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 from Concierge Technologies - BNO tracks the Front Month Brent Crude Oil while UNL tracks the 12 Month Natural Gas. Both are passively managed. Over the past 10 years, BNO returned 13.60%/yr vs -3.81%/yr for UNL. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.90% expense ratio.
Performance
BNO vs. UNL - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 90.47% return, which is significantly higher than UNL's -11.00% return. Over the past 10 years, BNO has outperformed UNL with an annualized return of 13.60%, while UNL has yielded a comparatively lower -3.81% annualized return.
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
UNL
- 1D
- 1.21%
- 1M
- -1.96%
- YTD
- -11.00%
- 6M
- -23.47%
- 1Y
- -28.37%
- 3Y*
- -14.70%
- 5Y*
- -5.77%
- 10Y*
- -3.81%
BNO vs. UNL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 90.47% | -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 | -11.00% | -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 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
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 3, 2010 | 0.12 |
The correlation between BNO and UNL shifts across timeframes, from 0.12 (all time) to 0.24 (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.
| BNO | UNL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.02 | ||
| Sortino ratioReturn per unit of downside risk | +3.70 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.87 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 5.17 | -0.81 | +5.98 |
| Martin ratioReturn relative to average drawdown | 9.76 | -1.30 | +11.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BNO | UNL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | -0.79 | +3.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | -0.14 | +0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | -0.11 | +0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | -0.40 | +0.54 |
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 | -17.87% | -35.11% | +17.24% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -48.16% | +24.41% |
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 | -10.29% | -88.37% | +78.08% |
Average DrawdownAverage peak-to-trough decline | -40.17% | -73.36% | +33.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.45% | 21.92% | -12.47% |
Volatility
BNO vs. UNL - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 14.22% compared to United States 12 Month Natural Gas Fund LP (UNL) at 8.36%. 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 | 14.22% | 8.36% | +5.86% |
Volatility (6M)Calculated over the trailing 6-month period | 36.10% | 32.00% | +4.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.46% | 35.82% | +5.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 41.76% | -6.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.68% | 33.84% | +2.84% |
BNO vs. UNL - Expense Ratio Comparison
Both BNO and UNL have an expense ratio of 0.90%.
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 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to UNL (8.36%). In terms of maximum drawdown, BNO dropped -87.06% vs UNL's -89.00%.
On 10-year performance, BNO leads with 13.60% vs -3.81% for UNL. Both ETFs have the same 0.90% expense ratio. On volatility, UNL has been the lower-risk option at 8.36%. 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 13.60% return vs -3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO and UNL have the same expense ratio: 0.90% per year.
BNO and UNL have nearly identical dividend yields, around 0.00%.
BNO tracks Front Month Brent Crude Oil, while UNL tracks 12 Month Natural Gas.
BNO currently has the higher Sharpe Ratio (2.23 vs -0.79), 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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