XLC vs. USL

Last updated Jun 4, 2026

XLC (Communication Services Select Sector SPDR Fund) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - XLC is a Large Cap Growth Equities fund tracking the S&P Communication Services Select Sector Index, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, XLC returned 8.28%/yr vs 17.41%/yr for USL. At a 0.15 correlation, their price movements are largely independent. XLC charges 0.13%/yr vs 0.88%/yr for USL.

Performance

XLC vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Communication Services Select Sector SPDR Fund (XLC) 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, XLC achieves a -4.49% return, which is significantly lower than USL's 63.07% return.

XLC

• 1D: -1.31%
• 1M: -3.46%
• YTD: -4.49%
• 6M: -2.02%
• 1Y: 11.67%
• 3Y*: 22.40%
• 5Y*: 8.28%
• 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)

XLC vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
XLC Communication Services Select Sector SPDR Fund	-4.49%	23.08%	34.71%	52.82%	-37.63%	15.96%	26.90%	31.05%	-16.88%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-22.79%

Correlation

The correlation between XLC and USL is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 20, 2018	0.15

The correlation between XLC and USL shifts across timeframes, from -0.20 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

XLC vs. USL - Sectors Allocation Comparison

Sectors	XLC	USL
Communication Services	95.1%	-
Technology	4.7%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	4.5%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XLC vs. USL — Risk / Return Rank

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

XLC

XLC Risk / Return Rank: 24
XLC Sharpe Ratio Rank: 24
XLC Sortino Ratio Rank: 25
XLC Omega Ratio Rank: 22
XLC Calmar Ratio Rank: 23
XLC Martin Ratio Rank: 26

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.

XLC vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Communication Services Select Sector SPDR Fund (XLC) 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.

	XLC	USL	Difference
Sharpe ratio: Return per unit of total volatility	0.88	2.04	-1.15
Sortino ratio: Return per unit of downside risk	1.36	2.58	-1.22
Omega ratio: Gain probability vs. loss probability	1.15	1.34	-0.18
Calmar ratio: Return relative to maximum drawdown	1.11	3.47	-2.36
Martin ratio: Return relative to average drawdown	3.72	7.02	-3.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLC vs. USL - Sharpe Ratio Comparison

The current XLC Sharpe Ratio is 0.88, which is lower than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of XLC 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

	XLC	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	2.04	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.58	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.01	+0.52

Drawdowns

XLC vs. USL - Drawdown Comparison

The maximum XLC drawdown since its inception was -46.65%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for XLC and USL.

Drawdown Indicators

	XLC	USL	Difference
Max Drawdown Largest peak-to-trough decline	-46.65%	-89.06%	+42.41%
Max Drawdown (1Y) Largest decline over 1 year	-10.57%	-16.76%	+6.19%
Max Drawdown (3Y) Largest decline over 3 years	-17.97%	-23.33%	+5.36%
Max Drawdown (5Y) Largest decline over 5 years	-46.65%	-33.82%	-12.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-6.36%	-38.16%	+31.80%
Average Drawdown Average peak-to-trough decline	-10.60%	-61.46%	+50.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	8.27%	-5.13%

Volatility

XLC vs. USL - Volatility Comparison

The current volatility for Communication Services Select Sector SPDR Fund (XLC) is 3.67%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that XLC 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

	XLC	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	10.53%	-6.86%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	23.33%	-13.76%
Volatility (1Y) Calculated over the trailing 1-year period	13.26%	28.54%	-15.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.68%	30.08%	-9.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.20%	32.35%	-10.15%

XLC vs. USL - Expense Ratio Comparison

XLC has a 0.13% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

XLC vs. USL - Dividend Comparison

XLC's dividend yield for the trailing twelve months is around 1.25%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
XLC Communication Services Select Sector SPDR Fund	1.25%	1.13%	0.99%	0.82%	1.10%	0.74%	0.68%	0.82%	0.64%

Frequently Asked Questions

Can I hold both XLC and USL in my portfolio?

XLC and USL have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLC or USL?

USL has higher volatility (10.53%) compared to XLC (3.67%). In terms of maximum drawdown, XLC dropped -46.65% vs USL's -89.06%.

Which ETF is better, XLC or USL?

On 5-year performance, USL leads with 17.41% vs 8.28% for XLC. On fees, XLC is cheaper at 0.13% per year. On volatility, XLC has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLC or USL?

Over the 5-year period, USL has performed better with a 17.41% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLC or USL?

XLC is cheaper with a 0.13% expense ratio, compared with 0.88% for USL.

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

XLC has the higher dividend yield at 1.25%, compared with 0.00% for USL.

What is the main difference between XLC and USL?

XLC is categorized as Large Cap Growth Equities, while USL is Oil & Gas. XLC tracks S&P Communication Services Select Sector 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: 0.13% for XLC and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 0.88), 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.