VLUE vs. USL

Last updated Jun 5, 2026

VLUE (iShares Edge MSCI USA Value Factor ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - VLUE is a Large Cap Value Equities fund tracking the MSCI USA Value Weighted 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, VLUE returned 15.20%/yr vs 10.57%/yr for USL. At a 0.27 correlation, their price movements are largely independent. VLUE charges 0.15%/yr vs 0.88%/yr for USL.

Performance

VLUE vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI USA Value Factor ETF (VLUE) 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, VLUE achieves a 47.08% return, which is significantly lower than USL's 60.58% return. Over the past 10 years, VLUE has outperformed USL with an annualized return of 15.20%, while USL has yielded a comparatively lower 10.57% annualized return.

VLUE

• 1D: -1.29%
• 1M: 15.14%
• YTD: 47.08%
• 6M: 50.18%
• 1Y: 89.43%
• 3Y*: 33.96%
• 5Y*: 16.06%
• 10Y*: 15.20%

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)

VLUE vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLUE iShares Edge MSCI USA Value Factor ETF	47.08%	32.67%	7.25%	14.26%	-14.17%	28.93%	-0.23%	27.20%	-11.13%	21.95%
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 VLUE and USL is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Apr 19, 2013	0.27

The correlation between VLUE and USL shifts across timeframes, from -0.19 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

VLUE vs. USL - Sectors Allocation Comparison

Sectors	VLUE	USL
Technology	44.5%	-
Financial Services	10.4%	4.5%
Healthcare	8.5%	-
Communication Services	8.3%	-
Consumer Cyclical	8.3%	-
Industrials	7.4%	-
Consumer Defensive	4.0%	-
Energy	3.2%	-
Utilities	2.0%	-
Real Estate	1.8%	-
Basic Materials	1.6%	-

Return for Risk

VLUE vs. USL — Risk / Return Rank

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

VLUE

VLUE Risk / Return Rank: 97
VLUE Sharpe Ratio Rank: 98
VLUE Sortino Ratio Rank: 98
VLUE Omega Ratio Rank: 97
VLUE Calmar Ratio Rank: 96
VLUE Martin Ratio Rank: 97

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.

VLUE vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI USA Value Factor ETF (VLUE) 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.

	VLUE	USL	Difference
Sharpe ratio: Return per unit of total volatility	5.19	1.99	+3.20
Sortino ratio: Return per unit of downside risk	6.69	2.53	+4.16
Omega ratio: Gain probability vs. loss probability	1.88	1.33	+0.55
Calmar ratio: Return relative to maximum drawdown	9.95	3.39	+6.56
Martin ratio: Return relative to average drawdown	44.54	6.85	+37.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VLUE vs. USL - Sharpe Ratio Comparison

The current VLUE Sharpe Ratio is 5.19, which is higher than the USL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of VLUE 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

	VLUE	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.19	1.99	+3.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.57	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.33	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.01	+0.75

Drawdowns

VLUE vs. USL - Drawdown Comparison

The maximum VLUE drawdown since its inception was -39.47%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for VLUE and USL.

Drawdown Indicators

	VLUE	USL	Difference
Max Drawdown Largest peak-to-trough decline	-39.47%	-89.06%	+49.59%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-16.76%	+7.72%
Max Drawdown (3Y) Largest decline over 3 years	-17.89%	-23.33%	+5.44%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	-33.82%	+6.70%
Max Drawdown (10Y) Largest decline over 10 years	-39.47%	-66.02%	+26.55%
Current Drawdown Current decline from peak	-1.70%	-39.10%	+37.40%
Average Drawdown Average peak-to-trough decline	-6.01%	-61.45%	+55.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	8.27%	-6.26%

Volatility

VLUE vs. USL - Volatility Comparison

The current volatility for iShares Edge MSCI USA Value Factor ETF (VLUE) is 7.83%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.57%. This indicates that VLUE 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

	VLUE	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.83%	10.57%	-2.74%
Volatility (6M) Calculated over the trailing 6-month period	14.06%	23.34%	-9.28%
Volatility (1Y) Calculated over the trailing 1-year period	17.34%	28.59%	-11.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.79%	30.09%	-12.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.82%	32.34%	-12.52%

VLUE vs. USL - Expense Ratio Comparison

VLUE has a 0.15% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

VLUE vs. USL - Dividend Comparison

VLUE's dividend yield for the trailing twelve months is around 1.42%, 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%
VLUE iShares Edge MSCI USA Value Factor ETF	1.42%	2.11%	2.73%	2.66%	3.18%	2.22%	2.42%	2.61%	2.70%	2.14%	2.07%	2.39%

Frequently Asked Questions

Can I hold both VLUE and USL in my portfolio?

VLUE and USL have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VLUE or USL?

USL has higher volatility (10.57%) compared to VLUE (7.83%). In terms of maximum drawdown, VLUE dropped -39.47% vs USL's -89.06%.

Which ETF is better, VLUE or USL?

On 10-year performance, VLUE leads with 15.20% vs 10.57% for USL. On fees, VLUE is cheaper at 0.15% per year. On volatility, VLUE has been the lower-risk option at 7.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VLUE or USL?

Over the 10-year period, VLUE has performed better with a 15.20% return vs 10.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VLUE or USL?

VLUE is cheaper with a 0.15% expense ratio, compared with 0.88% for USL.

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

VLUE has the higher dividend yield at 1.42%, compared with 0.00% for USL.

What is the main difference between VLUE and USL?

VLUE is categorized as Large Cap Value Equities, while USL is Oil & Gas. VLUE tracks MSCI USA Value Weighted Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.15% for VLUE and 0.88% for USL.

Which has better risk-adjusted returns?

VLUE currently has the higher Sharpe Ratio (5.19 vs 1.99), 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.