USL vs. ZSB
USL (United States 12 Month Oil Fund, LP) and ZSB (USCF Sustainable Battery Metals Strategy 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 ZSB is a Lithium & Battery Metals fund tracking the S&P GSCI Electric Vehicle Meals Index. Both are passively managed. Over the past 3 years, USL returned 10.51%/yr vs 1.20%/yr for ZSB. Their 0.11 correlation means their historical movements had little consistent relationship. USL charges 1.02%/yr vs 0.59%/yr for ZSB.
Performance
USL vs. ZSB - Performance Comparison
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Returns By Period
In the year-to-date period, USL achieves a 50.47% return, which is significantly higher than ZSB's 2.41% 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%
ZSB
- 1D
- -0.91%
- 1M
- -0.65%
- 6M
- -5.21%
- YTD
- 2.41%
- 1Y
- 53.88%
- 3Y*
- 1.20%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $634.47K | $669.88K | $1.15M | |
| $1.74K | $3.93K | $10.44K |
USL vs. ZSB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USL United States 12 Month Oil Fund, LP | 50.47% | -12.37% | 8.30% | 4.52% |
ZSB USCF Sustainable Battery Metals Strategy Fund | 2.41% | 64.34% | -19.70% | -31.38% |
Correlation
The correlation between USL and ZSB is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.02 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023 | 0.11 |
The correlation between USL and ZSB shifts across timeframes, from -0.02 (1 year) to 0.11 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
USL vs. ZSB — Risk / Return Rank
USL
ZSB
USL vs. ZSB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund, LP (USL) and USCF Sustainable Battery Metals Strategy Fund (ZSB). 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 | ZSB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.38 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 3.16 | -1.58 |
| Martin ratioReturn relative to average drawdown | 4.38 | 7.10 | -2.72 |
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Drawdowns
USL vs. ZSB - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than ZSB's maximum drawdown of -49.26%. Use the drawdown chart below to compare losses from any high point for USL and ZSB.
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Drawdown Indicators
| USL | ZSB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -49.26% | -39.80% |
Max Drawdown (1Y)Largest decline over 1 year | -20.91% | -16.75% | -4.16% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -37.91% | +14.58% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | — | — |
Current DrawdownCurrent decline from peak | -42.93% | -13.65% | -29.28% |
Average DrawdownAverage peak-to-trough decline | -61.30% | -30.05% | -31.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.38% | 7.43% | +0.95% |
Volatility
USL vs. ZSB - Volatility Comparison
United States 12 Month Oil Fund, LP (USL) has a higher volatility of 10.45% compared to USCF Sustainable Battery Metals Strategy Fund (ZSB) at 3.57%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than ZSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | ZSB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.45% | 3.57% | +6.88% |
Volatility (6M)Calculated over the trailing 6-month period | 25.73% | 20.54% | +5.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.92% | 26.15% | +3.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.36% | 19.48% | +10.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.35% | 19.48% | +12.87% |
USL vs. ZSB - Expense Ratio Comparison
USL has a 1.02% expense ratio, which is higher than ZSB's 0.59% expense ratio.
Dividends
USL vs. ZSB - Dividend Comparison
USL has not paid dividends to shareholders, while ZSB's dividend yield for the trailing twelve months is around 0.90%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
USL United States 12 Month Oil Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% |
ZSB USCF Sustainable Battery Metals Strategy Fund | 0.90% | 0.92% | 2.96% | 3.59% |
Frequently Asked Questions
USL and ZSB have a correlation of -0.02, 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 ZSB (3.57%). In terms of maximum drawdown, USL dropped -89.06% vs ZSB's -49.26%.
On 3-year performance, USL leads with 10.51% vs 1.20% for ZSB. On fees, ZSB is cheaper at 0.59% per year. On volatility, ZSB has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USL has performed better with a 10.51% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZSB is cheaper with a 0.59% expense ratio, compared with 1.02% for USL.
ZSB has the higher dividend yield at 0.90%, compared with 0.00% for USL.
USL is categorized as Oil & Gas, while ZSB is Lithium & Battery Metals. USL tracks Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts, while ZSB tracks S&P GSCI Electric Vehicle Meals Index. Their fees differ too: 1.02% for USL and 0.59% for ZSB.
ZSB currently has the higher Sharpe Ratio (2.02 vs 1.11), 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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