USL vs. USE
USL (United States 12 Month Oil Fund, LP) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both exchange-traded funds - USL is a Oil & Gas fund tracking the Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while USE is a Commodities fund actively managed by USCF. USL is passively managed, while USE is actively managed. Over the past 3 years, USL returned 10.51%/yr vs 10.89%/yr for USE. Their correlation of 0.83 means they have usually moved in the same direction. USL charges 1.02%/yr vs 0.79%/yr for USE.
Performance
USL vs. USE - Performance Comparison
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Returns By Period
In the year-to-date period, USL achieves a 50.47% return, which is significantly higher than USE's 41.47% return.
USL
- 1D
- 0.72%
- 1M
- 11.48%
- 6M
- 34.61%
- YTD
- 50.47%
- 1Y
- 36.97%
- 3Y*
- 10.51%
- 5Y*
- 14.04%
- 10Y*
- 11.91%
- ALL TIME*
- -0.05%
USE
- 1D
- 0.46%
- 1M
- 26.04%
- 6M
- 44.62%
- YTD
- 41.47%
- 1Y
- 15.38%
- 3Y*
- 10.89%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $687.34K | $331.67K | $150.23K | |
| $634.47K | $669.88K | $1.15M |
USL vs. USE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USL United States 12 Month Oil Fund, LP | 50.47% | -12.37% | 8.30% | 13.85% |
USE USCF Energy Commodity Strategy Absolute Return Fund | 41.47% | -14.97% | 22.58% | 9.68% |
Correlation
The correlation between USL and USE is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (All Time) Calculated using the full available price history since May 4, 2023 | 0.83 |
The correlation between USL and USE has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.
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Return for Risk
USL vs. USE — Risk / Return Rank
USL
USE
USL vs. USE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund, LP (USL) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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 | USE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.09 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 0.45 | +1.13 |
| Martin ratioReturn relative to average drawdown | 4.38 | 0.85 | +3.53 |
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Drawdowns
USL vs. USE - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than USE's maximum drawdown of -28.17%. Use the drawdown chart below to compare losses from any high point for USL and USE.
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Drawdown Indicators
| USL | USE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -28.17% | -60.89% |
Max Drawdown (1Y)Largest decline over 1 year | -20.91% | -28.17% | +7.26% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -28.17% | +4.84% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | — | — |
Current DrawdownCurrent decline from peak | -42.93% | -9.08% | -33.85% |
Average DrawdownAverage peak-to-trough decline | -61.30% | -8.39% | -52.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.38% | 14.94% | -6.56% |
Volatility
USL vs. USE - Volatility Comparison
The current volatility for United States 12 Month Oil Fund, LP (USL) is 10.45%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 15.11%. This indicates that USL experiences smaller price fluctuations and is considered to be less risky than USE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | USE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.45% | 15.11% | -4.66% |
Volatility (6M)Calculated over the trailing 6-month period | 25.73% | 30.99% | -5.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.92% | 34.85% | -4.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.36% | 28.54% | +1.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.35% | 28.54% | +3.81% |
USL vs. USE - Expense Ratio Comparison
USL has a 1.02% expense ratio, which is higher than USE's 0.79% expense ratio.
Dividends
USL vs. USE - Dividend Comparison
USL has not paid dividends to shareholders, while USE's dividend yield for the trailing twelve months is around 2.16%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
USE USCF Energy Commodity Strategy Absolute Return Fund | 2.16% | 3.06% | 38.65% | 4.83% |
USL United States 12 Month Oil Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USL and USE have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USE has higher volatility (15.11%) compared to USL (10.45%). In terms of maximum drawdown, USL dropped -89.06% vs USE's -28.17%.
On 3-year performance, USE leads with 10.89% vs 10.51% for USL. On fees, USE is cheaper at 0.79% per year. On volatility, USL has been the lower-risk option at 10.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USE has performed better with a 10.89% return vs 10.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USE is cheaper with a 0.79% expense ratio, compared with 1.02% for USL.
USE has the higher dividend yield at 2.16%, compared with 0.00% for USL.
USL is categorized as Oil & Gas, while USE is Commodities. Their fees differ too: 1.02% for USL and 0.79% for USE.
USL currently has the higher Sharpe Ratio (1.11 vs 0.37), 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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