UGA vs. UNL

Last updated Jun 26, 2026

UGA (United States Gasoline Fund LP) and UNL (United States 12 Month Natural Gas Fund LP) are both Oil & Gas funds from Concierge Technologies - UGA tracks the Front Month Unleaded Gasoline while UNL tracks the 12 Month Natural Gas. Both are passively managed. Over the past 10 years, UGA returned 14.74%/yr vs -4.51%/yr for UNL. At a 0.10 correlation, their price movements are largely independent. UGA charges 0.75%/yr vs 0.90%/yr for UNL.

Performance

UGA vs. UNL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Gasoline Fund LP (UGA) 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, UGA achieves a 66.14% return, which is significantly higher than UNL's -12.13% return. Over the past 10 years, UGA has outperformed UNL with an annualized return of 14.74%, while UNL has yielded a comparatively lower -4.51% annualized return.

UGA

• 1D: 4.14%
• 1M: -5.40%
• YTD: 66.14%
• 6M: 62.36%
• 1Y: 70.24%
• 3Y*: 19.22%
• 5Y*: 23.21%
• 10Y*: 14.74%

UNL

• 1D: 0.08%
• 1M: 4.43%
• YTD: -12.13%
• 6M: -12.25%
• 1Y: -27.78%
• 3Y*: -17.72%
• 5Y*: -7.87%
• 10Y*: -4.51%

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

UGA vs. UNL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGA United States Gasoline Fund LP	66.14%	-2.00%	3.77%	1.27%	46.34%	68.49%	-24.88%	41.25%	-28.07%	1.69%
UNL United States 12 Month Natural Gas Fund LP	-12.13%	-9.67%	-4.78%	-50.20%	47.01%	54.42%	-9.54%	-18.78%	12.53%	-21.47%

Correlation

The correlation between UGA 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	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.10

Return for Risk

UGA vs. UNL — Risk / Return Rank

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

UGA

UGA Risk / Return Rank: 69
UGA Sharpe Ratio Rank: 73
UGA Sortino Ratio Rank: 63
UGA Omega Ratio Rank: 64
UGA Calmar Ratio Rank: 77
UGA Martin Ratio Rank: 67

UNL

UNL Risk / Return Rank: 3
UNL Sharpe Ratio Rank: 3
UNL Sortino Ratio Rank: 4
UNL Omega Ratio Rank: 3
UNL Calmar Ratio Rank: 2
UNL Martin Ratio Rank: 2

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.

UGA vs. UNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) 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.

	UGA	UNL	Difference
Sharpe ratio: Return per unit of total volatility	2.03	-0.78	+2.82
Sortino ratio: Return per unit of downside risk	2.55	-0.95	+3.50
Omega ratio: Gain probability vs. loss probability	1.34	0.88	+0.46
Calmar ratio: Return relative to maximum drawdown	3.47	-0.86	+4.33
Martin ratio: Return relative to average drawdown	10.69	-1.37	+12.05

UGA vs. UNL - Sharpe Ratio Comparison

The current UGA Sharpe Ratio is 2.03, which is higher than the UNL Sharpe Ratio of -0.78. The chart below compares the historical Sharpe Ratios of UGA 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

UGA vs. UNL - Drawdown Comparison

The maximum UGA drawdown since its inception was -86.59%, roughly equal to the maximum UNL drawdown of -89.00%. Use the drawdown chart below to compare losses from any high point for UGA and UNL.

Drawdown Indicators

	UGA	UNL	Difference
Max Drawdown Largest peak-to-trough decline	-86.59%	-89.00%	+2.41%
Max Drawdown (1Y) Largest decline over 1 year	-20.32%	-32.43%	+12.11%
Max Drawdown (3Y) Largest decline over 3 years	-26.68%	-48.16%	+21.48%
Max Drawdown (5Y) Largest decline over 5 years	-38.11%	-78.12%	+40.01%
Max Drawdown (10Y) Largest decline over 10 years	-75.89%	-78.12%	+2.23%
Current Drawdown Current decline from peak	-17.02%	-88.51%	+71.49%
Average Drawdown Average peak-to-trough decline	-36.69%	-73.39%	+36.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.59%	20.38%	-13.79%

Volatility

UGA vs. UNL - Volatility Comparison

United States Gasoline Fund LP (UGA) has a higher volatility of 8.84% compared to United States 12 Month Natural Gas Fund LP (UNL) at 6.94%. This indicates that UGA'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

	UGA	UNL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.84%	6.94%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	30.92%	30.32%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	34.74%	35.61%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.52%	41.75%	-7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.24%	33.85%	+3.39%

UGA vs. UNL - Expense Ratio Comparison

UGA has a 0.75% expense ratio, which is lower than UNL's 0.90% expense ratio.

Dividends

UGA vs. UNL - Dividend Comparison

Neither UGA nor UNL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UGA and UNL in my portfolio?

UGA 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.

Which is riskier, UGA or UNL?

UGA has higher volatility (8.84%) compared to UNL (6.94%). In terms of maximum drawdown, UGA dropped -86.59% vs UNL's -89.00%.

Which ETF is better, UGA or UNL?

On 10-year performance, UGA leads with 14.74% vs -4.51% for UNL. On fees, UGA is cheaper at 0.75% per year. On volatility, UNL has been the lower-risk option at 6.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGA or UNL?

Over the 10-year period, UGA has performed better with a 14.74% return vs -4.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGA or UNL?

UGA is cheaper with a 0.75% expense ratio, compared with 0.90% for UNL.

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

UGA and UNL have nearly identical dividend yields, around 0.00%.

What is the main difference between UGA and UNL?

UGA tracks Front Month Unleaded Gasoline, while UNL tracks 12 Month Natural Gas. Their fees differ too: 0.75% for UGA and 0.90% for UNL.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.03 vs -0.78), 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.