UNL vs. BOIL
UNL (United States 12 Month Natural Gas Fund LP) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both Oil & Gas funds - UNL tracks the 12 Month Natural Gas while BOIL tracks the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, UNL returned -5.23%/yr vs -58.74%/yr for BOIL. Their correlation of 0.94 suggests significant overlap in exposure. UNL charges 0.90%/yr vs 1.31%/yr for BOIL.
Performance
UNL vs. BOIL - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -18.29% return, which is significantly higher than BOIL's -52.27% return. Over the past 10 years, UNL has outperformed BOIL with an annualized return of -5.23%, while BOIL has yielded a comparatively lower -58.74% annualized return.
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%
BOIL
- 1D
- -3.62%
- 1M
- -18.31%
- 6M
- -39.28%
- YTD
- -52.27%
- 1Y
- -74.93%
- 3Y*
- -66.40%
- 5Y*
- -68.59%
- 10Y*
- -58.74%
UNL vs. BOIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -18.29% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
BOIL ProShares Ultra Bloomberg Natural Gas | -52.27% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
Correlation
The correlation between UNL and BOIL is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.94 |
The correlation between UNL and BOIL has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
UNL vs. BOIL — Risk / Return Rank
UNL
BOIL
UNL vs. BOIL - 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 ProShares Ultra Bloomberg Natural Gas (BOIL). 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 | BOIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.89 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.96 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.36 | -0.20 |
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Drawdowns
UNL vs. BOIL - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.32%, smaller than the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UNL and BOIL.
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Drawdown Indicators
| UNL | BOIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.32% | -100.00% | +10.68% |
Max Drawdown (1Y)Largest decline over 1 year | -32.78% | -77.83% | +45.05% |
Max Drawdown (3Y)Largest decline over 3 years | -49.67% | -97.17% | +47.50% |
Max Drawdown (5Y)Largest decline over 5 years | -78.75% | -99.92% | +21.17% |
Max Drawdown (10Y)Largest decline over 10 years | -78.75% | -99.99% | +21.24% |
Current DrawdownCurrent decline from peak | -89.32% | -100.00% | +10.68% |
Average DrawdownAverage peak-to-trough decline | -73.43% | -93.61% | +20.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.65% | 54.90% | -35.25% |
Volatility
UNL vs. BOIL - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 5.82%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 20.38%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than BOIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | BOIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.82% | 20.38% | -14.56% |
Volatility (6M)Calculated over the trailing 6-month period | 29.30% | 102.24% | -72.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.19% | 112.18% | -76.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.75% | 119.02% | -77.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 101.76% | -67.92% |
UNL vs. BOIL - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is lower than BOIL's 1.31% expense ratio.
Dividends
UNL vs. BOIL - Dividend Comparison
Neither UNL nor BOIL has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, UNL and BOIL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BOIL has higher volatility (20.38%) compared to UNL (5.82%). In terms of maximum drawdown, UNL dropped -89.32% vs BOIL's -100.00%.
On 10-year performance, UNL leads with -5.23% vs -58.74% for BOIL. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 5.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UNL has performed better with a -5.23% return vs -58.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNL is cheaper with a 0.90% expense ratio, compared with 1.31% for BOIL.
UNL and BOIL have nearly identical dividend yields, around 0.00%.
UNL tracks 12 Month Natural Gas, while BOIL tracks Bloomberg Natural Gas Subindex. They also come from different issuers: Concierge Technologies and ProShares. Their fees differ too: 0.90% for UNL and 1.31% for BOIL.
BOIL currently has the higher Sharpe Ratio (-0.67 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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