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USL vs USO

United States 12 Month Oil Fund

USLCNYSE Arca

United States Oil Fund, LP

USOBNYSE Arca

Overlap

Expense ratio

USO −0.15pt a year

USL1.01%USO0.86%

Avg volume · 30D

USO 531.5×the volume

USL10.8KUSO5.73M

10Y return · a year

USL +6.3pt

USL+13.5%USO+7.2%

USL vs USO Performance

Oct 29, 2021 – Oct 30, 2026

+122.2%USL+195.4%USO

Oct 29, 2021 to Oct 30, 2026. USL +122.2%. USO +195.4%. Use the arrow keys to read each point.0%50%150%Oct 2021Apr 2024Oct 2026
Expense ratio
USL 1.01%
USO 0.86%, better
Fund size
USL $52M
USO $1.95B
1Y total return
USL +85.0%
USO +132.7%, better
Holdings
USL 16
USO 17
Avg volume (30D)
USL 10.8K sh
USO 5.73M sh, better
NAV per share
USL $65.01
USO $170.39
52W range

ETF.net Grade

USL: Cost 47, Risk 70, Mission not scored, Tradability 47, Holdings not scored, Durability 37. USO: Cost 65, Risk 43, Mission not scored, Tradability 70, Holdings 100, Durability 71.
Pillar letters and Scores for USL, USO, with each pillar’s weight
PillarUSLUSO
Cost30% weightC47B65Higher
Mission25% weightNot scoredNot scored
Risk15% weightA70HigherC43
Tradability15% weightC47A70Higher
Holdings10% weightNot scoredA100
Durability5% weightD37A71Higher

Rank among Energy Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. USL and USO are both graded against the same 11 Energy Futures funds, so their Grades compare head to head.

Energy Futures⁠

Category · 11 funds
See all 11 ›

USO ranks 4th and USL 5th of 11 funds in the Energy Futures Category.

  1. Rank 1AOILKProShares K-1 Free Crude Oil ETFScore 79
  2. Rank 2BDBEInvesco DB Energy FundScore 69
  3. Rank 3BDBOInvesco DB Oil FundScore 67
  4. Rank 4BUSOUnited States Oil Fund, LPScore 61
  5. Rank 5CUSLUnited States 12 Month Oil FundScore 51
  6. Rank 6CUGAUnited States Gasoline Fund, LPScore 47

Our read on each fund

ETF.net Research

USLCUnited States 12 Month Oil Fund

USOBUnited States Oil Fund, LP

In short

USL Oil exposure without the front-month cliff. USL spreads equal weight across 12 consecutive months of WTI futures, so each monthly roll touches only about a twelfth of the book. It has run that ladder since 2007.

USO The original US crude oil ETF, trading since 2006 and still one of the busiest ways to get WTI exposure without opening a futures account. It holds oil futures near the front of the curve, not barrels in a tank.

Stated mandate

USL USL seeks to track daily percentage changes in the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, using specified short-term crude-oil futures contracts, plus collateral interest and less expenses.

USO USO seeks daily NAV percentage changes that reflect changes in the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, measured by the Benchmark Oil Futures Contract, plus collateral interest and less expenses.

Why people hold it

  • USL Holds the near-month NYMEX WTI contract plus the next 11, each equally weighted, so no single expiration dominates the portfolio.sec.gov
  • Expenses of 1.01% sit below the median fee in its energy-futures peer group, though OILK (0.69%) and DBO (0.81%) come cheaper.
  • Trading since December 2007, it has carried the same 12-contract benchmark rule through multiple crude cycles.sec.gov
  • USO Cheap for this corner of the market: 0.86% a year against a cohort median of 1.08%.
  • Live since 2006 and one of the most actively traded funds in its category, so bids and offers are usually there when you need them.
  • Targets daily moves in light, sweet crude delivered to Cushing, Oklahoma, via its benchmark futures contract. No margin account, no expiries to roll yourself.sec.gov
  • Since April 2020 the portfolio has reached past pure front-month into later-dated contracts, a change the fund disclosed in its filings.sec.gov

Worth knowing

  • USL Structured as a limited partnership, so tax season brings a Schedule K-1 rather than a 1099. Peer OILK is built to skip that step.sec.gov
  • It tracks an average of 12 futures contracts, not the spot barrel. USCF states contango and backwardation have affected returns versus spot crude.sec.gov
  • A small fund that trades thinly, so bid-ask spreads can run wider than the category's headline oil funds.
  • USO It's a commodity pool, so tax season brings a Schedule K-1 rather than a 1099. Peer OILK is built specifically to skip that paperwork.uscfinvestments.com
  • Futures, not barrels. Rolling contracts forward can cost when later months trade above nearer ones, which pulls results away from headline spot oil.sec.gov
  • One commodity, one price driver, and no income stream: the fund hasn't been paying distributions, so everything rides on the oil move.

Full USL profile⁠

Full USO profile⁠

USL vs USO Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

USL vs USO Cost

Overpaying USL vs USO

$2,482

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • USL 1.01%

    $18,850

  • USO 0.86%

    $16,368

$10,000
30 years

Cost over time

  • USL 1.01%
  • USO 0.86%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530USL $18,850USO $16,368

Year by year

YearUSLUSOOverpaying
10$1,780$1,525$255
20$6,686$5,768$918
30$18,850$16,368$2,482

Expense ratio

  • 1.01%USL
  • 0.86%USO, cheaper
  • Middle half of Energy Futures funds
  • Median 1.01%

USO 4th cheapest of 11 funds

USL 6th cheapest of 11 funds

USL vs USO Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
USL None
USO None

Distribution history

USLAll USL payments⁠

No distribution history available.

USOAll USO payments⁠

No distribution history available.

USL vs USO Risk

Fall from peak · 5 years

  • USL
  • USO
Oct 29, 2021 to Oct 30, 2026. Worst fall: USO −36.2% · Mar 2023. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
USL 26.1%, betterUSO 43.1%
Return per unit of riskSharpe ratio, 3 years
USL 0.62USO 0.71, better
Worst fallMax drawdown, 5 years
USL −33.8%, betterUSO −36.2%
Market sensitivityBeta, 5 years
USL 1.36USO 2.22

USL and USO in the news

All news⁠

Popular comparisons

  • USLCvsOILKA

    United States 12 Month Oil Fund · ProShares K-1 Free Crude Oil ETF

    Expense ratio
    1.01% · 0.70%
    Category
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  • USOBvsOILKA

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  • USOBvsDBEB

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    Expense ratio
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    Category
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  • USLCvsDBOB

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    Expense ratio
    1.01% · 0.81%
    Category
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  • USOBvsDBOB

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    Expense ratio
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    Category
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