USL vs. UCO
Compare and contrast key facts about United States 12 Month Oil Fund LP (USL) and ProShares Ultra Bloomberg Crude Oil (UCO).
USL and UCO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USL is a passively managed fund by Concierge Technologies that tracks the performance of the 12 Month Light Sweet Crude Oil. It was launched on Dec 6, 2007. UCO is a passively managed fund by ProShares that tracks the performance of the Dow Jones-UBS Crude Oil Sub-Index (200%). It was launched on Nov 24, 2008. Both USL and UCO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
USL vs. UCO - Performance Comparison
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USL vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USL United States 12 Month Oil Fund LP | 40.80% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
UCO ProShares Ultra Bloomberg Crude Oil | 92.55% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
Returns By Period
In the year-to-date period, USL achieves a 40.80% return, which is significantly lower than UCO's 92.55% return. Over the past 10 years, USL has outperformed UCO with an annualized return of 11.52%, while UCO has yielded a comparatively lower -9.67% annualized return.
USL
- 1D
- -2.68%
- 1M
- 18.28%
- YTD
- 40.80%
- 6M
- 32.58%
- 1Y
- 22.85%
- 3Y*
- 11.62%
- 5Y*
- 16.71%
- 10Y*
- 11.52%
UCO
- 1D
- -5.34%
- 1M
- 34.20%
- YTD
- 92.55%
- 6M
- 67.42%
- 1Y
- 37.47%
- 3Y*
- 12.01%
- 5Y*
- 21.35%
- 10Y*
- -9.67%
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USL vs. UCO - Expense Ratio Comparison
USL has a 0.88% expense ratio, which is lower than UCO's 0.95% expense ratio.
Return for Risk
USL vs. UCO — Risk / Return Rank
USL
UCO
USL vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and ProShares Ultra Bloomberg Crude Oil (UCO). 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.
| USL | UCO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.80 | 0.66 | +0.14 |
Sortino ratioReturn per unit of downside risk | 1.23 | 1.20 | +0.03 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.15 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.32 | 1.08 | +0.24 |
Martin ratioReturn relative to average drawdown | 2.35 | 1.80 | +0.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USL | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 0.66 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.56 | 0.36 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | -0.14 | +0.49 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.02 | -0.36 | +0.34 |
Correlation
The correlation between USL and UCO is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
USL vs. UCO - Dividend Comparison
Neither USL nor UCO has paid dividends to shareholders.
Drawdowns
USL vs. UCO - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for USL and UCO.
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Drawdown Indicators
| USL | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -99.95% | +10.89% |
Max Drawdown (1Y)Largest decline over 1 year | -17.26% | -34.77% | +17.51% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -67.24% | +33.42% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | -98.75% | +32.73% |
Current DrawdownCurrent decline from peak | -46.60% | -99.40% | +52.80% |
Average DrawdownAverage peak-to-trough decline | -61.65% | -85.35% | +23.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 20.76% | -11.05% |
Volatility
USL vs. UCO - Volatility Comparison
The current volatility for United States 12 Month Oil Fund LP (USL) is 13.32%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 25.64%. This indicates that USL experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.32% | 25.64% | -12.32% |
Volatility (6M)Calculated over the trailing 6-month period | 20.53% | 40.74% | -20.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.77% | 57.38% | -28.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.76% | 59.11% | -29.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.25% | 71.31% | -39.06% |