VONV vs. USL

Last updated Jun 4, 2026

VONV (Vanguard Russell 1000 Value ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - VONV is a Large Cap Value Equities fund tracking the Russell 1000 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, VONV returned 11.35%/yr vs 10.91%/yr for USL. At a 0.32 correlation, their price movements are largely independent. VONV charges 0.06%/yr vs 0.88%/yr for USL.

Performance

VONV vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 1000 Value ETF (VONV) 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, VONV achieves a 14.28% return, which is significantly lower than USL's 63.07% return. Both investments have delivered pretty close results over the past 10 years, with VONV having a 11.35% annualized return and USL not far behind at 10.91%.

VONV

• 1D: 0.00%
• 1M: 4.28%
• YTD: 14.28%
• 6M: 14.88%
• 1Y: 28.35%
• 3Y*: 18.56%
• 5Y*: 10.30%
• 10Y*: 11.35%

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)

VONV vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VONV Vanguard Russell 1000 Value ETF	14.28%	15.81%	14.28%	11.40%	-7.65%	25.28%	2.71%	26.48%	-8.45%	13.59%
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 VONV and USL is -0.21, 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	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Sep 23, 2010	0.32

The correlation between VONV and USL shifts across timeframes, from -0.21 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

VONV vs. USL - Sectors Allocation Comparison

Sectors	VONV	USL
Financial Services	18.9%	4.5%
Technology	14.9%	-
Industrials	13.1%	-
Healthcare	10.9%	-
Communication Services	8.5%	-
Consumer Cyclical	7.3%	-
Consumer Defensive	7.2%	-
Energy	7.0%	-
Utilities	4.4%	-
Real Estate	4.1%	-
Basic Materials	3.8%	-

Return for Risk

VONV vs. USL — Risk / Return Rank

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

VONV

VONV Risk / Return Rank: 81
VONV Sharpe Ratio Rank: 80
VONV Sortino Ratio Rank: 82
VONV Omega Ratio Rank: 78
VONV Calmar Ratio Rank: 80
VONV Martin Ratio Rank: 84

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.

VONV vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 1000 Value ETF (VONV) 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.

	VONV	USL	Difference
Sharpe ratio Return per unit of total volatility	2.64	2.04	+0.60
Sortino ratio Return per unit of downside risk	3.73	2.58	+1.15
Omega ratio Gain probability vs. loss probability	1.48	1.34	+0.14
Calmar ratio Return relative to maximum drawdown	4.18	3.47	+0.71
Martin ratio Return relative to average drawdown	17.54	7.02	+10.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VONV vs. USL - Sharpe Ratio Comparison

The current VONV Sharpe Ratio is 2.64, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of VONV 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

	VONV	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	2.04	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.58	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.34	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.01	+0.70

Drawdowns

VONV vs. USL - Drawdown Comparison

The maximum VONV drawdown since its inception was -38.21%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for VONV and USL.

Drawdown Indicators

	VONV	USL	Difference
Max Drawdown Largest peak-to-trough decline	-38.21%	-89.06%	+50.85%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-16.76%	+9.95%
Max Drawdown (3Y) Largest decline over 3 years	-15.70%	-23.33%	+7.63%
Max Drawdown (5Y) Largest decline over 5 years	-18.87%	-33.82%	+14.95%
Max Drawdown (10Y) Largest decline over 10 years	-38.21%	-66.02%	+27.81%
Current Drawdown Current decline from peak	0.00%	-38.16%	+38.16%
Average Drawdown Average peak-to-trough decline	-3.91%	-61.46%	+57.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	8.27%	-6.65%

Volatility

VONV vs. USL - Volatility Comparison

The current volatility for Vanguard Russell 1000 Value ETF (VONV) is 2.94%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that VONV 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

	VONV	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	10.53%	-7.59%
Volatility (6M) Calculated over the trailing 6-month period	8.09%	23.33%	-15.24%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	28.54%	-17.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.77%	30.08%	-15.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.24%	32.35%	-15.11%

VONV vs. USL - Expense Ratio Comparison

VONV has a 0.06% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

VONV vs. USL - Dividend Comparison

VONV's dividend yield for the trailing twelve months is around 1.63%, 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%
VONV Vanguard Russell 1000 Value ETF	1.63%	1.82%	1.97%	2.10%	2.22%	1.67%	2.25%	2.30%	2.56%	2.18%	2.39%	2.38%

Frequently Asked Questions

Can I hold both VONV and USL in my portfolio?

VONV and USL have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VONV or USL?

USL has higher volatility (10.53%) compared to VONV (2.94%). In terms of maximum drawdown, VONV dropped -38.21% vs USL's -89.06%.

Which ETF is better, VONV or USL?

On 10-year performance, VONV leads with 11.35% vs 10.91% for USL. On fees, VONV is cheaper at 0.06% per year. On volatility, VONV has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VONV or USL?

Over the 10-year period, VONV has performed better with a 11.35% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VONV or USL?

VONV is cheaper with a 0.06% expense ratio, compared with 0.88% for USL.

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

VONV has the higher dividend yield at 1.63%, compared with 0.00% for USL.

What is the main difference between VONV and USL?

VONV is categorized as Large Cap Value Equities, while USL is Oil & Gas. VONV tracks Russell 1000 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: 0.06% for VONV and 0.88% for USL.

Which has better risk-adjusted returns?

VONV currently has the higher Sharpe Ratio (2.64 vs 2.04), 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.