XHB vs. USL
XHB (SPDR S&P Homebuilders ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - XHB is a Building & Construction fund tracking the S&P Homebuilders Select Industry 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, XHB returned 12.21%/yr vs 11.91%/yr for USL. Their 0.19 correlation means their historical movements had little consistent relationship. XHB charges 0.35%/yr vs 0.88%/yr for USL.
Performance
XHB vs. USL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XHB achieves a 1.01% return, which is significantly lower than USL's 50.47% return. Both investments have delivered pretty close results over the past 10 years, with XHB having a 12.21% annualized return and USL not far behind at 11.91%.
XHB
- 1D
- -0.79%
- 1M
- -7.88%
- 6M
- -4.06%
- YTD
- 1.01%
- 1Y
- 0.45%
- 3Y*
- 7.59%
- 5Y*
- 7.43%
- 10Y*
- 12.21%
- ALL TIME*
- 5.06%
USL
- 1D
- 0.72%
- 1M
- 11.48%
- 6M
- 34.61%
- YTD
- 50.47%
- 1Y
- 36.97%
- 3Y*
- 10.51%
- 5Y*
- 14.04%
- 10Y*
- 11.91%
- ALL TIME*
- -0.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $634.47K | $669.88K | $1.15M | |
| $247.88M | $253.08M | $291.07M |
XHB vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XHB SPDR S&P Homebuilders ETF | 1.01% | -0.69% | 9.87% | 60.10% | -28.93% | 49.70% | 27.97% | 41.30% | -25.73% | 31.80% |
USL United States 12 Month Oil Fund LP | 50.47% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
Correlation
The correlation between XHB and USL is -0.34, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.34 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2007 | 0.19 |
The correlation between XHB and USL shifts across timeframes, from -0.34 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XHB vs. USL — Risk / Return Rank
XHB
USL
XHB vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Homebuilders ETF (XHB) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| XHB | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.20 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | 1.58 | -1.47 |
| Martin ratioReturn relative to average drawdown | 0.21 | 4.38 | -4.17 |
Loading charts...
Drawdowns
XHB vs. USL - Drawdown Comparison
The maximum XHB drawdown since its inception was -81.61%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for XHB and USL.
Loading charts...
Drawdown Indicators
| XHB | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.61% | -89.06% | +7.45% |
Max Drawdown (1Y)Largest decline over 1 year | -21.71% | -20.91% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -30.53% | -23.33% | -7.20% |
Max Drawdown (5Y)Largest decline over 5 years | -39.46% | -33.82% | -5.64% |
Max Drawdown (10Y)Largest decline over 10 years | -49.57% | -66.02% | +16.45% |
Current DrawdownCurrent decline from peak | -16.36% | -42.93% | +26.57% |
Average DrawdownAverage peak-to-trough decline | -27.48% | -61.30% | +33.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.08% | 8.38% | +2.70% |
Volatility
XHB vs. USL - Volatility Comparison
The current volatility for SPDR S&P Homebuilders ETF (XHB) is 7.68%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.45%. This indicates that XHB 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.
Loading charts...
Volatility by Period
| XHB | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.68% | 10.45% | -2.77% |
Volatility (6M)Calculated over the trailing 6-month period | 21.65% | 25.73% | -4.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.26% | 29.92% | -1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.00% | 30.36% | -2.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.59% | 32.35% | -4.76% |
XHB vs. USL - Expense Ratio Comparison
XHB has a 0.35% expense ratio, which is lower than USL's 0.88% expense ratio.
Dividends
XHB vs. USL - Dividend Comparison
XHB's dividend yield for the trailing twelve months is around 0.63%, 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% |
XHB SPDR S&P Homebuilders ETF | 0.63% | 0.78% | 0.59% | 0.77% | 1.06% | 0.51% | 0.73% | 0.89% | 1.25% | 0.72% | 0.67% | 0.50% |
Frequently Asked Questions
XHB and USL have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (10.45%) compared to XHB (7.68%). In terms of maximum drawdown, XHB dropped -81.61% vs USL's -89.06%.
On 10-year performance, XHB leads with 12.21% vs 11.91% for USL. On fees, XHB is cheaper at 0.35% per year. On volatility, XHB has been the lower-risk option at 7.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XHB has performed better with a 12.21% return vs 11.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XHB is cheaper with a 0.35% expense ratio, compared with 0.88% for USL.
XHB has the higher dividend yield at 0.63%, compared with 0.00% for USL.
XHB is categorized as Building & Construction, while USL is Oil & Gas. XHB tracks S&P Homebuilders Select Industry Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.35% for XHB and 0.88% for USL.
USL currently has the higher Sharpe Ratio (1.11 vs 0.08), 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.
Find the right allocation for XHB and USL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer