USL vs. UGA
USL (United States 12 Month Oil Fund LP) and UGA (United States Gasoline Fund LP) are both Oil & Gas funds from Concierge Technologies - USL tracks the 12 Month Light Sweet Crude Oil while UGA tracks the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, USL returned 10.91%/yr vs 14.43%/yr for UGA. Their correlation of 0.81 suggests significant overlap in exposure. USL charges 0.88%/yr vs 0.75%/yr for UGA.
Performance
USL vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, USL achieves a 63.07% return, which is significantly lower than UGA's 75.49% return. Over the past 10 years, USL has underperformed UGA with an annualized return of 10.91%, while UGA has yielded a comparatively higher 14.43% annualized return.
USL
- 1D
- 1.55%
- 1M
- -1.61%
- YTD
- 63.07%
- 6M
- 59.66%
- 1Y
- 57.86%
- 3Y*
- 18.42%
- 5Y*
- 17.41%
- 10Y*
- 10.91%
UGA
- 1D
- -0.19%
- 1M
- -12.35%
- YTD
- 75.49%
- 6M
- 64.35%
- 1Y
- 80.94%
- 3Y*
- 22.21%
- 5Y*
- 25.10%
- 10Y*
- 14.43%
USL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USL United States 12 Month Oil Fund LP | 63.07% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between USL and UGA is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | 0.81 |
The correlation between USL and UGA has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.
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Return for Risk
USL vs. UGA — Risk / Return Rank
USL
UGA
USL vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.37 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | 5.47 | -2.00 |
| Martin ratioReturn relative to average drawdown | 7.02 | 13.25 | -6.23 |
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 | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 2.32 | -0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.73 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.34 | 0.39 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | 0.12 | -0.11 |
Drawdowns
USL vs. UGA - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for USL and UGA.
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Drawdown Indicators
| USL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -86.59% | -2.47% |
Max Drawdown (1Y)Largest decline over 1 year | -16.76% | -14.88% | -1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -26.68% | +3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -38.11% | +4.29% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | -75.89% | +9.87% |
Current DrawdownCurrent decline from peak | -38.16% | -12.35% | -25.81% |
Average DrawdownAverage peak-to-trough decline | -61.46% | -36.76% | -24.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.27% | 6.13% | +2.14% |
Volatility
USL vs. UGA - Volatility Comparison
The current volatility for United States 12 Month Oil Fund LP (USL) is 10.53%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that USL experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.53% | 11.66% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 23.33% | 30.41% | -7.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.54% | 35.14% | -6.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.08% | 34.38% | -4.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.35% | 37.27% | -4.92% |
USL vs. UGA - Expense Ratio Comparison
USL has a 0.88% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
USL vs. UGA - Dividend Comparison
Neither USL nor UGA has paid dividends to shareholders.
Frequently Asked Questions
USL and UGA have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.66%) compared to USL (10.53%). In terms of maximum drawdown, USL dropped -89.06% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.43% vs 10.91% for USL. On fees, UGA is cheaper at 0.75% per year. On volatility, USL has been the lower-risk option at 10.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.43% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.88% for USL.
USL and UGA have nearly identical dividend yields, around 0.00%.
USL tracks 12 Month Light Sweet Crude Oil, while UGA tracks Front Month Unleaded Gasoline. Their fees differ too: 0.88% for USL and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 2.04), 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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