DIG vs. UNL
DIG (ProShares Ultra Oil & Gas) and UNL (United States 12 Month Natural Gas Fund LP) are both exchange-traded funds - DIG is a Leveraged Equities fund tracking the Dow Jones U.S. Oil & Gas Index (200%), while UNL is a Oil & Gas fund tracking the 12 Month Natural Gas. Both are passively managed. Over the past 10 years, DIG returned 3.76%/yr vs -4.56%/yr for UNL. At a 0.16 correlation, their price movements are largely independent. DIG charges 0.95%/yr vs 0.90%/yr for UNL.
Performance
DIG vs. UNL - Performance Comparison
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Returns By Period
In the year-to-date period, DIG achieves a 44.39% return, which is significantly higher than UNL's -13.41% return. Over the past 10 years, DIG has outperformed UNL with an annualized return of 3.76%, while UNL has yielded a comparatively lower -4.56% annualized return.
DIG
- 1D
- 1.37%
- 1M
- -15.65%
- YTD
- 44.39%
- 6M
- 45.60%
- 1Y
- 53.89%
- 3Y*
- 19.73%
- 5Y*
- 24.80%
- 10Y*
- 3.76%
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%
DIG vs. UNL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 44.39% | 2.73% | 0.93% | -13.04% | 125.34% | 115.63% | -70.36% | 12.51% | -40.11% | -7.39% |
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 DIG and UNL is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.16 |
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Return for Risk
DIG vs. UNL — Risk / Return Rank
DIG
UNL
DIG vs. UNL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Oil & Gas (DIG) 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.
| DIG | UNL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.17 | ||
| Sortino ratioReturn per unit of downside risk | +2.89 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.86 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | -0.95 | +2.87 |
| Martin ratioReturn relative to average drawdown | 5.59 | -1.52 | +7.11 |
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Drawdowns
DIG vs. UNL - Drawdown Comparison
The maximum DIG drawdown since its inception was -97.04%, which is greater than UNL's maximum drawdown of -89.00%. Use the drawdown chart below to compare losses from any high point for DIG and UNL.
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Drawdown Indicators
| DIG | UNL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.04% | -89.00% | -8.04% |
Max Drawdown (1Y)Largest decline over 1 year | -28.23% | -32.43% | +4.20% |
Max Drawdown (3Y)Largest decline over 3 years | -42.41% | -48.16% | +5.75% |
Max Drawdown (5Y)Largest decline over 5 years | -46.02% | -78.12% | +32.10% |
Max Drawdown (10Y)Largest decline over 10 years | -92.53% | -78.12% | -14.41% |
Current DrawdownCurrent decline from peak | -57.70% | -88.68% | +30.98% |
Average DrawdownAverage peak-to-trough decline | -64.33% | -73.39% | +9.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.68% | 20.45% | -10.77% |
Volatility
DIG vs. UNL - Volatility Comparison
ProShares Ultra Oil & Gas (DIG) has a higher volatility of 14.13% compared to United States 12 Month Natural Gas Fund LP (UNL) at 7.26%. This indicates that DIG'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
| DIG | UNL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.13% | 7.26% | +6.87% |
Volatility (6M)Calculated over the trailing 6-month period | 33.67% | 30.37% | +3.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.74% | 35.76% | +5.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.53% | 41.76% | +9.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.83% | 33.86% | +23.97% |
DIG vs. UNL - Expense Ratio Comparison
DIG has a 0.95% expense ratio, which is higher than UNL's 0.90% expense ratio.
Dividends
DIG vs. UNL - Dividend Comparison
DIG's dividend yield for the trailing twelve months is around 1.72%, while UNL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 1.72% | 2.62% | 3.13% | 0.61% | 1.33% | 2.24% | 3.18% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DIG and UNL have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIG has higher volatility (14.13%) compared to UNL (7.26%). In terms of maximum drawdown, DIG dropped -97.04% vs UNL's -89.00%.
On 10-year performance, DIG leads with 3.76% 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, DIG has performed better with a 3.76% 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 0.95% for DIG.
DIG has the higher dividend yield at 1.72%, compared with 0.00% for UNL.
DIG is categorized as Leveraged Equities, while UNL is Oil & Gas. DIG tracks Dow Jones U.S. Oil & Gas Index (200%), while UNL tracks 12 Month Natural Gas. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for DIG and 0.90% for UNL.
DIG currently has the higher Sharpe Ratio (1.31 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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