DBO vs. UNL

Last updated Jul 15, 2026

DBO (Invesco DB Oil Fund) and UNL (United States 12 Month Natural Gas Fund LP) are both Oil & Gas funds - DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return while UNL tracks the 12 Month Natural Gas. Both are passively managed. Over the past 10 years, DBO returned 10.29%/yr vs -5.18%/yr for UNL. At a 0.13 correlation, their price movements are largely independent. DBO charges 0.78%/yr vs 0.90%/yr for UNL.

Performance

DBO vs. UNL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and United States 12 Month Natural Gas Fund LP (UNL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBO achieves a 63.77% return, which is significantly higher than UNL's -17.87% return. Over the past 10 years, DBO has outperformed UNL with an annualized return of 10.29%, while UNL has yielded a comparatively lower -5.18% annualized return.

DBO

• 1D: 1.99%
• 1M: -2.35%
• 6M: 54.17%
• YTD: 63.77%
• 1Y: 51.26%
• 3Y*: 14.96%
• 5Y*: 12.44%
• 10Y*: 10.29%

UNL

• 1D: 0.52%
• 1M: -5.44%
• 6M: -11.25%
• YTD: -17.87%
• 1Y: -31.67%
• 3Y*: -18.31%
• 5Y*: -9.64%
• 10Y*: -5.18%

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

DBO vs. UNL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	63.77%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%
UNL United States 12 Month Natural Gas Fund LP	-17.87%	-9.67%	-4.78%	-50.20%	47.01%	54.42%	-9.54%	-18.78%	12.53%	-21.47%

Correlation

The correlation between DBO and UNL is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
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	0.14
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.13

The correlation between DBO and UNL shifts across timeframes, from 0.13 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DBO vs. UNL — Risk / Return Rank

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

DBO

DBO Risk / Return Rank: 47
DBO Sharpe Ratio Rank: 52
DBO Sortino Ratio Rank: 52
DBO Omega Ratio Rank: 47
DBO Calmar Ratio Rank: 46
DBO Martin Ratio Rank: 40

UNL

UNL Risk / Return Rank: 2
UNL Sharpe Ratio Rank: 2
UNL Sortino Ratio Rank: 3
UNL Omega Ratio Rank: 2
UNL Calmar Ratio Rank: 0
UNL Martin Ratio Rank: 0

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.

DBO vs. UNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) 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.

	DBO	UNL	Difference
Sharpe ratio: Return per unit of total volatility	1.43	-0.91	+2.34
Sortino ratio: Return per unit of downside risk	2.06	-1.17	+3.24
Omega ratio: Gain probability vs. loss probability	1.25	0.85	+0.40
Calmar ratio: Return relative to maximum drawdown	1.86	-0.97	+2.83
Martin ratio: Return relative to average drawdown	5.02	-1.60	+6.63

DBO vs. UNL - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 1.43, which is higher than the UNL Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of DBO and UNL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBO vs. UNL - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, roughly equal to the maximum UNL drawdown of -89.32%. Use the drawdown chart below to compare losses from any high point for DBO and UNL.

Drawdown Indicators

	DBO	UNL	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-89.32%	-0.86%
Max Drawdown (1Y) Largest decline over 1 year	-27.73%	-32.78%	+5.05%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-49.67%	+21.47%
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	-78.75%	+41.07%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	-78.75%	+17.06%
Current Drawdown Current decline from peak	-56.90%	-89.26%	+32.36%
Average Drawdown Average peak-to-trough decline	-62.22%	-73.44%	+11.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.23%	19.76%	-9.53%

Volatility

DBO vs. UNL - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 14.35% compared to United States 12 Month Natural Gas Fund LP (UNL) at 5.72%. This indicates that DBO'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.

Volatility by Period

	DBO	UNL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.35%	5.72%	+8.63%
Volatility (6M) Calculated over the trailing 6-month period	31.17%	28.88%	+2.29%
Volatility (1Y) Calculated over the trailing 1-year period	36.05%	35.12%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.93%	41.75%	-8.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.92%	33.84%	-1.92%

DBO vs. UNL - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is lower than UNL's 0.90% expense ratio.

Dividends

DBO vs. UNL - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.14%, while UNL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.14%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
UNL United States 12 Month Natural Gas Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBO and UNL in my portfolio?

DBO and UNL have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBO or UNL?

DBO has higher volatility (14.35%) compared to UNL (5.72%). In terms of maximum drawdown, DBO dropped -90.18% vs UNL's -89.32%.

Which ETF is better, DBO or UNL?

On 10-year performance, DBO leads with 10.29% vs -5.18% for UNL. On fees, DBO is cheaper at 0.78% per year. On volatility, UNL has been the lower-risk option at 5.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBO or UNL?

Over the 10-year period, DBO has performed better with a 10.29% return vs -5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or UNL?

DBO is cheaper with a 0.78% expense ratio, compared with 0.90% for UNL.

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

DBO has the higher dividend yield at 2.14%, compared with 0.00% for UNL.

What is the main difference between DBO and UNL?

DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while UNL tracks 12 Month Natural Gas. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.78% for DBO and 0.90% for UNL.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.43 vs -0.91), 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.