WISE vs. USL

Last updated Jun 4, 2026

WISE (Themes Generative Artificial Intelligence ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - WISE is a Technology Equities fund tracking the Solactive Generative Artificial Intelligence Index - Benchmark TR Gross, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past year, WISE returned 36.46% vs 57.86% for USL. At a 0.00 correlation, their price movements are largely independent. WISE charges 0.35%/yr vs 0.88%/yr for USL.

Performance

WISE vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Generative Artificial Intelligence ETF (WISE) 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, WISE achieves a 11.03% return, which is significantly lower than USL's 63.07% return.

WISE

• 1D: -3.13%
• 1M: 11.81%
• YTD: 11.03%
• 6M: 7.21%
• 1Y: 36.46%
• 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)

WISE vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WISE Themes Generative Artificial Intelligence ETF	11.03%	5.88%	40.45%	7.55%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	0.08%

Correlation

The correlation between WISE and USL is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Dec 11, 2023	0.00

The correlation between WISE and USL shifts across timeframes, from -0.18 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

WISE vs. USL - Sectors Allocation Comparison

Sectors	WISE	USL
Technology	90.4%	-
Consumer Cyclical	4.0%	-
Communication Services	3.2%	-
Industrials	1.5%	-
Healthcare	0.7%	-
Utilities	0.3%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	4.5%
Real Estate	-	-

Return for Risk

WISE vs. USL — Risk / Return Rank

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

WISE

WISE Risk / Return Rank: 27
WISE Sharpe Ratio Rank: 31
WISE Sortino Ratio Rank: 30
WISE Omega Ratio Rank: 29
WISE Calmar Ratio Rank: 23
WISE Martin Ratio Rank: 21

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.

WISE vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Generative Artificial Intelligence ETF (WISE) 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.

	WISE	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.14	2.04	-0.90
Sortino ratio: Return per unit of downside risk	1.64	2.58	-0.94
Omega ratio: Gain probability vs. loss probability	1.20	1.34	-0.14
Calmar ratio: Return relative to maximum drawdown	1.07	3.47	-2.39
Martin ratio: Return relative to average drawdown	2.58	7.02	-4.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WISE vs. USL - Sharpe Ratio Comparison

The current WISE Sharpe Ratio is 1.14, which is lower than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of WISE 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

	WISE	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	2.04	-0.90
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	0.78	0.01	+0.77

Drawdowns

WISE vs. USL - Drawdown Comparison

The maximum WISE drawdown since its inception was -39.15%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for WISE and USL.

Drawdown Indicators

	WISE	USL	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-89.06%	+49.91%
Max Drawdown (1Y) Largest decline over 1 year	-34.08%	-16.76%	-17.32%
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	-5.48%	-38.16%	+32.68%
Average Drawdown Average peak-to-trough decline	-11.90%	-61.46%	+49.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.15%	8.27%	+5.88%

Volatility

WISE vs. USL - Volatility Comparison

Themes Generative Artificial Intelligence ETF (WISE) and United States 12 Month Oil Fund LP (USL) have volatilities of 10.83% and 10.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WISE	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.83%	10.53%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	24.11%	23.33%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	32.26%	28.54%	+3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.55%	30.08%	+3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.55%	32.35%	+1.20%

WISE vs. USL - Expense Ratio Comparison

WISE has a 0.35% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

WISE vs. USL - Dividend Comparison

WISE's dividend yield for the trailing twelve months is around 3.71%, while USL has not paid dividends to shareholders.

Position	TTM	2025
USL United States 12 Month Oil Fund LP	0.00%	0.00%
WISE Themes Generative Artificial Intelligence ETF	3.71%	4.12%

Frequently Asked Questions

Can I hold both WISE and USL in my portfolio?

WISE and USL have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WISE or USL?

WISE has higher volatility (10.83%) compared to USL (10.53%). In terms of maximum drawdown, WISE dropped -39.15% vs USL's -89.06%.

Which ETF is better, WISE or USL?

On 1-year performance, USL leads with 57.86% vs 36.46% for WISE. On fees, WISE is cheaper at 0.35% per year. On volatility, USL has been the lower-risk option at 10.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WISE or USL?

Over the 1-year period, USL has performed better with a 57.86% return vs 36.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WISE or USL?

WISE is cheaper with a 0.35% expense ratio, compared with 0.88% for USL.

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

WISE has the higher dividend yield at 3.71%, compared with 0.00% for USL.

What is the main difference between WISE and USL?

WISE is categorized as Technology Equities, while USL is Oil & Gas. WISE tracks Solactive Generative Artificial Intelligence Index - Benchmark TR Gross, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Themes and Concierge Technologies. Their fees differ too: 0.35% for WISE and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.14), 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.