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USL vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

USL vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States 12 Month Oil Fund LP (USL) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USL achieves a 60.58% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, USL has outperformed USO with an annualized return of 10.57%, while USO has yielded a comparatively lower 3.57% annualized return.


USL

1D
-1.53%
1M
-1.98%
YTD
60.58%
6M
56.11%
1Y
56.55%
3Y*
17.93%
5Y*
17.05%
10Y*
10.57%

USO

1D
-2.92%
1M
-5.15%
YTD
97.72%
6M
91.54%
1Y
97.20%
3Y*
28.78%
5Y*
23.67%
10Y*
3.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USL vs. USO - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
USL
United States 12 Month Oil Fund LP
60.58%-12.37%8.30%-1.11%27.10%62.48%-25.23%28.01%-14.15%2.55%
USO
United States Oil Fund LP
97.72%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between USL and USO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.


Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.95

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (10Y)
Calculated over the trailing 10-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Dec 7, 2007

0.95

The correlation between USL and USO has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

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Return for Risk

USL vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USL
USL Risk / Return Rank: 5656
Overall Rank
USL Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
USL Sortino Ratio Rank: 5353
Sortino Ratio Rank
USL Omega Ratio Rank: 5454
Omega Ratio Rank
USL Calmar Ratio Rank: 6969
Calmar Ratio Rank
USL Martin Ratio Rank: 4343
Martin Ratio Rank

USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6161
Sortino Ratio Rank
USO Omega Ratio Rank: 6262
Omega Ratio Rank
USO Calmar Ratio Rank: 8686
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USL vs. USO - 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 Oil Fund LP (USO). 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.


USLUSODifference
Sharpe ratioReturn per unit of total volatility

-0.22

Sortino ratioReturn per unit of downside risk

-0.27

Omega ratioGain probability vs. loss probability

1.33

1.37

-0.04

Calmar ratioReturn relative to maximum drawdown

3.39

4.79

-1.40

Martin ratioReturn relative to average drawdown

6.85

9.00

-2.14

USL vs. USO - Sharpe Ratio Comparison

The current USL Sharpe Ratio is 1.99, which is comparable to the USO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of USL and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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Sharpe Ratios by Period


USLUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.99

2.21

-0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.57

0.66

-0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.33

0.09

+0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.01

-0.18

+0.19

Drawdowns

USL vs. USO - Drawdown Comparison

The maximum USL drawdown since its inception was -89.06%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for USL and USO.


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Drawdown Indicators


USLUSODifference

Max Drawdown

Largest peak-to-trough decline

-89.06%

-98.19%

+9.13%

Max Drawdown (1Y)

Largest decline over 1 year

-16.76%

-20.39%

+3.63%

Max Drawdown (3Y)

Largest decline over 3 years

-23.33%

-26.05%

+2.72%

Max Drawdown (5Y)

Largest decline over 5 years

-33.82%

-36.23%

+2.41%

Max Drawdown (10Y)

Largest decline over 10 years

-66.02%

-86.75%

+20.73%

Current Drawdown

Current decline from peak

-39.10%

-85.45%

+46.35%

Average Drawdown

Average peak-to-trough decline

-61.45%

-75.30%

+13.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.27%

10.84%

-2.57%

Volatility

USL vs. USO - Volatility Comparison

The current volatility for United States 12 Month Oil Fund LP (USL) is 10.57%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that USL experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


USLUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.57%

14.97%

-4.40%

Volatility (6M)

Calculated over the trailing 6-month period

23.34%

38.35%

-15.01%

Volatility (1Y)

Calculated over the trailing 1-year period

28.59%

44.32%

-15.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.09%

36.09%

-6.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.34%

39.00%

-6.66%

USL vs. USO - Expense Ratio Comparison

USL has a 0.88% expense ratio, which is higher than USO's 0.86% expense ratio.


Dividends

USL vs. USO - Dividend Comparison

Neither USL nor USO has paid dividends to shareholders.


Tickers have no history of dividend payments

Frequently Asked Questions


With a correlation of 0.95, USL and USO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

USO has higher volatility (14.97%) compared to USL (10.57%). In terms of maximum drawdown, USL dropped -89.06% vs USO's -98.19%.

On 10-year performance, USL leads with 10.57% vs 3.57% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, USL has been the lower-risk option at 10.57%. 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 10.57% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USO is cheaper with a 0.86% expense ratio, compared with 0.88% for USL.

USL and USO have nearly identical dividend yields, around 0.00%.

USL tracks 12 Month Light Sweet Crude Oil, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Concierge Technologies and USCF. Their fees differ too: 0.88% for USL and 0.86% for USO.

USO currently has the higher Sharpe Ratio (2.21 vs 1.99), 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.

Portfolio Optimizer

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