UYG vs. USL

Last updated Jun 5, 2026

UYG (ProShares Ultra Financials) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials Index (200%), while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, UYG returned 16.31%/yr vs 10.57%/yr for USL. At a 0.25 correlation, their price movements are largely independent. UYG charges 0.95%/yr vs 0.88%/yr for USL.

Performance

UYG vs. USL - Performance Comparison

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

Returns By Period

In the year-to-date period, UYG achieves a -11.64% return, which is significantly lower than USL's 60.58% return. Over the past 10 years, UYG has outperformed USL with an annualized return of 16.31%, while USL has yielded a comparatively lower 10.57% annualized return.

UYG

• 1D: 5.26%
• 1M: 1.69%
• YTD: -11.64%
• 6M: -7.39%
• 1Y: 0.42%
• 3Y*: 28.93%
• 5Y*: 9.24%
• 10Y*: 16.31%

USL

• 1D: -1.53%
• 1M: -1.98%
• YTD: 60.58%
• 6M: 56.11%
• 1Y: 56.55%
• 3Y*: 17.93%
• 5Y*: 17.05%
• 10Y*: 10.57%

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

UYG vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYG ProShares Ultra Financials	-11.64%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between UYG and USL is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.25
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007	0.25

The correlation between UYG and USL shifts across timeframes, from -0.25 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

UYG vs. USL - Sectors Allocation Comparison

Sectors	UYG	USL
Financial Services	98.0%	4.5%
Technology	1.7%	-
Industrials	0.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

UYG vs. USL — Risk / Return Rank

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

UYG

UYG Risk / Return Rank: 10
UYG Sharpe Ratio Rank: 9
UYG Sortino Ratio Rank: 10
UYG Omega Ratio Rank: 10
UYG Calmar Ratio Rank: 9
UYG Martin Ratio Rank: 9

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 60
USL Sortino Ratio Rank: 53
USL Omega Ratio Rank: 54
USL Calmar Ratio Rank: 69
USL Martin Ratio Rank: 43

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.

UYG vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) and United States 12 Month Oil Fund LP (USL). 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.

	UYG	USL	Difference
Sharpe ratio: Return per unit of total volatility	0.01	1.99	-1.97
Sortino ratio: Return per unit of downside risk	0.22	2.53	-2.31
Omega ratio: Gain probability vs. loss probability	1.03	1.33	-0.30
Calmar ratio: Return relative to maximum drawdown	0.01	3.39	-3.38
Martin ratio: Return relative to average drawdown	0.04	6.85	-6.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UYG vs. USL - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is 0.01, which is lower than the USL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of UYG and USL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UYG	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	1.99	-1.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.57	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.33	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.01	-0.01

Drawdowns

UYG vs. USL - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than USL's maximum drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for UYG and USL.

Drawdown Indicators

	UYG	USL	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-89.06%	-8.84%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-16.76%	-12.15%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	-23.33%	-7.02%
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	-33.82%	-13.95%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-66.02%	-3.96%
Current Drawdown Current decline from peak	-16.55%	-39.10%	+22.55%
Average Drawdown Average peak-to-trough decline	-63.36%	-61.45%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.92%	8.27%	+3.65%

Volatility

UYG vs. USL - Volatility Comparison

The current volatility for ProShares Ultra Financials (UYG) is 8.39%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.57%. This indicates that UYG experiences smaller price fluctuations and is considered to be less risky than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UYG	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	10.57%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	22.49%	23.34%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	29.32%	28.59%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.21%	30.09%	+6.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.06%	32.34%	+8.72%

UYG vs. USL - Expense Ratio Comparison

UYG has a 0.95% expense ratio, which is higher than USL's 0.88% expense ratio.

Dividends

UYG vs. USL - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 13.22%, while USL has not paid dividends to shareholders.

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%
UYG ProShares Ultra Financials	13.22%	11.72%	0.51%	0.79%	0.77%	9.39%	0.66%	0.90%	1.28%	0.56%	0.76%	0.72%

Frequently Asked Questions

Can I hold both UYG and USL in my portfolio?

UYG and USL have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UYG or USL?

USL has higher volatility (10.57%) compared to UYG (8.39%). In terms of maximum drawdown, UYG dropped -97.90% vs USL's -89.06%.

Which ETF is better, UYG or USL?

On 10-year performance, UYG leads with 16.31% vs 10.57% for USL. On fees, USL is cheaper at 0.88% per year. On volatility, UYG has been the lower-risk option at 8.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYG or USL?

Over the 10-year period, UYG has performed better with a 16.31% return vs 10.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYG or USL?

USL is cheaper with a 0.88% expense ratio, compared with 0.95% for UYG.

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

UYG has the higher dividend yield at 13.22%, compared with 0.00% for USL.

What is the main difference between UYG and USL?

UYG is categorized as Leveraged Equities, while USL is Oil & Gas. UYG tracks Dow Jones U.S. Financials Index (200%), while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for UYG and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (1.99 vs 0.01), 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.