USL vs. XLC
USL (United States 12 Month Oil Fund, LP) and XLC (Communication Services Select Sector SPDR 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 XLC is a Communications Equities fund tracking the S&P Communication Services Select Sector Index. Both are passively managed. Over the past 5 years, USL returned 14.04%/yr vs 6.70%/yr for XLC. Their 0.14 correlation means their historical movements had little consistent relationship. USL charges 1.02%/yr vs 0.13%/yr for XLC.
Performance
USL vs. XLC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, USL achieves a 50.47% return, which is significantly higher than XLC's -7.52% 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%
XLC
- 1D
- 1.56%
- 1M
- -1.24%
- 6M
- -9.34%
- YTD
- -7.52%
- 1Y
- 3.28%
- 3Y*
- 17.68%
- 5Y*
- 6.70%
- 10Y*
- —
- ALL TIME*
- 11.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $634.47K | $669.88K | $1.15M | |
| $698.01M | $724.28M | $715.77M |
USL vs. XLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
USL United States 12 Month Oil Fund, LP | 50.47% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -23.41% |
XLC Communication Services Select Sector SPDR Fund | -7.52% | 23.08% | 34.71% | 52.82% | -37.63% | 15.96% | 26.90% | 31.05% | -16.45% |
Correlation
The correlation between USL and XLC is -0.16, 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. | -0.16 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018 | 0.14 |
The correlation between USL and XLC shifts across timeframes, from -0.16 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
USL vs. XLC — Risk / Return Rank
USL
XLC
USL vs. XLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund, LP (USL) and Communication Services Select Sector SPDR Fund (XLC). 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 | XLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.04 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 0.17 | +1.41 |
| Martin ratioReturn relative to average drawdown | 4.38 | 0.45 | +3.94 |
Loading charts...
Drawdowns
USL vs. XLC - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than XLC's maximum drawdown of -46.65%. Use the drawdown chart below to compare losses from any high point for USL and XLC.
Loading charts...
Drawdown Indicators
| USL | XLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -46.65% | -42.41% |
Max Drawdown (1Y)Largest decline over 1 year | -20.91% | -11.73% | -9.18% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -17.97% | -5.36% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -46.65% | +12.83% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | — | — |
Current DrawdownCurrent decline from peak | -42.93% | -9.34% | -33.59% |
Average DrawdownAverage peak-to-trough decline | -61.30% | -10.54% | -50.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.38% | 4.55% | +3.83% |
Volatility
USL vs. XLC - Volatility Comparison
United States 12 Month Oil Fund, LP (USL) has a higher volatility of 10.45% compared to Communication Services Select Sector SPDR Fund (XLC) at 6.53%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than XLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| USL | XLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.45% | 6.53% | +3.92% |
Volatility (6M)Calculated over the trailing 6-month period | 25.73% | 11.77% | +13.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.92% | 14.79% | +15.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.36% | 20.87% | +9.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.35% | 22.17% | +10.18% |
USL vs. XLC - Expense Ratio Comparison
USL has a 1.02% expense ratio, which is higher than XLC's 0.13% expense ratio.
Dividends
USL vs. XLC - Dividend Comparison
USL has not paid dividends to shareholders, while XLC's dividend yield for the trailing twelve months is around 1.32%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
XLC Communication Services Select Sector SPDR Fund | 1.32% | 1.13% | 0.99% | 0.82% | 1.10% | 0.74% | 0.68% | 0.82% | 0.64% |
Frequently Asked Questions
USL and XLC have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (10.45%) compared to XLC (6.53%). In terms of maximum drawdown, USL dropped -89.06% vs XLC's -46.65%.
On 5-year performance, USL leads with 14.04% vs 6.70% for XLC. On fees, XLC is cheaper at 0.13% per year. On volatility, XLC has been the lower-risk option at 6.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USL has performed better with a 14.04% return vs 6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLC is cheaper with a 0.13% expense ratio, compared with 1.02% for USL.
XLC has the higher dividend yield at 1.32%, compared with 0.00% for USL.
USL is categorized as Oil & Gas, while XLC is Communications Equities. USL tracks Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while XLC tracks S&P Communication Services Select Sector Index. They also come from different issuers: USCF and State Street. Their fees differ too: 1.02% for USL and 0.13% for XLC.
USL currently has the higher Sharpe Ratio (1.11 vs 0.14), 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.
Find the right allocation for USL and XLC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer