UGA vs. UNL
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 14.27%/yr vs -3.77%/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
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Returns By Period
In the year-to-date period, UGA achieves a 70.69% return, which is significantly higher than UNL's -9.25% return. Over the past 10 years, UGA has outperformed UNL with an annualized return of 14.27%, while UNL has yielded a comparatively lower -3.77% annualized return.
UGA
- 1D
- -2.73%
- 1M
- -12.25%
- YTD
- 70.69%
- 6M
- 59.72%
- 1Y
- 79.48%
- 3Y*
- 20.80%
- 5Y*
- 24.41%
- 10Y*
- 14.27%
UNL
- 1D
- 1.96%
- 1M
- 2.56%
- YTD
- -9.25%
- 6M
- -23.20%
- 1Y
- -27.44%
- 3Y*
- -14.57%
- 5Y*
- -5.40%
- 10Y*
- -3.77%
UGA vs. UNL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 70.69% | -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 | -9.25% | -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 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
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 5, 2010 | 0.10 |
The correlation between UGA and UNL shifts across timeframes, from 0.10 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UGA vs. UNL — Risk / Return Rank
UGA
UNL
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.
| UGA | UNL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.04 | ||
| Sortino ratioReturn per unit of downside risk | +3.64 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.88 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 5.37 | -0.78 | +6.15 |
| Martin ratioReturn relative to average drawdown | 12.86 | -1.25 | +14.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UGA | UNL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | -0.77 | +3.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | -0.13 | +0.84 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | -0.11 | +0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | -0.39 | +0.51 |
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.
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Drawdown Indicators
| UGA | UNL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -89.00% | +2.41% |
Max Drawdown (1Y)Largest decline over 1 year | -14.88% | -35.11% | +20.23% |
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 DrawdownCurrent decline from peak | -14.75% | -88.14% | +73.39% |
Average DrawdownAverage peak-to-trough decline | -36.76% | -73.36% | +36.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.20% | 22.00% | -15.80% |
Volatility
UGA vs. UNL - Volatility Comparison
United States Gasoline Fund LP (UGA) has a higher volatility of 11.64% compared to United States 12 Month Natural Gas Fund LP (UNL) at 8.17%. 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.
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Volatility by Period
| UGA | UNL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.64% | 8.17% | +3.47% |
Volatility (6M)Calculated over the trailing 6-month period | 30.48% | 32.07% | -1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 35.87% | -0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.40% | 41.77% | -7.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.27% | 33.84% | +3.43% |
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.
Frequently Asked Questions
UGA and UNL have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.64%) compared to UNL (8.17%). In terms of maximum drawdown, UGA dropped -86.59% vs UNL's -89.00%.
On 10-year performance, UGA leads with 14.27% vs -3.77% for UNL. On fees, UGA is cheaper at 0.75% per year. On volatility, UNL has been the lower-risk option at 8.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.27% return vs -3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.90% for UNL.
UGA and UNL have nearly identical dividend yields, around 0.00%.
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.
UGA currently has the higher Sharpe Ratio (2.27 vs -0.77), 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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