United States 12 Month Oil Fund LP (USL) Performance
USL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +92.3% since Dec 31, 2025
- 1 year
- +83.7% total return
- 5 years
- +16.8% a year
- 10 years
- +12.6% a year
- Since first price
- +1.2% a year since 2007
USL trailing returns vs SPY, QQQ, AGG
| Period | USL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +13.4% | +13.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +23.4% | +23.4% | +3.2% | +1.9% | −0.4% |
| 6 months | +24.7% | +24.7% | +7.8% | +8.4% | −1.5% |
| YTD | +92.3% | +92.3% | +12.3% | +15.1% | −1.0% |
| 1 year | +83.7% | +83.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +61.5%+17.3%/yr | +61.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +117.3%+16.8%/yr | +117.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +227.9%+12.6%/yr | +227.9% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +65.7%+3.4%/yr | +65.7% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionDec 6, 2007 | +24.6%+1.2%/yr | +24.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: USL vs SPY
From Dec 6, 2007: USL grew to $12,465, SPY to $71,242.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
USL returns by calendar year
10 of 18 full years positive. Best 2021 (+62.5%), worst 2008 (−44.7%). 2026 is year to date.
USL annual returns table
| Year | USL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +92.3% | −20.9% | +12.3% | +15.1% | −1.0% |
| 2025 | −12.4% | −21.7% | +17.7% | +20.8% | +7.2% |
| 2024 | +8.3% | −16.7% | +24.9% | +25.6% | +1.3% |
| 2023 | −1.1% | −17.1% | +26.2% | +54.9% | +5.7% |
| 2022 | +27.1% | −30.2% | −18.2% | −32.6% | −13.0% |
| 2021 | +62.5% | −17.9% | +28.7% | +27.4% | −1.8% |
| 2020 | −25.2% | −59.3% | +18.3% | +48.6% | +7.5% |
| 2019 | +28.0% | −20.0% | +31.2% | +39.0% | +8.5% |
| 2018 | −14.1% | −39.2% | −4.6% | −0.1% | +0.1% |
| 2017 | +2.5% | −24.1% | +21.7% | +32.7% | +3.6% |
| 2016 | +19.9% | −20.0% | +12.0% | +7.1% | +2.4% |
| 2015 | −36.5% | −41.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −37.5% | −44.0% | +13.5% | +19.2% | +6.0% |
| 2013 | +8.1% | −12.1% | +32.3% | +36.6% | −2.0% |
| 2012 | −8.8% | −27.5% | +16.0% | +18.1% | +3.8% |
| 2011 | +0.9% | −33.0% | +1.9% | +3.4% | +7.7% |
| 2010 | +6.5% | −21.0% | +15.1% | +19.9% | +6.4% |
| 2009 | +35.4% | −25.3% | +26.4% | +54.7% | +3.0% |
| 2008 | −44.7% | −67.9% | −36.8% | −41.7% | +7.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
USL largest drawdowns
Now 27.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 11, 2008 | −89.1% | Apr 28, 2020 | not yet | 11.8 years | 18.3 years so far |
| Mar 13, 2008 | −10.8% | Mar 19, 2008 | Apr 7, 2008 | 6 days | 25 days |
| Jan 3, 2008 | −10.4% | Jan 24, 2008 | Feb 19, 2008 | 21 days | 47 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
USL risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +12.5% | +16.1% | +11.8% | +0.3% |
| Volatility (annualized) | 25.4% | 25.9% | 29.4% | 29.5% |
| Sharpe ratio | 0.41 | 0.56 | 0.45 | 0.12 |
| Sortino ratio | 0.72 | 0.96 | 0.68 | 0.16 |
| Best month | +25.7% | +25.7% | +27.5% | +27.5% |
| Worst month | −16.0% | −16.0% | −32.4% | −32.4% |
| Best 12 months | +67.1% | +67.1% | +114.4% | +114.4% |
| Worst 12 months | −19.7% | −26.2% | −54.9% | −55.1% |
| Positive months | 53% | 55% | 57% | 54% |
| Beta vs S&P 500 | -0.17 | 0.19 | 0.67 | — |
| Correlation with S&P 500 | -0.08 | 0.11 | 0.35 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
USL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 215 | −55.1% | +0.1% | +114.4% | 50% |
| 3-year (a year) | 191 | −29.1% | +0.3% | +47.5% | 51% |
| 5-year (a year) | 167 | −19.6% | −0.9% | +25.5% | 49% |
| 10-year (a year) | 107 | −13.1% | −2.1% | +13.5% | 25% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
USL performance overview
United States 12 Month Oil Fund LP (USL) returned +83.7% over the past year and +12.6% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +1.2% a year, turning $10,000 into about $12,465. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −89.1%, from Jul 11, 2008 to Apr 28, 2020; the fund has not yet regained that high. USL finished 10 of its 18 full calendar years with a gain; the best year was 2021 (+62.5%) and the worst 2008 (−44.7%). Volatility has been 29.5% a year.
Related: USL chart. See the USL overview for the latest quote and fund facts.
USL performance FAQ
What is the USL return over the past year?
USL returned +83.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 83.7%.
What is the average annual return of USL?
USL has returned +16.8% a year over 5 years, +12.6% a year over 10 years, +1.2% a year since December 6, 2007 (total return, distributions reinvested).
How much would $10,000 invested in USL be worth?
$10,000 invested in USL at its first recorded close on December 6, 2007 would be worth about $12,465 on October 23, 2026 with distributions reinvested.
What was the worst year for USL?
The worst calendar year was 2008, with a total return of −44.7%. The best was 2021 at +62.5%.
What is the biggest drawdown of USL?
The largest peak-to-trough decline was −89.1% between July 11, 2008 and April 28, 2020. It has not yet recovered to that high; it is 27.1% below its peak.
How volatile is USL?
Over the past 3 years USL had an annualized volatility of 25.4% and a Sharpe ratio of 0.41 (excess return over 1–3 month T-bills per unit of risk).