UNL vs. BNO

Last updated Jun 23, 2026

UNL (United States 12 Month Natural Gas Fund LP) and BNO (United States Brent Oil Fund LP) are both Oil & Gas funds - UNL tracks the 12 Month Natural Gas while BNO tracks the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, UNL returned -4.37%/yr vs 11.40%/yr for BNO. At a 0.12 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 1.00%/yr for BNO.

Performance

UNL vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States 12 Month Natural Gas Fund LP (UNL) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UNL achieves a -11.72% return, which is significantly lower than BNO's 52.26% return. Over the past 10 years, UNL has underperformed BNO with an annualized return of -4.37%, while BNO has yielded a comparatively higher 11.40% annualized return.

UNL

• 1D: -0.38%
• 1M: 3.74%
• YTD: -11.72%
• 6M: -9.35%
• 1Y: -31.64%
• 3Y*: -17.42%
• 5Y*: -6.97%
• 10Y*: -4.37%

BNO

• 1D: -1.73%
• 1M: -21.60%
• YTD: 52.26%
• 6M: 50.77%
• 1Y: 30.19%
• 3Y*: 19.86%
• 5Y*: 17.50%
• 10Y*: 11.40%

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

UNL vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UNL United States 12 Month Natural Gas Fund LP	-11.72%	-9.67%	-4.78%	-50.20%	47.01%	54.42%	-9.54%	-18.78%	12.53%	-21.47%
BNO United States Brent Oil Fund LP	52.26%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	36.01%	-15.30%	15.43%

Correlation

The correlation between UNL and BNO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010	0.12

The correlation between UNL and BNO shifts across timeframes, from 0.12 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UNL vs. BNO — Risk / Return Rank

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

UNL

UNL Risk / Return Rank: 2
UNL Sharpe Ratio Rank: 2
UNL Sortino Ratio Rank: 3
UNL Omega Ratio Rank: 2
UNL Calmar Ratio Rank: 1
UNL Martin Ratio Rank: 1

BNO

BNO Risk / Return Rank: 23
BNO Sharpe Ratio Rank: 21
BNO Sortino Ratio Rank: 22
BNO Omega Ratio Rank: 23
BNO Calmar Ratio Rank: 23
BNO Martin Ratio Rank: 25

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.

UNL vs. BNO - 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 United States Brent Oil Fund LP (BNO). 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.

	UNL	BNO	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	0.73	-1.62
Sortino ratio: Return per unit of downside risk	-1.14	1.23	-2.37
Omega ratio: Gain probability vs. loss probability	0.85	1.16	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.97	1.07	-2.04
Martin ratio: Return relative to average drawdown	-1.56	3.33	-4.89

UNL vs. BNO - Sharpe Ratio Comparison

The current UNL Sharpe Ratio is -0.89, which is lower than the BNO Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of UNL and BNO, 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

UNL vs. BNO - Drawdown Comparison

The maximum UNL drawdown since its inception was -89.00%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UNL and BNO.

Drawdown Indicators

	UNL	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-89.00%	-87.06%	-1.94%
Max Drawdown (1Y) Largest decline over 1 year	-32.65%	-28.29%	-4.36%
Max Drawdown (3Y) Largest decline over 3 years	-48.16%	-28.29%	-19.87%
Max Drawdown (5Y) Largest decline over 5 years	-78.12%	-33.70%	-44.42%
Max Drawdown (10Y) Largest decline over 10 years	-78.12%	-75.18%	-2.94%
Current Drawdown Current decline from peak	-88.46%	-28.29%	-60.17%
Average Drawdown Average peak-to-trough decline	-73.38%	-40.10%	-33.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.72%	10.51%	+12.21%

Volatility

UNL vs. BNO - Volatility Comparison

The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 7.13%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.98%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNL	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.13%	10.98%	-3.85%
Volatility (6M) Calculated over the trailing 6-month period	30.59%	37.28%	-6.69%
Volatility (1Y) Calculated over the trailing 1-year period	35.79%	41.73%	-5.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.76%	35.65%	+6.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.85%	36.71%	-2.86%

UNL vs. BNO - Expense Ratio Comparison

UNL has a 0.90% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

UNL vs. BNO - Dividend Comparison

Neither UNL nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UNL and BNO in my portfolio?

UNL and BNO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UNL or BNO?

BNO has higher volatility (10.98%) compared to UNL (7.13%). In terms of maximum drawdown, UNL dropped -89.00% vs BNO's -87.06%.

Which ETF is better, UNL or BNO?

On 10-year performance, BNO leads with 11.40% vs -4.37% for UNL. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 7.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNL or BNO?

Over the 10-year period, BNO has performed better with a 11.40% return vs -4.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNL or BNO?

UNL is cheaper with a 0.90% expense ratio, compared with 1.00% for BNO.

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

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

What is the main difference between UNL and BNO?

UNL tracks 12 Month Natural Gas, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Concierge Technologies and USCF Investments. Their fees differ too: 0.90% for UNL and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (0.73 vs -0.89), 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.