USL vs. ZSC

Last updated Aug 3, 2026

USL (United States 12 Month Oil Fund, LP) and ZSC (USCF Sustainable Commodity 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 ZSC is a Commodities fund actively managed by USCF. USL is passively managed, while ZSC is actively managed. Over the past year, USL returned 36.97% vs 29.04% for ZSC. Their 0.14 correlation means their historical movements had little consistent relationship. USL charges 1.02%/yr vs 0.59%/yr for ZSC.

Performance

USL vs. ZSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States 12 Month Oil Fund, LP (USL) and USCF Sustainable Commodity Strategy Fund (ZSC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USL achieves a 50.47% return, which is significantly higher than ZSC's 5.92% 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%

ZSC

• 1D: -0.88%
• 1M: 0.51%
• 6M: 3.11%
• YTD: 5.92%
• 1Y: 29.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.35%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
USL United States 12 Month Oil Fund, LP	$634.47K	$669.88K	$1.15M
ZSC USCF Sustainable Commodity Strategy Fund	$3.54K	$12.33K	$12.42K

USL vs. ZSC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USL United States 12 Month Oil Fund, LP	50.47%	-12.37%	8.30%	-6.89%
ZSC USCF Sustainable Commodity Strategy Fund	5.92%	28.43%	-14.39%	-10.63%

Correlation

The correlation between USL and ZSC is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (All Time) Calculated using the full available price history since Aug 9, 2023	0.14

Return for Risk

USL vs. ZSC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USL

USL Risk / Return Rank: 43
USL Sharpe Ratio Rank: 45
USL Sortino Ratio Rank: 44
USL Omega Ratio Rank: 42
USL Calmar Ratio Rank: 44
USL Martin Ratio Rank: 41

ZSC

ZSC Risk / Return Rank: 86
ZSC Sharpe Ratio Rank: 89
ZSC Sortino Ratio Rank: 87
ZSC Omega Ratio Rank: 90
ZSC Calmar Ratio Rank: 89
ZSC Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USL vs. ZSC - 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 Commodity Strategy Fund (ZSC). 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	ZSC	Difference
Sharpe ratio: Return per unit of total volatility	1.11	2.20	-1.09
Sortino ratio: Return per unit of downside risk	1.62	2.93	-1.31
Omega ratio: Gain probability vs. loss probability	1.20	1.41	-0.22
Calmar ratio: Return relative to maximum drawdown	1.58	3.67	-2.09
Martin ratio: Return relative to average drawdown	4.38	9.13	-4.75

USL vs. ZSC - Sharpe Ratio Comparison

The current USL Sharpe Ratio is 1.11, which is lower than the ZSC Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of USL and ZSC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USL vs. ZSC - Drawdown Comparison

The maximum USL drawdown since its inception was -89.06%, which is greater than ZSC's maximum drawdown of -26.49%. Use the drawdown chart below to compare losses from any high point for USL and ZSC.

Drawdown Indicators

	USL	ZSC	Difference
Max Drawdown Largest peak-to-trough decline	-89.06%	-26.49%	-62.57%
Max Drawdown (1Y) Largest decline over 1 year	-20.91%	-7.69%	-13.22%
Max Drawdown (3Y) Largest decline over 3 years	-23.33%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-66.02%	—	—
Current Drawdown Current decline from peak	-42.93%	-5.87%	-37.06%
Average Drawdown Average peak-to-trough decline	-61.30%	-14.19%	-47.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.38%	3.09%	+5.29%

Volatility

USL vs. ZSC - Volatility Comparison

United States 12 Month Oil Fund, LP (USL) has a higher volatility of 10.45% compared to USCF Sustainable Commodity Strategy Fund (ZSC) at 3.21%. This indicates that USL's price experiences larger fluctuations and is considered to be riskier than ZSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USL	ZSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.45%	3.21%	+7.24%
Volatility (6M) Calculated over the trailing 6-month period	25.73%	8.88%	+16.85%
Volatility (1Y) Calculated over the trailing 1-year period	29.92%	12.86%	+17.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.36%	12.19%	+18.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.35%	12.19%	+20.16%

USL vs. ZSC - Expense Ratio Comparison

USL has a 1.02% expense ratio, which is higher than ZSC's 0.59% expense ratio.

Dividends

USL vs. ZSC - Dividend Comparison

USL has not paid dividends to shareholders, while ZSC's dividend yield for the trailing twelve months is around 1.65%.

Position	TTM	2025	2024	2023
USL United States 12 Month Oil Fund, LP	0.00%	0.00%	0.00%	0.00%
ZSC USCF Sustainable Commodity Strategy Fund	1.65%	1.75%	2.18%	1.40%

Frequently Asked Questions

Can I hold both USL and ZSC in my portfolio?

USL and ZSC have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USL or ZSC?

USL has higher volatility (10.45%) compared to ZSC (3.21%). In terms of maximum drawdown, USL dropped -89.06% vs ZSC's -26.49%.

Which ETF is better, USL or ZSC?

On 1-year performance, USL leads with 36.97% vs 29.04% for ZSC. On fees, ZSC is cheaper at 0.59% per year. On volatility, ZSC has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USL or ZSC?

Over the 1-year period, USL has performed better with a 36.97% return vs 29.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USL or ZSC?

ZSC is cheaper with a 0.59% expense ratio, compared with 1.02% for USL.

Which ETF pays a higher dividend yield, USL or ZSC?

ZSC has the higher dividend yield at 1.65%, compared with 0.00% for USL.

What is the main difference between USL and ZSC?

USL is categorized as Oil & Gas, while ZSC is Commodities. Their fees differ too: 1.02% for USL and 0.59% for ZSC.

Which has better risk-adjusted returns?

ZSC currently has the higher Sharpe Ratio (2.20 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.