UNL vs. CARY

Last updated Jun 24, 2026

UNL (United States 12 Month Natural Gas Fund LP) and CARY (Angel Oak Income ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while CARY is a Multisector Bonds fund actively managed by Angel Oak. UNL is passively managed, while CARY is actively managed. Over the past 3 years, UNL returned -17.95%/yr vs 7.33%/yr for CARY. At a correlation of -0.09, they often move in opposite directions. UNL charges 0.90%/yr vs 0.80%/yr for CARY.

Performance

UNL vs. CARY - 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 Angel Oak Income ETF (CARY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UNL achieves a -13.41% return, which is significantly lower than CARY's 2.01% 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%

CARY

• 1D: 0.00%
• 1M: 0.49%
• YTD: 2.01%
• 6M: 2.15%
• 1Y: 6.25%
• 3Y*: 7.33%
• 5Y*: —
• 10Y*: —

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

UNL vs. CARY - 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%	-22.56%
CARY Angel Oak Income ETF	2.01%	7.54%	6.93%	8.70%	0.58%

Correlation

The correlation between UNL and CARY is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Nov 8, 2022	-0.09

The correlation between UNL and CARY shifts across timeframes, from -0.22 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UNL vs. CARY — 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

CARY

CARY Risk / Return Rank: 93
CARY Sharpe Ratio Rank: 95
CARY Sortino Ratio Rank: 96
CARY Omega Ratio Rank: 96
CARY Calmar Ratio Rank: 88
CARY Martin Ratio Rank: 92

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. CARY - 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 Angel Oak Income ETF (CARY). 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	CARY	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	3.49	-4.36
Sortino ratio: Return per unit of downside risk	-1.10	5.42	-6.52
Omega ratio: Gain probability vs. loss probability	0.86	1.76	-0.90
Calmar ratio: Return relative to maximum drawdown	-0.95	4.91	-5.86
Martin ratio: Return relative to average drawdown	-1.52	21.11	-22.64

UNL vs. CARY - Sharpe Ratio Comparison

The current UNL Sharpe Ratio is -0.86, which is lower than the CARY Sharpe Ratio of 3.49. The chart below compares the historical Sharpe Ratios of UNL and CARY, 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. CARY - Drawdown Comparison

The maximum UNL drawdown since its inception was -89.00%, which is greater than CARY's maximum drawdown of -1.96%. Use the drawdown chart below to compare losses from any high point for UNL and CARY.

Drawdown Indicators

	UNL	CARY	Difference
Max Drawdown Largest peak-to-trough decline	-89.00%	-1.96%	-87.04%
Max Drawdown (1Y) Largest decline over 1 year	-32.43%	-1.28%	-31.15%
Max Drawdown (3Y) Largest decline over 3 years	-48.16%	-1.96%	-46.20%
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	-88.68%	-0.19%	-88.49%
Average Drawdown Average peak-to-trough decline	-73.39%	-0.32%	-73.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.45%	0.30%	+20.15%

Volatility

UNL vs. CARY - Volatility Comparison

United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 7.26% compared to Angel Oak Income ETF (CARY) at 0.62%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than CARY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNL	CARY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	0.62%	+6.64%
Volatility (6M) Calculated over the trailing 6-month period	30.37%	1.39%	+28.98%
Volatility (1Y) Calculated over the trailing 1-year period	35.76%	1.80%	+33.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.76%	2.73%	+39.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.86%	2.73%	+31.13%

UNL vs. CARY - Expense Ratio Comparison

UNL has a 0.90% expense ratio, which is higher than CARY's 0.80% expense ratio.

Dividends

UNL vs. CARY - Dividend Comparison

UNL has not paid dividends to shareholders, while CARY's dividend yield for the trailing twelve months is around 5.92%.

Position	TTM	2025	2024	2023	2022
CARY Angel Oak Income ETF	5.92%	6.13%	6.10%	6.38%	0.48%
UNL United States 12 Month Natural Gas Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UNL and CARY in my portfolio?

UNL and CARY have a correlation of -0.22, 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 CARY?

UNL has higher volatility (7.26%) compared to CARY (0.62%). In terms of maximum drawdown, UNL dropped -89.00% vs CARY's -1.96%.

Which ETF is better, UNL or CARY?

On 3-year performance, CARY leads with 7.33% vs -17.95% for UNL. On fees, CARY is cheaper at 0.80% per year. On volatility, CARY has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNL or CARY?

Over the 3-year period, CARY has performed better with a 7.33% return vs -17.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNL or CARY?

CARY is cheaper with a 0.80% expense ratio, compared with 0.90% for UNL.

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

CARY has the higher dividend yield at 5.92%, compared with 0.00% for UNL.

What is the main difference between UNL and CARY?

UNL is categorized as Oil & Gas, while CARY is Multisector Bonds. They also come from different issuers: Concierge Technologies and Angel Oak. Their fees differ too: 0.90% for UNL and 0.80% for CARY.

Which has better risk-adjusted returns?

CARY currently has the higher Sharpe Ratio (3.49 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.