BXSL vs. UNG
BXSL (Blackstone Secured Lending Fund) is a stock, while UNG (United States Natural Gas Fund LP) is Oil & Gas fund tracking the Front Month Natural Gas. Over the past 3 years, BXSL returned 7.49%/yr vs -23.83%/yr for UNG. At a 0.02 correlation, their price movements are largely independent.
Performance
BXSL vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, BXSL achieves a -6.39% return, which is significantly higher than UNG's -7.42% return.
BXSL
- 1D
- -0.21%
- 1M
- -1.08%
- YTD
- -6.39%
- 6M
- -9.95%
- 1Y
- -15.35%
- 3Y*
- 7.49%
- 5Y*
- —
- 10Y*
- —
UNG
- 1D
- 1.70%
- 1M
- 1.70%
- YTD
- -7.42%
- 6M
- -10.84%
- 1Y
- -30.62%
- 3Y*
- -23.83%
- 5Y*
- -24.47%
- 10Y*
- -21.38%
BXSL vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BXSL Blackstone Secured Lending Fund | -6.39% | -9.36% | 29.02% | 37.82% | -26.03% | 32.04% |
UNG United States Natural Gas Fund LP | -7.42% | -27.07% | -17.11% | -64.04% | 12.89% | -38.92% |
Correlation
The correlation between BXSL and UNG is -0.09, 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 (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2021 | 0.02 |
The correlation between BXSL and UNG shifts across timeframes, from -0.09 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BXSL vs. UNG — Risk / Return Rank
BXSL
UNG
BXSL vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Blackstone Secured Lending Fund (BXSL) and United States Natural Gas Fund LP (UNG). 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.
| BXSL | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.95 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | -0.67 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.01 | -0.97 | -0.04 |
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Drawdowns
BXSL vs. UNG - Drawdown Comparison
The maximum BXSL drawdown since its inception was -36.80%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for BXSL and UNG.
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Drawdown Indicators
| BXSL | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.80% | -99.88% | +63.08% |
Max Drawdown (1Y)Largest decline over 1 year | -23.47% | -43.86% | +20.39% |
Max Drawdown (3Y)Largest decline over 3 years | -24.21% | -68.16% | +43.95% |
Max Drawdown (5Y)Largest decline over 5 years | — | -92.49% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.55% | — |
Current DrawdownCurrent decline from peak | -20.54% | -99.86% | +79.32% |
Average DrawdownAverage peak-to-trough decline | -14.15% | -89.96% | +75.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.73% | 30.28% | -14.55% |
Volatility
BXSL vs. UNG - Volatility Comparison
The current volatility for Blackstone Secured Lending Fund (BXSL) is 5.42%, while United States Natural Gas Fund LP (UNG) has a volatility of 12.64%. This indicates that BXSL experiences smaller price fluctuations and is considered to be less risky than UNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BXSL | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.42% | 12.64% | -7.22% |
Volatility (6M)Calculated over the trailing 6-month period | 16.42% | 52.01% | -35.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.20% | 60.61% | -40.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.85% | 64.11% | -40.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.85% | 54.77% | -30.92% |
Dividends
BXSL vs. UNG - Dividend Comparison
BXSL's dividend yield for the trailing twelve months is around 12.91%, while UNG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BXSL Blackstone Secured Lending Fund | 12.91% | 11.70% | 9.53% | 10.64% | 13.02% | 1.56% |
UNG United States Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BXSL and UNG have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (12.64%) compared to BXSL (5.42%). In terms of maximum drawdown, BXSL dropped -36.80% vs UNG's -99.88%.
UNG currently has the higher Sharpe Ratio (-0.49 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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