USL vs. XHB
USL (United States 12 Month Oil Fund, LP) and XHB (SPDR S&P Homebuilders 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 XHB is a Building & Construction fund tracking the S&P Homebuilders Select Industry Index. Both are passively managed. Over the past 10 years, USL returned 10.73%/yr vs 12.69%/yr for XHB. Their 0.19 correlation means their historical movements had little consistent relationship. USL charges 1.02%/yr vs 0.35%/yr for XHB.
Performance
USL vs. XHB - 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 XHB's 6.78% return. Over the past 10 years, USL has underperformed XHB with an annualized return of 10.73%, while XHB has yielded a comparatively higher 12.69% 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%
XHB
- 1D
- 3.06%
- 1M
- -2.62%
- 6M
- -1.46%
- YTD
- 6.78%
- 1Y
- 4.32%
- 3Y*
- 10.10%
- 5Y*
- 8.40%
- 10Y*
- 12.69%
- ALL TIME*
- 5.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $624.51K | $673.47K | $1.06M | |
| $241.77M | $247.93M | $286.94M |
USL vs. XHB - 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% |
XHB SPDR S&P Homebuilders ETF | 6.78% | -0.69% | 9.87% | 60.10% | -28.93% | 49.70% | 27.97% | 41.30% | -25.73% | 31.80% |
Correlation
The correlation between USL and XHB is -0.34, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.34 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2007 | 0.19 |
The correlation between USL and XHB shifts across timeframes, from -0.34 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USL vs. XHB — Risk / Return Rank
USL
XHB
USL vs. XHB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund, LP (USL) and SPDR S&P Homebuilders ETF (XHB). 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 | XHB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.05 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 0.20 | +1.25 |
| Martin ratioReturn relative to average drawdown | 3.98 | 0.39 | +3.59 |
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Drawdowns
USL vs. XHB - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than XHB's maximum drawdown of -81.61%. Use the drawdown chart below to compare losses from any high point for USL and XHB.
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Drawdown Indicators
| USL | XHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -81.61% | -7.45% |
Max Drawdown (1Y)Largest decline over 1 year | -20.91% | -21.71% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -30.53% | +7.20% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -39.46% | +5.64% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | -49.57% | -16.45% |
Current DrawdownCurrent decline from peak | -46.10% | -11.58% | -34.52% |
Average DrawdownAverage peak-to-trough decline | -61.29% | -27.48% | -33.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.63% | 11.12% | -3.49% |
Volatility
USL vs. XHB - Volatility Comparison
United States 12 Month Oil Fund, LP (USL) has a higher volatility of 11.47% compared to SPDR S&P Homebuilders ETF (XHB) at 8.78%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than XHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | XHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.47% | 8.78% | +2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 25.59% | 21.93% | +3.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.00% | 28.46% | +1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.37% | 28.05% | +2.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.37% | 27.62% | +4.75% |
USL vs. XHB - Expense Ratio Comparison
USL has a 1.02% expense ratio, which is higher than XHB's 0.35% expense ratio.
Dividends
USL vs. XHB - Dividend Comparison
USL has not paid dividends to shareholders, while XHB's dividend yield for the trailing twelve months is around 0.59%.
| 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% |
XHB SPDR S&P Homebuilders ETF | 0.59% | 0.78% | 0.59% | 0.77% | 1.06% | 0.51% | 0.73% | 0.89% | 1.25% | 0.72% | 0.67% | 0.50% |
Frequently Asked Questions
USL and XHB have a correlation of -0.34, 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 XHB (8.78%). In terms of maximum drawdown, USL dropped -89.06% vs XHB's -81.61%.
On 10-year performance, XHB leads with 12.69% vs 10.73% for USL. On fees, XHB is cheaper at 0.35% per year. On volatility, XHB has been the lower-risk option at 8.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XHB has performed better with a 12.69% return vs 10.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XHB is cheaper with a 0.35% expense ratio, compared with 1.02% for USL.
XHB has the higher dividend yield at 0.59%, compared with 0.00% for USL.
USL is categorized as Oil & Gas, while XHB is Building & Construction. USL tracks Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while XHB tracks S&P Homebuilders Select Industry Index. They also come from different issuers: USCF and State Street. Their fees differ too: 1.02% for USL and 0.35% for XHB.
USL currently has the higher Sharpe Ratio (1.01 vs 0.15), 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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