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 -14.70%/yr vs 7.35%/yr for CARY. At a correlation of -0.10, they often move in opposite directions. 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 -11.00% return, which is significantly lower than CARY's 1.74% return.
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%
CARY
- 1D
- -0.05%
- 1M
- 0.23%
- YTD
- 1.74%
- 6M
- 2.13%
- 1Y
- 6.94%
- 3Y*
- 7.35%
- 5Y*
- —
- 10Y*
- —
UNL vs. CARY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -11.00% | -9.67% | -4.78% | -50.20% | -18.03% |
CARY Angel Oak Income ETF | 1.74% | 7.54% | 6.93% | 8.70% | 0.70% |
Correlation
The correlation between UNL and CARY is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022 | -0.10 |
The correlation between UNL and CARY shifts across timeframes, from -0.27 (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.
| UNL | CARY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.76 | ||
| Sortino ratioReturn per unit of downside risk | -7.25 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.89 | -1.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 5.45 | -6.26 |
| Martin ratioReturn relative to average drawdown | -1.30 | 23.64 | -24.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UNL | CARY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 3.96 | -4.76 |
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 | 2.65 | -3.04 |
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.
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Drawdown Indicators
| UNL | CARY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -1.96% | -87.04% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -1.28% | -33.83% |
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 DrawdownCurrent decline from peak | -88.37% | -0.14% | -88.23% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -0.33% | -73.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 0.29% | +21.63% |
Volatility
UNL vs. CARY - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 8.36% 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 | 8.36% | 0.56% | +7.80% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 1.30% | +30.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 1.76% | +34.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 2.74% | +39.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 2.74% | +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 5.93%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CARY Angel Oak Income ETF | 5.93% | 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 -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNL has higher volatility (8.36%) compared to CARY (0.56%). In terms of maximum drawdown, UNL dropped -89.00% vs CARY's -1.96%.
On 3-year performance, CARY leads with 7.35% vs -14.70% 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 7.35% return vs -14.70%. 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 5.93%, 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 (3.96 vs -0.79), 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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