UNL vs. CARY
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 -18.35%/yr vs 6.95%/yr for CARY. Their -0.10 correlation means they have often moved in opposite directions in the past. UNL charges 0.90%/yr vs 0.80%/yr for CARY.
Performance
UNL vs. CARY - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -18.43% return, which is significantly lower than CARY's 2.09% return.
UNL
- 1D
- 0.11%
- 1M
- -5.05%
- 6M
- -17.42%
- YTD
- -18.43%
- 1Y
- -25.86%
- 3Y*
- -18.35%
- 5Y*
- -11.98%
- 10Y*
- -5.25%
- ALL TIME*
- -12.55%
CARY
- 1D
- 0.00%
- 1M
- -0.26%
- 6M
- 1.29%
- YTD
- 2.09%
- 1Y
- 5.10%
- 3Y*
- 6.95%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.64M | $9.88M | $8.12M | |
| $201.90K | $282.26K | $431.49K |
UNL vs. CARY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -18.43% | -9.67% | -4.78% | -50.20% | -22.56% |
CARY Angel Oak Income ETF | 2.09% | 7.54% | 6.93% | 8.70% | 0.58% |
Correlation
The correlation between UNL and CARY is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.22 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2022 | -0.10 |
The correlation between UNL and CARY shifts across timeframes, from -0.22 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. CARY — Risk / Return Rank
UNL
CARY
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 ratioReturn per unit of total volatility | -3.62 | ||
| Sortino ratioReturn per unit of downside risk | -5.19 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.59 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 4.00 | -4.78 |
| Martin ratioReturn relative to average drawdown | -1.32 | 16.56 | -17.88 |
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Drawdowns
UNL vs. CARY - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.48%, 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.
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Drawdown Indicators
| UNL | CARY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.48% | -1.96% | -87.52% |
Max Drawdown (1Y)Largest decline over 1 year | -33.33% | -1.28% | -32.05% |
Max Drawdown (3Y)Largest decline over 3 years | -50.42% | -1.96% | -48.46% |
Max Drawdown (5Y)Largest decline over 5 years | -79.07% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -79.07% | — | — |
Current DrawdownCurrent decline from peak | -89.34% | -0.41% | -88.93% |
Average DrawdownAverage peak-to-trough decline | -73.49% | -0.32% | -73.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.64% | 0.31% | +19.33% |
Volatility
UNL vs. CARY - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 5.26% compared to Angel Oak Income ETF (CARY) at 0.56%. 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.
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Volatility by Period
| UNL | CARY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 0.56% | +4.70% |
Volatility (6M)Calculated over the trailing 6-month period | 24.99% | 1.46% | +23.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.80% | 1.79% | +33.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 2.71% | +39.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.81% | 2.71% | +31.10% |
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 5.94%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CARY Angel Oak Income ETF | 5.94% | 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
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.
UNL has higher volatility (5.26%) compared to CARY (0.56%). In terms of maximum drawdown, UNL dropped -89.48% vs CARY's -1.96%.
On 3-year performance, CARY leads with 6.95% vs -18.35% for UNL. On fees, CARY is cheaper at 0.80% per year. On volatility, CARY has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CARY has performed better with a 6.95% return vs -18.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CARY is cheaper with a 0.80% expense ratio, compared with 0.90% for UNL.
CARY has the higher dividend yield at 5.94%, compared with 0.00% for UNL.
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.
CARY currently has the higher Sharpe Ratio (2.87 vs -0.75), 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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