FPEI vs. UNL
FPEI (First Trust Institutional Preferred Securities & Income ETF) and UNL (United States 12 Month Natural Gas Fund LP) are both exchange-traded funds - FPEI is a Preferred Stock/Convertible Bonds fund actively managed by First Trust, while UNL is a Oil & Gas fund tracking the 12 Month Natural Gas. FPEI is actively managed, while UNL is passively managed. Over the past 5 years, FPEI returned 4.04%/yr vs -9.64%/yr for UNL. At a 0.03 correlation, their price movements are largely independent. FPEI charges 0.85%/yr vs 0.90%/yr for UNL.
Performance
FPEI vs. UNL - Performance Comparison
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Returns By Period
In the year-to-date period, FPEI achieves a 2.11% return, which is significantly higher than UNL's -17.87% return.
FPEI
- 1D
- 0.03%
- 1M
- 0.44%
- 6M
- 1.69%
- YTD
- 2.11%
- 1Y
- 7.27%
- 3Y*
- 10.31%
- 5Y*
- 4.04%
- 10Y*
- —
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%
FPEI vs. UNL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 2.11% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.07% |
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% | -7.09% |
Correlation
The correlation between FPEI and UNL is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2017 | 0.03 |
The correlation between FPEI and UNL shifts across timeframes, from -0.30 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FPEI vs. UNL — Risk / Return Rank
FPEI
UNL
FPEI vs. UNL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Institutional Preferred Securities & Income ETF (FPEI) 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.
| FPEI | UNL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.86 | ||
| Sortino ratioReturn per unit of downside risk | +4.29 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 0.85 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | -0.97 | +2.98 |
| Martin ratioReturn relative to average drawdown | 9.98 | -1.60 | +11.59 |
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Drawdowns
FPEI vs. UNL - Drawdown Comparison
The maximum FPEI drawdown since its inception was -27.51%, smaller than the maximum UNL drawdown of -89.32%. Use the drawdown chart below to compare losses from any high point for FPEI and UNL.
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Drawdown Indicators
| FPEI | UNL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.51% | -89.32% | +61.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -32.78% | +29.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -49.67% | +45.41% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | -78.75% | +62.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -78.75% | — |
Current DrawdownCurrent decline from peak | -0.36% | -89.26% | +88.90% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -73.44% | +70.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 19.76% | -19.03% |
Volatility
FPEI vs. UNL - Volatility Comparison
The current volatility for First Trust Institutional Preferred Securities & Income ETF (FPEI) is 0.71%, while United States 12 Month Natural Gas Fund LP (UNL) has a volatility of 5.72%. This indicates that FPEI experiences smaller price fluctuations and is considered to be less risky 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
| FPEI | UNL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 5.72% | -5.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.10% | 28.88% | -25.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 35.12% | -31.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 41.75% | -35.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.81% | 33.84% | -25.03% |
FPEI vs. UNL - Expense Ratio Comparison
FPEI has a 0.85% expense ratio, which is lower than UNL's 0.90% expense ratio.
Dividends
FPEI vs. UNL - Dividend Comparison
FPEI's dividend yield for the trailing twelve months is around 5.74%, while UNL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.74% | 5.62% | 5.55% | 5.76% | 5.20% | 4.46% | 4.90% | 5.02% | 5.81% | 1.50% |
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% |
Frequently Asked Questions
FPEI and UNL have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNL has higher volatility (5.72%) compared to FPEI (0.71%). In terms of maximum drawdown, FPEI dropped -27.51% vs UNL's -89.32%.
On 5-year performance, FPEI leads with 4.04% vs -9.64% for UNL. On fees, FPEI is cheaper at 0.85% per year. On volatility, FPEI has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FPEI has performed better with a 4.04% return vs -9.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FPEI is cheaper with a 0.85% expense ratio, compared with 0.90% for UNL.
FPEI has the higher dividend yield at 5.74%, compared with 0.00% for UNL.
FPEI is categorized as Preferred Stock/Convertible Bonds, while UNL is Oil & Gas. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.85% for FPEI and 0.90% for UNL.
FPEI currently has the higher Sharpe Ratio (1.95 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.
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