USL vs. PEY
USL (United States 12 Month Oil Fund LP) and PEY (Invesco High Yield Equity Dividend Achievers™ ETF) are both exchange-traded funds - USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil, while PEY is a Mid Cap Value Equities fund tracking the NASDAQ US Dividend Achievers 50 Index. Both are passively managed. Over the past 10 years, USL returned 9.43%/yr vs 8.73%/yr for PEY. At a 0.28 correlation, their price movements are largely independent. USL charges 0.88%/yr vs 0.54%/yr for PEY.
Performance
USL vs. PEY - 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 PEY's 14.10% return. Over the past 10 years, USL has outperformed PEY with an annualized return of 9.43%, while PEY has yielded a comparatively lower 8.73% 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%
PEY
- 1D
- 1.16%
- 1M
- 1.72%
- YTD
- 14.10%
- 6M
- 13.85%
- 1Y
- 17.71%
- 3Y*
- 12.04%
- 5Y*
- 6.66%
- 10Y*
- 8.73%
USL vs. PEY - 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% |
PEY Invesco High Yield Equity Dividend Achievers™ ETF | 14.10% | 0.56% | 5.25% | 7.29% | 2.45% | 26.15% | -3.85% | 24.76% | -7.49% | 8.78% |
Correlation
The correlation between USL and PEY is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2007 | 0.28 |
The correlation between USL and PEY shifts across timeframes, from -0.07 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USL vs. PEY — Risk / Return Rank
USL
PEY
USL vs. PEY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and Invesco High Yield Equity Dividend Achievers™ ETF (PEY). 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 | PEY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.22 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 2.00 | -0.50 |
| Martin ratioReturn relative to average drawdown | 3.41 | 5.59 | -2.18 |
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Drawdowns
USL vs. PEY - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than PEY's maximum drawdown of -72.81%. Use the drawdown chart below to compare losses from any high point for USL and PEY.
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Drawdown Indicators
| USL | PEY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -72.81% | -16.25% |
Max Drawdown (1Y)Largest decline over 1 year | -17.53% | -8.88% | -8.65% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -17.90% | -5.43% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -17.90% | -15.92% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | -41.55% | -24.47% |
Current DrawdownCurrent decline from peak | -46.93% | -2.46% | -44.47% |
Average DrawdownAverage peak-to-trough decline | -61.39% | -12.85% | -48.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.72% | 3.17% | +4.55% |
Volatility
USL vs. PEY - Volatility Comparison
United States 12 Month Oil Fund LP (USL) has a higher volatility of 8.21% compared to Invesco High Yield Equity Dividend Achievers™ ETF (PEY) at 4.05%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than PEY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | PEY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.21% | 4.05% | +4.16% |
Volatility (6M)Calculated over the trailing 6-month period | 24.20% | 9.55% | +14.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.90% | 14.17% | +14.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.24% | 16.36% | +13.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.33% | 18.88% | +13.45% |
USL vs. PEY - Expense Ratio Comparison
USL has a 0.88% expense ratio, which is higher than PEY's 0.54% expense ratio.
Dividends
USL vs. PEY - Dividend Comparison
USL has not paid dividends to shareholders, while PEY's dividend yield for the trailing twelve months is around 4.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PEY Invesco High Yield Equity Dividend Achievers™ ETF | 4.49% | 4.85% | 4.44% | 4.58% | 4.22% | 3.83% | 4.30% | 3.78% | 4.33% | 3.21% | 3.12% | 3.44% |
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 PEY have a correlation of -0.07, 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 PEY (4.05%). In terms of maximum drawdown, USL dropped -89.06% vs PEY's -72.81%.
On 10-year performance, USL leads with 9.43% vs 8.73% for PEY. On fees, PEY is cheaper at 0.54% per year. On volatility, PEY has been the lower-risk option at 4.05%. 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 8.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PEY is cheaper with a 0.54% expense ratio, compared with 0.88% for USL.
PEY has the higher dividend yield at 4.49%, compared with 0.00% for USL.
USL is categorized as Oil & Gas, while PEY is Mid Cap Value Equities. USL tracks 12 Month Light Sweet Crude Oil, while PEY tracks NASDAQ US Dividend Achievers 50 Index. They also come from different issuers: Concierge Technologies and Invesco. Their fees differ too: 0.88% for USL and 0.54% for PEY.
PEY currently has the higher Sharpe Ratio (1.26 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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