XSW vs. USL

Last updated Jun 4, 2026

XSW (SPDR S&P Software & Services ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - XSW is a Technology Equities fund tracking the S&P Software & Services 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, XSW returned 13.33%/yr vs 10.91%/yr for USL. At a 0.19 correlation, their price movements are largely independent. XSW charges 0.35%/yr vs 0.88%/yr for USL.

Performance

XSW vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Software & Services ETF (XSW) 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, XSW achieves a -6.38% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, XSW has outperformed USL with an annualized return of 13.33%, while USL has yielded a comparatively lower 10.91% annualized return.

XSW

• 1D: -4.18%
• 1M: 9.35%
• YTD: -6.38%
• 6M: -7.49%
• 1Y: -4.24%
• 3Y*: 11.02%
• 5Y*: 1.69%
• 10Y*: 13.33%

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)

XSW vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSW SPDR S&P Software & Services ETF	-6.38%	-0.90%	25.81%	38.60%	-34.22%	7.47%	52.41%	36.50%	7.67%	27.94%
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 XSW and USL is -0.13, 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	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Sep 30, 2011	0.19

The correlation between XSW and USL shifts across timeframes, from -0.13 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

XSW vs. USL - Sectors Allocation Comparison

Sectors	XSW	USL
Technology	86.5%	-
Financial Services	8.1%	4.5%
Communication Services	2.9%	-
Consumer Cyclical	1.0%	-
Industrials	0.8%	-
Healthcare	0.7%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XSW vs. USL — Risk / Return Rank

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

XSW

XSW Risk / Return Rank: 7
XSW Sharpe Ratio Rank: 7
XSW Sortino Ratio Rank: 7
XSW Omega Ratio Rank: 7
XSW Calmar Ratio Rank: 7
XSW Martin Ratio Rank: 7

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.

XSW vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) 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.

	XSW	USL	Difference
Sharpe ratio: Return per unit of total volatility	-0.15	2.04	-2.19
Sortino ratio: Return per unit of downside risk	-0.01	2.58	-2.59
Omega ratio: Gain probability vs. loss probability	1.00	1.34	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.13	3.47	-3.59
Martin ratio: Return relative to average drawdown	-0.27	7.02	-7.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSW vs. USL - Sharpe Ratio Comparison

The current XSW Sharpe Ratio is -0.15, which is lower than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of XSW 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

	XSW	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.15	2.04	-2.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.58	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.34	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.01	+0.62

Drawdowns

XSW vs. USL - Drawdown Comparison

The maximum XSW drawdown since its inception was -45.38%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for XSW and USL.

Drawdown Indicators

	XSW	USL	Difference
Max Drawdown Largest peak-to-trough decline	-45.38%	-89.06%	+43.68%
Max Drawdown (1Y) Largest decline over 1 year	-33.75%	-16.76%	-16.99%
Max Drawdown (3Y) Largest decline over 3 years	-33.75%	-23.33%	-10.42%
Max Drawdown (5Y) Largest decline over 5 years	-45.38%	-33.82%	-11.56%
Max Drawdown (10Y) Largest decline over 10 years	-45.38%	-66.02%	+20.64%
Current Drawdown Current decline from peak	-14.64%	-38.16%	+23.52%
Average Drawdown Average peak-to-trough decline	-9.83%	-61.46%	+51.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.71%	8.27%	+7.44%

Volatility

XSW vs. USL - Volatility Comparison

SPDR S&P Software & Services ETF (XSW) and United States 12 Month Oil Fund LP (USL) have volatilities of 10.68% 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

	XSW	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	10.53%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	23.51%	23.33%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	28.63%	28.54%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.79%	30.08%	-1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.25%	32.35%	-6.10%

XSW vs. USL - Expense Ratio Comparison

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

Dividends

XSW vs. USL - Dividend Comparison

XSW's dividend yield for the trailing twelve months is around 0.04%, 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%
XSW SPDR S&P Software & Services ETF	0.04%	0.06%	0.07%	0.20%	0.09%	0.13%	0.26%	0.12%	0.31%	0.46%	0.87%	0.54%

Frequently Asked Questions

Can I hold both XSW and USL in my portfolio?

XSW and USL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSW or USL?

XSW has higher volatility (10.68%) compared to USL (10.53%). In terms of maximum drawdown, XSW dropped -45.38% vs USL's -89.06%.

Which ETF is better, XSW or USL?

On 10-year performance, XSW leads with 13.33% vs 10.91% for USL. On fees, XSW 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, XSW or USL?

Over the 10-year period, XSW has performed better with a 13.33% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSW or USL?

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

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

XSW has the higher dividend yield at 0.04%, compared with 0.00% for USL.

What is the main difference between XSW and USL?

XSW is categorized as Technology Equities, while USL is Oil & Gas. XSW tracks S&P Software & Services 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 XSW and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs -0.15), 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.