UNL vs. BEMB
UNL (United States 12 Month Natural Gas Fund LP) and BEMB (Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while BEMB is a Emerging Markets Bonds fund actively managed by iShares. UNL is passively managed, while BEMB is actively managed. Over the past 3 years, UNL returned -14.70%/yr vs 8.80%/yr for BEMB. At a correlation of -0.09, they often move in opposite directions. UNL charges 0.90%/yr vs 0.18%/yr for BEMB.
Performance
UNL vs. BEMB - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -11.00% return, which is significantly lower than BEMB's 1.27% return.
UNL
- 1D
- 1.21%
- 1M
- -1.96%
- YTD
- -11.00%
- 6M
- -23.47%
- 1Y
- -28.37%
- 3Y*
- -14.70%
- 5Y*
- -5.77%
- 10Y*
- -3.81%
BEMB
- 1D
- -0.34%
- 1M
- 0.94%
- YTD
- 1.27%
- 6M
- 1.64%
- 1Y
- 9.77%
- 3Y*
- 8.80%
- 5Y*
- —
- 10Y*
- —
UNL vs. BEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -11.00% | -9.67% | -4.78% | -32.76% |
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF | 1.27% | 12.27% | 5.51% | 8.88% |
Correlation
The correlation between UNL and BEMB is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2023 | -0.09 |
The correlation between UNL and BEMB shifts across timeframes, from -0.28 (1 year) to -0.08 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. BEMB — Risk / Return Rank
UNL
BEMB
UNL vs. BEMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Natural Gas Fund LP (UNL) and Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB). 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.
| UNL | BEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.10 | ||
| Sortino ratioReturn per unit of downside risk | -4.34 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.45 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 2.68 | -3.49 |
| Martin ratioReturn relative to average drawdown | -1.30 | 11.53 | -12.83 |
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
| UNL | BEMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 2.30 | -3.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 1.45 | -1.85 |
Drawdowns
UNL vs. BEMB - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, which is greater than BEMB's maximum drawdown of -6.17%. Use the drawdown chart below to compare losses from any high point for UNL and BEMB.
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Drawdown Indicators
| UNL | BEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -6.17% | -82.83% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -3.67% | -31.44% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -6.17% | -41.99% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | — | — |
Current DrawdownCurrent decline from peak | -88.37% | -0.34% | -88.03% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -0.94% | -72.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 0.85% | +21.07% |
Volatility
UNL vs. BEMB - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 8.36% compared to Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB) at 1.49%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than BEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | BEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 1.49% | +6.87% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 3.46% | +28.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 4.26% | +31.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 5.88% | +35.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 5.88% | +27.96% |
UNL vs. BEMB - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than BEMB's 0.18% expense ratio.
Dividends
UNL vs. BEMB - Dividend Comparison
UNL has not paid dividends to shareholders, while BEMB's dividend yield for the trailing twelve months is around 6.88%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF | 6.88% | 6.88% | 6.31% | 5.46% |
UNL United States 12 Month Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UNL and BEMB have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNL has higher volatility (8.36%) compared to BEMB (1.49%). In terms of maximum drawdown, UNL dropped -89.00% vs BEMB's -6.17%.
On 3-year performance, BEMB leads with 8.80% vs -14.70% for UNL. On fees, BEMB is cheaper at 0.18% per year. On volatility, BEMB has been the lower-risk option at 1.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BEMB has performed better with a 8.80% return vs -14.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BEMB is cheaper with a 0.18% expense ratio, compared with 0.90% for UNL.
BEMB has the higher dividend yield at 6.88%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while BEMB is Emerging Markets Bonds. They also come from different issuers: Concierge Technologies and iShares. Their fees differ too: 0.90% for UNL and 0.18% for BEMB.
BEMB currently has the higher Sharpe Ratio (2.30 vs -0.79), 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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