UNL vs. BULD
UNL (United States 12 Month Natural Gas Fund LP) and BULD (Pacer BlueStar Engineering the Future ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while BULD is a Technology Equities fund tracking the BlueStar Robotics & 3D Printing Index. Both are passively managed. Over the past 3 years, UNL returned -17.95%/yr vs 20.25%/yr for BULD. At a correlation of -0.01, they often move in opposite directions. UNL charges 0.90%/yr vs 0.60%/yr for BULD.
Performance
UNL vs. BULD - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -13.41% return, which is significantly lower than BULD's 36.22% return.
UNL
- 1D
- -1.92%
- 1M
- 1.75%
- YTD
- -13.41%
- 6M
- -15.14%
- 1Y
- -30.69%
- 3Y*
- -17.95%
- 5Y*
- -7.73%
- 10Y*
- -4.56%
BULD
- 1D
- -4.35%
- 1M
- 7.78%
- YTD
- 36.22%
- 6M
- 33.89%
- 1Y
- 64.21%
- 3Y*
- 20.25%
- 5Y*
- —
- 10Y*
- —
UNL vs. BULD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -13.41% | -9.67% | -4.78% | -50.20% | -32.46% |
BULD Pacer BlueStar Engineering the Future ETF | 36.22% | 23.20% | -3.93% | 28.27% | -12.41% |
Correlation
The correlation between UNL and BULD is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since May 5, 2022 | -0.01 |
Over the past year, the inverse relationship between UNL and BULD has strengthened: their correlation has moved from -0.01 to -0.29, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UNL vs. BULD — Risk / Return Rank
UNL
BULD
UNL vs. BULD - 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 Pacer BlueStar Engineering the Future ETF (BULD). 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 | BULD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.05 | ||
| Sortino ratioReturn per unit of downside risk | -3.99 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.35 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 4.17 | -5.12 |
| Martin ratioReturn relative to average drawdown | -1.52 | 13.10 | -14.62 |
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Drawdowns
UNL vs. BULD - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, which is greater than BULD's maximum drawdown of -27.64%. Use the drawdown chart below to compare losses from any high point for UNL and BULD.
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Drawdown Indicators
| UNL | BULD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -27.64% | -61.36% |
Max Drawdown (1Y)Largest decline over 1 year | -32.43% | -15.48% | -16.95% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -27.64% | -20.52% |
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 | -88.68% | -4.37% | -84.31% |
Average DrawdownAverage peak-to-trough decline | -73.39% | -8.21% | -65.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.45% | 4.92% | +15.53% |
Volatility
UNL vs. BULD - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 7.26%, while Pacer BlueStar Engineering the Future ETF (BULD) has a volatility of 12.04%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than BULD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | BULD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.26% | 12.04% | -4.78% |
Volatility (6M)Calculated over the trailing 6-month period | 30.37% | 23.55% | +6.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.76% | 29.58% | +6.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 28.06% | +13.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.86% | 28.06% | +5.80% |
UNL vs. BULD - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than BULD's 0.60% expense ratio.
Dividends
UNL vs. BULD - Dividend Comparison
UNL has not paid dividends to shareholders, while BULD's dividend yield for the trailing twelve months is around 0.84%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BULD Pacer BlueStar Engineering the Future ETF | 0.84% | 1.24% | 0.18% | 0.21% | 0.08% |
UNL United States 12 Month Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UNL and BULD have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BULD has higher volatility (12.04%) compared to UNL (7.26%). In terms of maximum drawdown, UNL dropped -89.00% vs BULD's -27.64%.
On 3-year performance, BULD leads with 20.25% vs -17.95% for UNL. On fees, BULD is cheaper at 0.60% per year. On volatility, UNL has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BULD has performed better with a 20.25% return vs -17.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BULD is cheaper with a 0.60% expense ratio, compared with 0.90% for UNL.
BULD has the higher dividend yield at 0.84%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while BULD is Technology Equities. UNL tracks 12 Month Natural Gas, while BULD tracks BlueStar Robotics & 3D Printing Index. They also come from different issuers: Concierge Technologies and Pacer. Their fees differ too: 0.90% for UNL and 0.60% for BULD.
BULD currently has the higher Sharpe Ratio (2.18 vs -0.86), 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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