KJUL vs. UNL
KJUL (Innovator Russell 2000 Power Buffer ETF - July) and UNL (United States 12 Month Natural Gas Fund LP) are both exchange-traded funds - KJUL is a Defined Outcome fund tracking the iShares Russell 2000 ETF, while UNL is a Oil & Gas fund tracking the 12 Month Natural Gas. Both are passively managed. Over the past 5 years, KJUL returned 5.25%/yr vs -9.87%/yr for UNL. At a 0.01 correlation, their price movements are largely independent. KJUL charges 0.79%/yr vs 0.90%/yr for UNL.
Performance
KJUL vs. UNL - Performance Comparison
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Returns By Period
In the year-to-date period, KJUL achieves a 5.97% return, which is significantly higher than UNL's -18.29% return.
KJUL
- 1D
- -0.52%
- 1M
- -0.72%
- 6M
- 3.91%
- YTD
- 5.97%
- 1Y
- 13.69%
- 3Y*
- 8.92%
- 5Y*
- 5.25%
- 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%
KJUL vs. UNL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
KJUL Innovator Russell 2000 Power Buffer ETF - July | 5.97% | 7.70% | 8.69% | 11.78% | -8.44% | 2.51% | 10.84% |
UNL United States 12 Month Natural Gas Fund LP | -18.29% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | 0.13% |
Correlation
The correlation between KJUL and UNL is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2020 | 0.01 |
The correlation between KJUL and UNL shifts across timeframes, from -0.31 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
KJUL vs. UNL — Risk / Return Rank
KJUL
UNL
KJUL vs. UNL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Russell 2000 Power Buffer ETF - July (KJUL) 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.
| KJUL | UNL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.73 | ||
| Sortino ratioReturn per unit of downside risk | +3.91 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.85 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 4.01 | -0.94 | +4.95 |
| Martin ratioReturn relative to average drawdown | 15.56 | -1.56 | +17.12 |
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Drawdowns
KJUL vs. UNL - Drawdown Comparison
The maximum KJUL drawdown since its inception was -16.69%, smaller than the maximum UNL drawdown of -89.32%. Use the drawdown chart below to compare losses from any high point for KJUL and UNL.
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Drawdown Indicators
| KJUL | UNL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.69% | -89.32% | +72.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.42% | -32.78% | +29.36% |
Max Drawdown (3Y)Largest decline over 3 years | -14.45% | -49.67% | +35.22% |
Max Drawdown (5Y)Largest decline over 5 years | -16.69% | -78.75% | +62.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -78.75% | — |
Current DrawdownCurrent decline from peak | -1.11% | -89.32% | +88.21% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -73.43% | +69.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 19.65% | -18.77% |
Volatility
KJUL vs. UNL - Volatility Comparison
The current volatility for Innovator Russell 2000 Power Buffer ETF - July (KJUL) is 1.25%, while United States 12 Month Natural Gas Fund LP (UNL) has a volatility of 5.82%. This indicates that KJUL 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
| KJUL | UNL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 5.82% | -4.57% |
Volatility (6M)Calculated over the trailing 6-month period | 4.63% | 29.30% | -24.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.42% | 35.19% | -27.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.30% | 41.75% | -29.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.58% | 33.84% | -22.26% |
KJUL vs. UNL - Expense Ratio Comparison
KJUL has a 0.79% expense ratio, which is lower than UNL's 0.90% expense ratio.
Dividends
KJUL vs. UNL - Dividend Comparison
Neither KJUL nor UNL has paid dividends to shareholders.
Frequently Asked Questions
KJUL and UNL have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNL has higher volatility (5.82%) compared to KJUL (1.25%). In terms of maximum drawdown, KJUL dropped -16.69% vs UNL's -89.32%.
On 5-year performance, KJUL leads with 5.25% vs -9.87% for UNL. On fees, KJUL is cheaper at 0.79% per year. On volatility, KJUL has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KJUL has performed better with a 5.25% return vs -9.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KJUL is cheaper with a 0.79% expense ratio, compared with 0.90% for UNL.
KJUL and UNL have nearly identical dividend yields, around 0.00%.
KJUL is categorized as Defined Outcome, while UNL is Oil & Gas. KJUL tracks iShares Russell 2000 ETF, while UNL tracks 12 Month Natural Gas. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for KJUL and 0.90% for UNL.
KJUL currently has the higher Sharpe Ratio (1.85 vs -0.88), 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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