BNO vs. UNL
BNO (United States Brent Oil Fund LP) and UNL (United States 12 Month Natural Gas Fund LP) are both Oil & Gas funds - BNO tracks the Crude Oil Brent ICE Near Term Futures while UNL tracks the 12 Month Natural Gas. Both are passively managed. Over the past 10 years, BNO returned 11.25%/yr vs -4.56%/yr for UNL. At a 0.12 correlation, their price movements are largely independent. BNO charges 1.00%/yr vs 0.90%/yr for UNL.
Performance
BNO vs. UNL - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 50.21% return, which is significantly higher than UNL's -13.41% return. Over the past 10 years, BNO has outperformed UNL with an annualized return of 11.25%, while UNL has yielded a comparatively lower -4.56% annualized return.
BNO
- 1D
- -1.35%
- 1M
- -22.65%
- YTD
- 50.21%
- 6M
- 47.81%
- 1Y
- 38.79%
- 3Y*
- 19.32%
- 5Y*
- 17.15%
- 10Y*
- 11.25%
UNL
- 1D
- -1.92%
- 1M
- 1.75%
- YTD
- -13.41%
- 6M
- -15.14%
- 1Y
- -30.69%
- 3Y*
- -17.95%
- 5Y*
- -7.73%
- 10Y*
- -4.56%
BNO vs. UNL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
UNL United States 12 Month Natural Gas Fund LP | -13.41% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
Correlation
The correlation between BNO and UNL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.12 |
The correlation between BNO and UNL shifts across timeframes, from 0.12 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BNO vs. UNL — Risk / Return Rank
BNO
UNL
BNO vs. UNL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and United States 12 Month Natural Gas Fund LP (UNL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BNO | UNL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.82 | ||
| Sortino ratioReturn per unit of downside risk | +2.59 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.86 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | -0.95 | +2.28 |
| Martin ratioReturn relative to average drawdown | 4.21 | -1.52 | +5.73 |
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Drawdowns
BNO vs. UNL - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, roughly equal to the maximum UNL drawdown of -89.00%. Use the drawdown chart below to compare losses from any high point for BNO and UNL.
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Drawdown Indicators
| BNO | UNL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -89.00% | +1.94% |
Max Drawdown (1Y)Largest decline over 1 year | -29.25% | -32.43% | +3.18% |
Max Drawdown (3Y)Largest decline over 3 years | -29.25% | -48.16% | +18.91% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -78.12% | +44.42% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -78.12% | +2.94% |
Current DrawdownCurrent decline from peak | -29.25% | -88.68% | +59.43% |
Average DrawdownAverage peak-to-trough decline | -40.10% | -73.39% | +33.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.28% | 20.45% | -11.17% |
Volatility
BNO vs. UNL - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 10.92% compared to United States 12 Month Natural Gas Fund LP (UNL) at 7.26%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than UNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | UNL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.92% | 7.26% | +3.66% |
Volatility (6M)Calculated over the trailing 6-month period | 37.29% | 30.37% | +6.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.67% | 35.76% | +5.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.65% | 41.76% | -6.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.68% | 33.86% | +2.82% |
BNO vs. UNL - Expense Ratio Comparison
BNO has a 1.00% expense ratio, which is higher than UNL's 0.90% expense ratio.
Dividends
BNO vs. UNL - Dividend Comparison
Neither BNO nor UNL has paid dividends to shareholders.
Frequently Asked Questions
BNO and UNL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (10.92%) compared to UNL (7.26%). In terms of maximum drawdown, BNO dropped -87.06% vs UNL's -89.00%.
On 10-year performance, BNO leads with 11.25% vs -4.56% for UNL. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 11.25% return vs -4.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNL is cheaper with a 0.90% expense ratio, compared with 1.00% for BNO.
BNO and UNL have nearly identical dividend yields, around 0.00%.
BNO tracks Crude Oil Brent ICE Near Term Futures, while UNL tracks 12 Month Natural Gas. They also come from different issuers: USCF Investments and Concierge Technologies. Their fees differ too: 1.00% for BNO and 0.90% for UNL.
BNO currently has the higher Sharpe Ratio (0.95 vs -0.86), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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