with an annualized return of 9.43%, while NFTY has yielded a comparatively lower 8.36% annualized 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%
NFTY
- 1D
- -1.31%
- 1M
- 1.01%
- YTD
- -7.30%
- 6M
- -7.62%
- 1Y
- -6.58%
- 3Y*
- 6.30%
- 5Y*
- 5.79%
- 10Y*
- 8.36%
USL vs. NFTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USL United States 12 Month Oil Fund LP | 39.93% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
NFTY First Trust India NIFTY 50 Equal Weight ETF | -7.30% | 5.47% | 5.18% | 24.00% | -3.46% | 26.83% | 10.04% | 0.58% | -1.51% | 21.78% |
Correlation
The correlation between USL and NFTY is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2012 | 0.11 |
The correlation between USL and NFTY shifts across timeframes, from -0.32 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USL vs. NFTY — Risk / Return Rank
USL
NFTY
USL vs. NFTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and First Trust India NIFTY 50 Equal Weight ETF (NFTY). 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 | NFTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.94 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | -0.41 | +1.91 |
| Martin ratioReturn relative to average drawdown | 3.41 | -1.01 | +4.42 |
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Drawdowns
USL vs. NFTY - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than NFTY's maximum drawdown of -47.67%. Use the drawdown chart below to compare losses from any high point for USL and NFTY.
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Drawdown Indicators
| USL | NFTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -47.67% | -41.39% |
Max Drawdown (1Y)Largest decline over 1 year | -17.53% | -16.14% | -1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -21.55% | -1.78% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -21.55% | -12.27% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | -47.67% | -18.35% |
Current DrawdownCurrent decline from peak | -46.93% | -15.26% | -31.67% |
Average DrawdownAverage peak-to-trough decline | -61.39% | -9.60% | -51.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.72% | 6.56% | +1.16% |
Volatility
USL vs. NFTY - Volatility Comparison
United States 12 Month Oil Fund LP (USL) has a higher volatility of 8.21% compared to First Trust India NIFTY 50 Equal Weight ETF (NFTY) at 4.23%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than NFTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | NFTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.21% | 4.23% | +3.98% |
Volatility (6M)Calculated over the trailing 6-month period | 24.20% | 12.75% | +11.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.90% | 14.75% | +14.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.24% | 17.41% | +12.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.33% | 20.72% | +11.61% |
USL vs. NFTY - Expense Ratio Comparison
USL has a 0.88% expense ratio, which is higher than NFTY's 0.80% expense ratio.
Dividends
USL vs. NFTY - Dividend Comparison
USL has not paid dividends to shareholders, while NFTY's dividend yield for the trailing twelve months is around 1.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NFTY First Trust India NIFTY 50 Equal Weight ETF | 1.91% | 1.24% | 1.61% | 0.13% | 5.89% | 1.53% | 0.61% | 0.97% | 0.00% | 4.10% | 3.28% | 4.39% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USL and NFTY have a correlation of -0.32, 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 NFTY (4.23%). In terms of maximum drawdown, USL dropped -89.06% vs NFTY's -47.67%.
On 10-year performance, USL leads with 9.43% vs 8.36% for NFTY. On fees, NFTY is cheaper at 0.80% per year. On volatility, NFTY has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USL has performed better with a 9.43% return vs 8.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NFTY is cheaper with a 0.80% expense ratio, compared with 0.88% for USL.
NFTY has the higher dividend yield at 1.91%, compared with 0.00% for USL.
USL is categorized as Oil & Gas, while NFTY is Asia Pacific Equities. USL tracks 12 Month Light Sweet Crude Oil, while NFTY tracks NIFTY 50 Equal Weight Index. They also come from different issuers: Concierge Technologies and First Trust. Their fees differ too: 0.88% for USL and 0.80% for NFTY.
USL currently has the higher Sharpe Ratio (0.92 vs -0.45), 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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