USL vs. QUAL
USL (United States 12 Month Oil Fund LP) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, USL returned 9.43%/yr vs 14.47%/yr for QUAL. At a 0.20 correlation, their price movements are largely independent. USL charges 0.88%/yr vs 0.15%/yr for QUAL.
Performance
USL vs. QUAL - 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 QUAL's 7.67% return. Over the past 10 years, USL has underperformed QUAL with an annualized return of 9.43%, while QUAL has yielded a comparatively higher 14.47% 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%
QUAL
- 1D
- -1.31%
- 1M
- -0.46%
- YTD
- 7.67%
- 6M
- 6.84%
- 1Y
- 21.07%
- 3Y*
- 18.53%
- 5Y*
- 11.52%
- 10Y*
- 14.47%
USL vs. QUAL - 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% |
QUAL iShares MSCI USA Quality Factor ETF | 7.67% | 12.65% | 22.29% | 30.88% | -20.50% | 26.94% | 17.04% | 33.89% | -5.70% | 22.26% |
Correlation
The correlation between USL and QUAL is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2013 | 0.20 |
The correlation between USL and QUAL shifts across timeframes, from -0.28 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USL vs. QUAL — Risk / Return Rank
USL
QUAL
USL vs. QUAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and iShares MSCI USA Quality Factor ETF (QUAL). 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 | QUAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.31 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 2.34 | -0.85 |
| Martin ratioReturn relative to average drawdown | 3.41 | 10.65 | -7.23 |
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Drawdowns
USL vs. QUAL - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for USL and QUAL.
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Drawdown Indicators
| USL | QUAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -34.06% | -55.00% |
Max Drawdown (1Y)Largest decline over 1 year | -17.53% | -9.03% | -8.50% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -18.00% | -5.33% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -28.23% | -5.59% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | -34.06% | -31.96% |
Current DrawdownCurrent decline from peak | -46.93% | -2.82% | -44.11% |
Average DrawdownAverage peak-to-trough decline | -61.39% | -4.09% | -57.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.72% | 1.98% | +5.74% |
Volatility
USL vs. QUAL - Volatility Comparison
United States 12 Month Oil Fund LP (USL) has a higher volatility of 8.21% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 4.09%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | QUAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.21% | 4.09% | +4.12% |
Volatility (6M)Calculated over the trailing 6-month period | 24.20% | 9.63% | +14.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.90% | 12.14% | +16.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.24% | 17.39% | +12.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.33% | 18.10% | +14.23% |
USL vs. QUAL - Expense Ratio Comparison
USL has a 0.88% expense ratio, which is higher than QUAL's 0.15% expense ratio.
Dividends
USL vs. QUAL - Dividend Comparison
USL has not paid dividends to shareholders, while QUAL's dividend yield for the trailing twelve months is around 0.89%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 0.89% | 0.94% | 1.02% | 1.23% | 1.59% | 1.20% | 1.39% | 1.60% | 2.00% | 1.76% | 1.96% | 1.63% |
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 QUAL have a correlation of -0.28, 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 QUAL (4.09%). In terms of maximum drawdown, USL dropped -89.06% vs QUAL's -34.06%.
On 10-year performance, QUAL leads with 14.47% vs 9.43% for USL. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QUAL has performed better with a 14.47% return vs 9.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QUAL is cheaper with a 0.15% expense ratio, compared with 0.88% for USL.
QUAL has the higher dividend yield at 0.89%, compared with 0.00% for USL.
USL is categorized as Oil & Gas, while QUAL is Large Cap Blend Equities. USL tracks 12 Month Light Sweet Crude Oil, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: Concierge Technologies and iShares. Their fees differ too: 0.88% for USL and 0.15% for QUAL.
QUAL currently has the higher Sharpe Ratio (1.75 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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