USL vs. VDE
USL (United States 12 Month Oil Fund, LP) and VDE (Vanguard Energy ETF) are both exchange-traded funds - USL is a Oil & Gas fund tracking the Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while VDE is a Energy Equities fund tracking the MSCI US Investable Market Energy 25/50 Index. Both are passively managed. Over the past 10 years, USL returned 10.73%/yr vs 9.60%/yr for VDE. Their 0.64 correlation means they have sometimes moved together and sometimes differently. USL charges 1.02%/yr vs 0.09%/yr for VDE.
Performance
USL vs. VDE - Performance Comparison
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Returns By Period
In the year-to-date period, USL achieves a 42.12% return, which is significantly higher than VDE's 32.88% return. Over the past 10 years, USL has outperformed VDE with an annualized return of 10.73%, while VDE has yielded a comparatively lower 9.60% annualized return.
USL
- 1D
- -2.31%
- 1M
- 5.30%
- 6M
- 29.91%
- YTD
- 42.12%
- 1Y
- 30.23%
- 3Y*
- 8.03%
- 5Y*
- 13.78%
- 10Y*
- 10.73%
- ALL TIME*
- -0.35%
VDE
- 1D
- -0.37%
- 1M
- 9.84%
- 6M
- 15.00%
- YTD
- 32.88%
- 1Y
- 41.79%
- 3Y*
- 14.18%
- 5Y*
- 23.47%
- 10Y*
- 9.60%
- ALL TIME*
- 8.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $624.51K | $673.47K | $1.06M | |
| $78.09M | $74.66M | $108.47M |
USL vs. VDE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USL United States 12 Month Oil Fund, LP | 42.12% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
VDE Vanguard Energy ETF | 32.88% | 7.11% | 6.75% | 0.03% | 62.89% | 56.31% | -33.02% | 9.28% | -19.95% | -2.50% |
Correlation
The correlation between USL and VDE is 0.67, 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. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.64 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2007 | 0.64 |
The correlation between USL and VDE has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.
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Return for Risk
USL vs. VDE — Risk / Return Rank
USL
VDE
USL vs. VDE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund, LP (USL) and Vanguard Energy ETF (VDE). 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 | VDE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.32 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 2.79 | -1.34 |
| Martin ratioReturn relative to average drawdown | 3.98 | 7.50 | -3.52 |
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Drawdowns
USL vs. VDE - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than VDE's maximum drawdown of -74.20%. Use the drawdown chart below to compare losses from any high point for USL and VDE.
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Drawdown Indicators
| USL | VDE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -74.20% | -14.86% |
Max Drawdown (1Y)Largest decline over 1 year | -20.91% | -15.04% | -5.87% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -21.41% | -1.92% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -26.58% | -7.24% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | -69.29% | +3.27% |
Current DrawdownCurrent decline from peak | -46.10% | -5.98% | -40.12% |
Average DrawdownAverage peak-to-trough decline | -61.29% | -19.88% | -41.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.63% | 5.59% | +2.04% |
Volatility
USL vs. VDE - Volatility Comparison
United States 12 Month Oil Fund, LP (USL) has a higher volatility of 11.47% compared to Vanguard Energy ETF (VDE) at 6.28%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than VDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | VDE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.47% | 6.28% | +5.19% |
Volatility (6M)Calculated over the trailing 6-month period | 25.59% | 16.59% | +9.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.00% | 20.89% | +9.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.37% | 26.11% | +4.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.37% | 29.91% | +2.46% |
USL vs. VDE - Expense Ratio Comparison
USL has a 1.02% expense ratio, which is higher than VDE's 0.09% expense ratio.
Dividends
USL vs. VDE - Dividend Comparison
USL has not paid dividends to shareholders, while VDE's dividend yield for the trailing twelve months is around 2.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USL United States 12 Month Oil Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VDE Vanguard Energy ETF | 2.44% | 3.11% | 3.23% | 3.34% | 3.65% | 4.13% | 4.76% | 3.42% | 3.35% | 2.90% | 2.31% | 3.17% |
Frequently Asked Questions
USL and VDE have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (11.47%) compared to VDE (6.28%). In terms of maximum drawdown, USL dropped -89.06% vs VDE's -74.20%.
On 10-year performance, USL leads with 10.73% vs 9.60% for VDE. On fees, VDE is cheaper at 0.09% per year. On volatility, VDE has been the lower-risk option at 6.28%. 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 10.73% return vs 9.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VDE is cheaper with a 0.09% expense ratio, compared with 1.02% for USL.
VDE has the higher dividend yield at 2.44%, compared with 0.00% for USL.
USL is categorized as Oil & Gas, while VDE is Energy Equities. USL tracks Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while VDE tracks MSCI US Investable Market Energy 25/50 Index. They also come from different issuers: USCF and Vanguard. Their fees differ too: 1.02% for USL and 0.09% for VDE.
VDE currently has the higher Sharpe Ratio (2.01 vs 1.01), 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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