VTG vs. USL

Last updated Jun 4, 2026

VTG (Vanguard Total Treasury ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - VTG is a Intermediate Core Bond fund tracking the Bloomberg U.S. Treasury Total Return Unhedged USD Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. At a correlation of -0.40, they often move in opposite directions. VTG charges 0.03%/yr vs 0.88%/yr for USL.

Performance

VTG vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Treasury ETF (VTG) 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, VTG achieves a -0.11% return, which is significantly lower than USL's 63.07% return.

VTG

• 1D: -0.17%
• 1M: 0.11%
• YTD: -0.11%
• 6M: -0.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

VTG vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
VTG Vanguard Total Treasury ETF	-0.11%	2.88%
USL United States 12 Month Oil Fund LP	63.07%	-8.68%

Correlation

The correlation between VTG and USL is -0.40, 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 (All Time) Calculated using the full available price history since Jul 10, 2025	-0.40

Return for Risk

VTG vs. USL — Risk / Return Rank

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

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.

VTG vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Treasury ETF (VTG) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	VTG	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.04	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.01	+0.87

Drawdowns

VTG vs. USL - Drawdown Comparison

The maximum VTG drawdown since its inception was -2.89%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for VTG and USL.

Drawdown Indicators

	VTG	USL	Difference
Max Drawdown Largest peak-to-trough decline	-2.89%	-89.06%	+86.17%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.76%	—
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	-1.89%	-38.16%	+36.27%
Average Drawdown Average peak-to-trough decline	-0.73%	-61.46%	+60.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.27%	—

Volatility

Volatility by Period

	VTG	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	28.54%	-25.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	30.08%	-26.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	32.35%	-28.84%

VTG vs. USL - Expense Ratio Comparison

VTG has a 0.03% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

VTG vs. USL - Dividend Comparison

VTG's dividend yield for the trailing twelve months is around 3.21%, while USL has not paid dividends to shareholders.

Position	TTM	2025
USL United States 12 Month Oil Fund LP	0.00%	0.00%
VTG Vanguard Total Treasury ETF	3.21%	1.65%

Frequently Asked Questions

Can I hold both VTG and USL in my portfolio?

VTG and USL have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VTG or USL?

On fees, VTG is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VTG or USL?

VTG is cheaper with a 0.03% expense ratio, compared with 0.88% for USL.

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

VTG has the higher dividend yield at 3.21%, compared with 0.00% for USL.

What is the main difference between VTG and USL?

VTG is categorized as Intermediate Core Bond, while USL is Oil & Gas. VTG tracks Bloomberg U.S. Treasury Total Return Unhedged USD Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.03% for VTG and 0.88% for USL.