USL vs. USCI
USL (United States 12 Month Oil Fund LP) and USCI (United States Commodity Index Fund) are both exchange-traded funds - USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR). Both are passively managed. Over the past 10 years, USL returned 10.91%/yr vs 8.86%/yr for USCI. A 0.64 correlation means they provide meaningful diversification when combined. USL charges 0.88%/yr vs 1.03%/yr for USCI.
Performance
USL vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, USL achieves a 63.07% return, which is significantly higher than USCI's 28.22% return. Over the past 10 years, USL has outperformed USCI with an annualized return of 10.91%, while USCI has yielded a comparatively lower 8.86% 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%
USCI
- 1D
- 0.11%
- 1M
- -1.22%
- YTD
- 28.22%
- 6M
- 26.35%
- 1Y
- 40.33%
- 3Y*
- 23.15%
- 5Y*
- 19.28%
- 10Y*
- 8.86%
USL vs. USCI - 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% |
USCI United States Commodity Index Fund | 28.22% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
Correlation
The correlation between USL and USCI is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Aug 11, 2010 | 0.64 |
The correlation between USL and USCI shifts across timeframes, from 0.64 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USL vs. USCI — Risk / Return Rank
USL
USCI
USL vs. USCI - 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 Commodity Index Fund (USCI). 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 | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.41 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | 4.64 | -1.17 |
| Martin ratioReturn relative to average drawdown | 7.02 | 16.18 | -9.16 |
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 | USCI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 2.43 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 1.05 | -0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.34 | 0.56 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | 0.30 | -0.29 |
Drawdowns
USL vs. USCI - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than USCI's maximum drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for USL and USCI.
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Drawdown Indicators
| USL | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -66.41% | -22.65% |
Max Drawdown (1Y)Largest decline over 1 year | -16.76% | -8.73% | -8.03% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -12.01% | -11.32% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -18.84% | -14.98% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | -45.82% | -20.20% |
Current DrawdownCurrent decline from peak | -38.16% | -3.10% | -35.06% |
Average DrawdownAverage peak-to-trough decline | -61.46% | -29.51% | -31.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.27% | 2.50% | +5.77% |
Volatility
USL vs. USCI - Volatility Comparison
United States 12 Month Oil Fund LP (USL) has a higher volatility of 10.53% compared to United States Commodity Index Fund (USCI) at 4.51%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than USCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.53% | 4.51% | +6.02% |
Volatility (6M)Calculated over the trailing 6-month period | 23.33% | 13.93% | +9.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.54% | 16.70% | +11.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.08% | 18.44% | +11.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.35% | 15.85% | +16.50% |
USL vs. USCI - Expense Ratio Comparison
USL has a 0.88% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
USL vs. USCI - Dividend Comparison
Neither USL nor USCI has paid dividends to shareholders.
Frequently Asked Questions
USL and USCI have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (10.53%) compared to USCI (4.51%). In terms of maximum drawdown, USL dropped -89.06% vs USCI's -66.41%.
On 10-year performance, USL leads with 10.91% vs 8.86% for USCI. On fees, USL is cheaper at 0.88% per year. On volatility, USCI has been the lower-risk option at 4.51%. 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 10.91% return vs 8.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USL is cheaper with a 0.88% expense ratio, compared with 1.03% for USCI.
USL and USCI have nearly identical dividend yields, around 0.00%.
USL is categorized as Oil & Gas, while USCI is Commodities. USL tracks 12 Month Light Sweet Crude Oil, while USCI tracks SummerHaven Dynamic Commodity (TR). Their fees differ too: 0.88% for USL and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (2.43 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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