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United States 12 Month Natural Gas Fund LP (UNL)
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

ETF Info

ISIN

US91288X1090

CUSIP

91288X109

Inception Date

Nov 18, 2009

Category

Oil & Gas

Leveraged

1x

Index Tracked

12 Month Natural Gas

Asset Class

Commodity

Expense Ratio

UNL has an expense ratio of 0.90%, placing it in the medium range.


Share Price Chart


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Compare to other instruments

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.


Performance

Performance Chart


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Returns By Period

United States 12 Month Natural Gas Fund LP (UNL) returned 13.10% year-to-date (YTD) and 14.22% over the past 12 months. Over the past 10 years, UNL returned -3.87% annually, underperforming the S&P 500 benchmark at 10.78%.


UNL

YTD

13.10%

1M

5.48%

6M

25.54%

1Y

14.22%

5Y*

3.12%

10Y*

-3.87%

^GSPC (Benchmark)

YTD

0.19%

1M

9.00%

6M

-1.55%

1Y

12.31%

5Y*

15.59%

10Y*

10.78%

*Annualized

Monthly Returns

The table below presents the monthly returns of UNL, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
20251.10%15.74%7.22%-12.49%3.01%13.10%
2024-1.52%-4.73%-3.85%1.29%3.95%1.35%-10.41%-1.89%8.54%-12.06%10.39%6.80%-4.78%
2023-21.24%-2.14%-12.80%-1.64%-7.02%8.78%-1.78%0.40%-4.23%7.81%-18.33%-10.44%-50.20%
202228.47%-5.22%25.93%25.10%10.72%-27.44%34.11%14.24%-20.31%-4.54%7.98%-24.20%47.01%
20214.87%4.65%-5.28%6.84%0.95%19.62%6.88%8.18%23.28%-1.65%-7.43%-11.28%54.41%
2020-8.70%-6.40%6.97%12.13%-9.07%-3.07%2.37%14.69%-3.48%7.68%-10.27%-8.55%-9.54%
20194.11%1.07%-3.45%-4.00%-3.97%-5.84%-1.59%-2.84%1.44%3.15%-7.67%-0.29%-18.78%
20184.80%-4.98%0.86%-1.27%4.52%0.50%-4.14%1.65%1.15%3.77%17.18%-9.86%12.53%
2017-7.61%-9.44%8.49%2.17%-5.54%-2.54%-3.54%3.88%-0.21%-3.51%0.62%-5.27%-21.47%
2016-1.41%-16.68%10.99%8.48%-0.52%11.53%-0.85%-2.75%-1.17%1.28%3.51%9.97%20.55%
2015-7.01%1.23%-3.03%0.65%-3.15%3.99%-3.01%-3.81%-5.55%-8.79%-5.74%0.18%-29.78%
20147.19%2.64%-2.97%7.50%-5.60%-1.51%-10.57%4.05%-0.83%-5.86%1.47%-19.99%-24.74%

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of UNL is 40, indicating average performance compared to other ETFs on our website. Here’s a breakdown of how it compares using common performance measures.


The Risk-Adjusted Performance Rank of UNL is 4040
Overall Rank
The Sharpe Ratio Rank of UNL is 3939
Sharpe Ratio Rank
The Sortino Ratio Rank of UNL is 5353
Sortino Ratio Rank
The Omega Ratio Rank of UNL is 4343
Omega Ratio Rank
The Calmar Ratio Rank of UNL is 2727
Calmar Ratio Rank
The Martin Ratio Rank of UNL is 3535
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

The charts below present risk-adjusted performance metrics for United States 12 Month Natural Gas Fund LP (UNL) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.


The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

United States 12 Month Natural Gas Fund LP Sharpe ratios as of May 15, 2025 (values are recalculated daily):

  • 1-Year: 0.41
  • 5-Year: 0.08
  • 10-Year: -0.12
  • All Time: -0.33

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

The chart below shows the rolling Sharpe ratio of United States 12 Month Natural Gas Fund LP compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time. For deeper analysis or to customize the calculation, use the Sharpe ratio tool.


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Dividends

Dividend History


United States 12 Month Natural Gas Fund LP doesn't pay dividends

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.


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Worst Drawdowns

The table below displays the maximum drawdowns of the United States 12 Month Natural Gas Fund LP. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the United States 12 Month Natural Gas Fund LP was 88.01%, occurring on Nov 1, 2024. The portfolio has not yet recovered.

The current United States 12 Month Natural Gas Fund LP drawdown is 83.80%.


Depth

Start

To Bottom

Bottom

To Recover

End

Total

-88.01%Dec 29, 20093703Nov 1, 2024
-12.47%Nov 30, 20094Dec 3, 20095Dec 10, 20099
-2%Dec 21, 20091Dec 21, 20092Dec 23, 20093
-1.98%Dec 11, 20091Dec 11, 20091Dec 14, 20092
-1.92%Dec 24, 20091Dec 24, 20091Dec 28, 20092

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.


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