USL vs VOO
United States 12 Month Oil Fund vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. USL delivered stronger 1-year returns. VOO offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | USL | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 1.02% | 0.03% | |
| AUM | $45M | $979.0B | |
| Dividend Yield | 0.00% | 1.09% | |
| Holdings | 16 | 509 | |
| YTD Return | +53.07% | +13.44% | |
| 1Y Return | +42.78% | +22.62% | |
| 3Y Return (annualized) | +10.68% | +21.47% | |
| 5Y Return (annualized) | +15.29% | +13.27% | |
| Volatility (annualized) | 29.4% | 14.1% | |
| Max Drawdown | -89.1% | -34.3% | |
| Fund Family | USCF Investments | Vanguard (US) | |
| Category | Commodity | Equity | |
| Inception | Dec 6, 2007 | Sep 7, 2010 |
USL vs VOO Performance
United States 12 Month Oil Fund (USL) is a ETF from USCF Investments and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year USL returned +42.78% while VOO returned +22.62%. Year to date, USL is up 53.07% versus a gain of 13.44% for VOO.
Over three years, USL compounded at +10.68% per year against +21.47% for VOO; over five years the annualized figures are +15.29% and +13.27% respectively. Across the full 16-year window we track, VOO has the edge at +13.55% annualized vs -0.05%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
USL has been the more volatile fund, with annualized monthly volatility of 29.4% compared with 14.1% for VOO. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -89.1% for USL and -34.3% for VOO. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.38. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
USL charges 1.02% per year while VOO charges 0.03%. On a $10,000 position that is $102 vs $3 annually, a gap of $99 per year that compounds over a long holding period. On income, USL currently yields 0.00% against 1.09% for VOO.
Holdings Overlap
USL and VOO share 0 holdings out of 507 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, USL or VOO?
USL has an expense ratio of 1.02% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $99 per year of difference.
Which performed better, USL or VOO?
Over the past year USL returned +42.78% vs +22.62% for VOO, so USL leads on 1-year performance. Over the longest common window we track (16 years), USL annualized -0.05% vs +13.55% for VOO. Past performance does not guarantee future results.
Which is riskier, USL or VOO?
USL has been the more volatile fund at 29.4% annualized versus 14.1% for VOO. Worst drawdown: USL -89.1% vs VOO -34.3%.
Should I hold both USL and VOO?
USL and VOO have a monthly-return correlation of 0.38, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between USL and VOO?
USL and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, USL or VOO?
USL yields 0.00% while VOO yields 1.09%, so VOO currently pays the higher dividend yield.
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