BPH vs. UNL

Last updated Jul 12, 2026

BPH (BP p.l.c. ADRhedged ETF) and UNL (United States 12 Month Natural Gas Fund LP) are both exchange-traded funds - BPH is a Energy Equities fund actively managed by Precidian, while UNL is a Oil & Gas fund tracking the 12 Month Natural Gas. BPH is actively managed, while UNL is passively managed. At a correlation of -0.04, they often move in opposite directions. BPH charges 0.19%/yr vs 0.90%/yr for UNL.

Performance

BPH vs. UNL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BP p.l.c. ADRhedged ETF (BPH) and United States 12 Month Natural Gas Fund LP (UNL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BPH

• 1D: 1.58%
• 1M: -7.80%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UNL

• 1D: -0.41%
• 1M: -5.93%
• 6M: -10.40%
• YTD: -18.29%
• 1Y: -30.69%
• 3Y*: -18.45%
• 5Y*: -9.87%
• 10Y*: -5.23%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BPH vs. UNL - Yearly Performance Comparison

	2026 (YTD)
BPH BP p.l.c. ADRhedged ETF	-7.24%
UNL United States 12 Month Natural Gas Fund LP	-3.98%

Correlation

The correlation between BPH and UNL is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 26, 2026	-0.04

Return for Risk

BPH vs. UNL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BPH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

UNL

UNL Risk / Return Rank: 2
UNL Sharpe Ratio Rank: 2
UNL Sortino Ratio Rank: 3
UNL Omega Ratio Rank: 3
UNL Calmar Ratio Rank: 1
UNL Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BPH vs. UNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BP p.l.c. ADRhedged ETF (BPH) 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.

	BPH	UNL	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.88	—
Sortino ratio: Return per unit of downside risk	—	-1.12	—
Omega ratio: Gain probability vs. loss probability	—	0.85	—
Calmar ratio: Return relative to maximum drawdown	—	-0.94	—
Martin ratio: Return relative to average drawdown	—	-1.56	—

Drawdowns

BPH vs. UNL - Drawdown Comparison

The maximum BPH drawdown since its inception was -15.58%, smaller than the maximum UNL drawdown of -89.32%. Use the drawdown chart below to compare losses from any high point for BPH and UNL.

Drawdown Indicators

	BPH	UNL	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-89.32%	+73.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-32.78%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-49.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-78.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-78.75%	—
Current Drawdown Current decline from peak	-10.37%	-89.32%	+78.95%
Average Drawdown Average peak-to-trough decline	-6.79%	-73.43%	+66.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	19.65%	—

Volatility

Volatility by Period

	BPH	UNL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.82%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	26.30%	35.19%	-8.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.30%	41.75%	-15.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.30%	33.84%	-7.54%

BPH vs. UNL - Expense Ratio Comparison

BPH has a 0.19% expense ratio, which is lower than UNL's 0.90% expense ratio.

Dividends

BPH vs. UNL - Dividend Comparison

BPH's dividend yield for the trailing twelve months is around 0.54%, while UNL has not paid dividends to shareholders.

Position	TTM
BPH BP p.l.c. ADRhedged ETF	0.54%
UNL United States 12 Month Natural Gas Fund LP	0.00%

Frequently Asked Questions

Can I hold both BPH and UNL in my portfolio?

BPH and UNL have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BPH or UNL?

On fees, BPH is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BPH or UNL?

BPH is cheaper with a 0.19% expense ratio, compared with 0.90% for UNL.

Which ETF pays a higher dividend yield, BPH or UNL?

BPH has the higher dividend yield at 0.54%, compared with 0.00% for UNL.

What is the main difference between BPH and UNL?

BPH is categorized as Energy Equities, while UNL is Oil & Gas. They also come from different issuers: Precidian and Concierge Technologies. Their fees differ too: 0.19% for BPH and 0.90% for UNL.