VIOV vs. USL

Last updated Jun 4, 2026

VIOV (Vanguard S&P Small-Cap 600 Value ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, VIOV returned 10.23%/yr vs 10.91%/yr for USL. At a 0.28 correlation, their price movements are largely independent. VIOV charges 0.10%/yr vs 0.88%/yr for USL.

Performance

VIOV vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Value ETF (VIOV) 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, VIOV achieves a 15.28% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, VIOV has underperformed USL with an annualized return of 10.23%, while USL has yielded a comparatively higher 10.91% annualized return.

VIOV

• 1D: -1.28%
• 1M: 2.26%
• YTD: 15.28%
• 6M: 14.76%
• 1Y: 37.06%
• 3Y*: 14.29%
• 5Y*: 5.75%
• 10Y*: 10.23%

USL

• 1D: 1.55%
• 1M: -1.61%
• YTD: 63.07%
• 6M: 59.66%
• 1Y: 57.86%
• 3Y*: 18.42%
• 5Y*: 17.41%
• 10Y*: 10.91%

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

VIOV vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOV Vanguard S&P Small-Cap 600 Value ETF	15.28%	6.63%	7.44%	15.36%	-11.37%	30.67%	2.81%	24.44%	-12.85%	11.54%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between VIOV and USL is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.28

The correlation between VIOV and USL shifts across timeframes, from -0.23 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

VIOV vs. USL - Sectors Allocation Comparison

Sectors	VIOV	USL
Financial Services	19.8%	4.5%
Consumer Cyclical	15.4%	-
Industrials	12.7%	-
Technology	10.6%	-
Energy	9.1%	-
Real Estate	8.8%	-
Healthcare	7.5%	-
Basic Materials	6.3%	-
Consumer Defensive	3.8%	-
Communication Services	3.4%	-
Utilities	1.9%	-

Return for Risk

VIOV vs. USL — Risk / Return Rank

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

VIOV

VIOV Risk / Return Rank: 64
VIOV Sharpe Ratio Rank: 59
VIOV Sortino Ratio Rank: 61
VIOV Omega Ratio Rank: 55
VIOV Calmar Ratio Rank: 77
VIOV Martin Ratio Rank: 69

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 59
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.

VIOV vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value ETF (VIOV) 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.

	VIOV	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.04	-0.01
Sortino ratio: Return per unit of downside risk	2.92	2.58	+0.34
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	3.99	3.47	+0.52
Martin ratio: Return relative to average drawdown	13.00	7.02	+5.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIOV vs. USL - Sharpe Ratio Comparison

The current VIOV Sharpe Ratio is 2.03, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of VIOV 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

	VIOV	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	2.04	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.58	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.34	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.01	+0.52

Drawdowns

VIOV vs. USL - Drawdown Comparison

The maximum VIOV drawdown since its inception was -47.36%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for VIOV and USL.

Drawdown Indicators

	VIOV	USL	Difference
Max Drawdown Largest peak-to-trough decline	-47.36%	-89.06%	+41.70%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-16.76%	+7.43%
Max Drawdown (3Y) Largest decline over 3 years	-28.44%	-23.33%	-5.11%
Max Drawdown (5Y) Largest decline over 5 years	-28.44%	-33.82%	+5.38%
Max Drawdown (10Y) Largest decline over 10 years	-47.36%	-66.02%	+18.66%
Current Drawdown Current decline from peak	-1.28%	-38.16%	+36.88%
Average Drawdown Average peak-to-trough decline	-7.38%	-61.46%	+54.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	8.27%	-5.41%

Volatility

VIOV vs. USL - Volatility Comparison

The current volatility for Vanguard S&P Small-Cap 600 Value ETF (VIOV) is 4.54%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that VIOV 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

	VIOV	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	10.53%	-5.99%
Volatility (6M) Calculated over the trailing 6-month period	11.57%	23.33%	-11.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	28.54%	-10.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.95%	30.08%	-8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.89%	32.35%	-8.46%

VIOV vs. USL - Expense Ratio Comparison

VIOV has a 0.10% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

VIOV vs. USL - Dividend Comparison

VIOV's dividend yield for the trailing twelve months is around 1.59%, 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%
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.59%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%

Frequently Asked Questions

Can I hold both VIOV and USL in my portfolio?

VIOV and USL 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, VIOV or USL?

USL has higher volatility (10.53%) compared to VIOV (4.54%). In terms of maximum drawdown, VIOV dropped -47.36% vs USL's -89.06%.

Which ETF is better, VIOV or USL?

On 10-year performance, USL leads with 10.91% vs 10.23% for VIOV. On fees, VIOV is cheaper at 0.10% per year. On volatility, VIOV has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOV or USL?

Over the 10-year period, USL has performed better with a 10.91% return vs 10.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOV or USL?

VIOV is cheaper with a 0.10% expense ratio, compared with 0.88% for USL.

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

VIOV has the higher dividend yield at 1.59%, compared with 0.00% for USL.

What is the main difference between VIOV and USL?

VIOV is categorized as Small Cap Value Equities, while USL is Oil & Gas. VIOV tracks S&P SmallCap 600 Value Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.10% for VIOV and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 2.03), 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.