USL vs. WTI

Last updated Apr 1, 2026

Compare and contrast key facts about United States 12 Month Oil Fund LP (USL) and W&T Offshore, Inc. (WTI).

USL is a passively managed fund by Concierge Technologies that tracks the performance of the 12 Month Light Sweet Crude Oil. It was launched on Dec 6, 2007.

Performance

USL vs. WTI - Performance Comparison

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

USL vs. WTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USL United States 12 Month Oil Fund LP	44.67%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%
WTI W&T Offshore, Inc.	109.90%	0.62%	-48.17%	-41.41%	72.76%	48.85%	-60.97%	34.95%	24.47%	19.49%

Returns By Period

In the year-to-date period, USL achieves a 44.67% return, which is significantly lower than WTI's 109.90% return. Over the past 10 years, USL has outperformed WTI with an annualized return of 11.83%, while WTI has yielded a comparatively lower 5.48% annualized return.

USL

• 1D: -4.21%
• 1M: 25.68%
• YTD: 44.67%
• 6M: 35.39%
• 1Y: 26.16%
• 3Y*: 12.64%
• 5Y*: 17.35%
• 10Y*: 11.83%

WTI

• 1D: -5.28%
• 1M: 29.11%
• YTD: 109.90%
• 6M: 88.97%
• 1Y: 124.73%
• 3Y*: -11.02%
• 5Y*: -1.19%
• 10Y*: 5.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

USL vs. WTI — Risk / Return Rank

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

USL

USL Risk / Return Rank: 52
USL Sharpe Ratio Rank: 53
USL Sortino Ratio Rank: 54
USL Omega Ratio Rank: 47
USL Calmar Ratio Rank: 70
USL Martin Ratio Rank: 35

WTI

WTI Risk / Return Rank: 84
WTI Sharpe Ratio Rank: 87
WTI Sortino Ratio Rank: 85
WTI Omega Ratio Rank: 81
WTI Calmar Ratio Rank: 86
WTI Martin Ratio Rank: 80

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. WTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and W&T Offshore, Inc. (WTI). 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	WTI	Difference
Sharpe ratio Return per unit of total volatility	0.92	1.62	-0.70
Sortino ratio Return per unit of downside risk	1.37	2.38	-1.01
Omega ratio Gain probability vs. loss probability	1.17	1.28	-0.11
Calmar ratio Return relative to maximum drawdown	1.72	3.00	-1.28
Martin ratio Return relative to average drawdown	3.06	5.60	-2.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USL vs. WTI - Sharpe Ratio Comparison

The current USL Sharpe Ratio is 0.92, which is lower than the WTI Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of USL and WTI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	USL	WTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.62	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	-0.02	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.08	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	-0.09	+0.08

Correlation

The correlation between USL and WTI is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

USL vs. WTI - Dividend Comparison

USL has not paid dividends to shareholders, while WTI's dividend yield for the trailing twelve months is around 1.17%.

	TTM	2025	2024	2023
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%
WTI W&T Offshore, Inc.	1.17%	2.45%	2.41%	0.31%

Drawdowns

USL vs. WTI - Drawdown Comparison

The maximum USL drawdown since its inception was -89.06%, smaller than the maximum WTI drawdown of -97.59%. Use the drawdown chart below to compare losses from any high point for USL and WTI.

Drawdown Indicators

	USL	WTI	Difference
Max Drawdown Largest peak-to-trough decline	-89.06%	-97.59%	+8.53%
Max Drawdown (1Y) Largest decline over 1 year	-17.26%	-40.17%	+22.91%
Max Drawdown (5Y) Largest decline over 5 years	-33.82%	-87.31%	+53.49%
Max Drawdown (10Y) Largest decline over 10 years	-66.02%	-88.92%	+22.90%
Current Drawdown Current decline from peak	-45.13%	-92.07%	+46.94%
Average Drawdown Average peak-to-trough decline	-61.65%	-73.93%	+12.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.70%	21.51%	-11.81%

Volatility

USL vs. WTI - Volatility Comparison

The current volatility for United States 12 Month Oil Fund LP (USL) is 12.82%, while W&T Offshore, Inc. (WTI) has a volatility of 34.50%. This indicates that USL experiences smaller price fluctuations and is considered to be less risky than WTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USL	WTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.82%	34.50%	-21.68%
Volatility (6M) Calculated over the trailing 6-month period	20.34%	59.84%	-39.50%
Volatility (1Y) Calculated over the trailing 1-year period	28.76%	77.43%	-48.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.77%	66.78%	-37.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.24%	72.38%	-40.14%