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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in United States 12 Month Natural Gas Fund LP, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
United States 12 Month Natural Gas Fund LP (UNL) has returned -6.50% so far this year and -32.68% over the past 12 months. Over the last ten years, UNL has returned -2.45% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
United States 12 Month Natural Gas Fund LP
- 1D
- -1.99%
- 1M
- 0.15%
- YTD
- -6.50%
- 6M
- -11.42%
- 1Y
- -32.68%
- 3Y*
- -15.85%
- 5Y*
- -2.73%
- 10Y*
- -2.45%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jan 4, 2010, UNL's average daily return is -0.03%, while the average monthly return is -0.67%.
Historically, 44% of months were positive and 56% were negative. The best month was Jul 2022 with a return of +34.1%, while the worst month was Jun 2022 at -27.4%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 11 months.
On a daily basis, UNL closed higher 49% of trading days. The best single day was Jul 7, 2022 with a return of +9.5%, while the worst single day was Feb 2, 2026 at -16.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 17.75% | -20.71% | 0.15% | -6.50% | |||||||||
| 2025 | 1.10% | 15.74% | 7.22% | -12.49% | -3.01% | 0.14% | -7.60% | -2.98% | -0.26% | 3.59% | 1.70% | -10.08% | -9.67% |
| 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% | -7.03% | 8.83% | -1.81% | 0.40% | -4.22% | 7.80% | -18.33% | -10.44% | -50.20% |
| 2022 | 28.46% | -5.22% | 25.93% | 25.10% | 10.72% | -27.44% | 34.11% | 14.24% | -20.31% | -4.54% | 7.98% | -24.20% | 47.01% |
| 2021 | 4.87% | 4.65% | -5.28% | 6.81% | 0.98% | 19.62% | 6.91% | 8.15% | 23.28% | -1.65% | -7.43% | -11.27% | 54.42% |
Benchmark Metrics
United States 12 Month Natural Gas Fund LP has an annualized alpha of -9.21%, beta of 0.13, and R² of 0.01 versus S&P 500 Index. Calculated based on daily prices since January 05, 2010.
- This ETF participated in 77.26% of S&P 500 Index downside but only -6.71% of its upside — more exposed to losses than it benefited from rallies.
- Beta of 0.13 may look defensive, but with R² of 0.01 this ETF is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R² of 0.01 means this ETF moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -9.21%
- Beta
- 0.13
- R²
- 0.01
- Upside Capture
- -6.71%
- Downside Capture
- 77.26%
Expense Ratio
UNL has an expense ratio of 0.90%, placing it in the medium range.
Return for Risk
Risk / Return Rank
UNL ranks 1 for risk / return — in the bottom 1% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for United States 12 Month Natural Gas Fund LP (UNL) and compare them to a chosen benchmark (S&P 500 Index).
| UNL | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.84 | 0.90 | -1.73 |
Sortino ratioReturn per unit of downside risk | -1.06 | 1.39 | -2.45 |
Omega ratioGain probability vs. loss probability | 0.86 | 1.21 | -0.35 |
Calmar ratioReturn relative to maximum drawdown | -0.87 | 1.40 | -2.27 |
Martin ratioReturn relative to average drawdown | -1.41 | 6.61 | -8.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore UNL risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
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 88.52%, occurring on Jan 9, 2026. The portfolio has not yet recovered.
The current United States 12 Month Natural Gas Fund LP drawdown is 87.78%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -88.52% | Jan 7, 2010 | 4027 | Jan 9, 2026 | — | — | — |
| -2.92% | Jan 5, 2010 | 1 | Jan 5, 2010 | 1 | Jan 6, 2010 | 2 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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