UNL vs. BPH

Last updated Jun 4, 2026

UNL (United States 12 Month Natural Gas Fund LP) and BPH (BP p.l.c. ADRhedged ETF) are both Oil & Gas funds. UNL is passively managed, while BPH is actively managed. At a correlation of -0.54, they often move in opposite directions. UNL charges 0.90%/yr vs 0.19%/yr for BPH.

Performance

UNL vs. BPH - 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 BP p.l.c. ADRhedged ETF (BPH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

BPH

• 1D: 1.20%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UNL vs. BPH - Yearly Performance Comparison

	2026 (YTD)
UNL United States 12 Month Natural Gas Fund LP	5.77%
BPH BP p.l.c. ADRhedged ETF	2.83%

Correlation

The correlation between UNL and BPH is -0.54, 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 (All Time) Calculated using the full available price history since May 27, 2026	-0.54

Return for Risk

UNL vs. BPH — Risk / Return Rank

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

UNL

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

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. BPH - 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 BP p.l.c. ADRhedged ETF (BPH). 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	BPH	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	—	—
Sortino ratio: Return per unit of downside risk	-0.97	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.81	—	—
Martin ratio: Return relative to average drawdown	-1.30	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UNL	BPH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.79	—	—
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	9.48	-9.87

Drawdowns

UNL vs. BPH - Drawdown Comparison

The maximum UNL drawdown since its inception was -89.00%, which is greater than BPH's maximum drawdown of -2.35%. Use the drawdown chart below to compare losses from any high point for UNL and BPH.

Drawdown Indicators

	UNL	BPH	Difference
Max Drawdown Largest peak-to-trough decline	-89.00%	-2.35%	-86.65%
Max Drawdown (1Y) Largest decline over 1 year	-35.11%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-48.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-78.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-78.12%	—	—
Current Drawdown Current decline from peak	-88.37%	0.00%	-88.37%
Average Drawdown Average peak-to-trough decline	-73.36%	-1.08%	-72.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.92%	—	—

Volatility

Volatility by Period

	UNL	BPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	—	—
Volatility (6M) Calculated over the trailing 6-month period	32.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	35.82%	25.75%	+10.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.76%	25.75%	+16.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.84%	25.75%	+8.09%

UNL vs. BPH - Expense Ratio Comparison

UNL has a 0.90% expense ratio, which is higher than BPH's 0.19% expense ratio.

Dividends

UNL vs. BPH - Dividend Comparison

Neither UNL nor BPH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UNL and BPH in my portfolio?

UNL and BPH have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UNL or BPH?

On fees, BPH is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UNL or BPH?

BPH is cheaper with a 0.19% expense ratio, compared with 0.90% for UNL.

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

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

What is the main difference between UNL and BPH?

They also come from different issuers: Concierge Technologies and Precidian. Their fees differ too: 0.90% for UNL and 0.19% for BPH.