UNL vs. CPER
UNL (United States 12 Month Natural Gas Fund LP) and CPER (United States Copper Index Fund) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while CPER is a Metals fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 10 years, UNL returned -3.81%/yr vs 10.91%/yr for CPER. At a 0.04 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 1.06%/yr for CPER.
Performance
UNL vs. CPER - 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 CPER's 12.76% return. Over the past 10 years, UNL has underperformed CPER with an annualized return of -3.81%, while CPER has yielded a comparatively higher 10.91% annualized 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%
CPER
- 1D
- -2.91%
- 1M
- 10.79%
- YTD
- 12.76%
- 6M
- 19.35%
- 1Y
- 29.71%
- 3Y*
- 19.71%
- 5Y*
- 7.21%
- 10Y*
- 10.91%
UNL vs. CPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -11.00% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
CPER United States Copper Index Fund | 12.76% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
Correlation
The correlation between UNL and CPER is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2011 | 0.04 |
The correlation between UNL and CPER shifts across timeframes, from -0.12 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. CPER — Risk / Return Rank
UNL
CPER
UNL vs. CPER - 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 United States Copper Index Fund (CPER). 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 | CPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.66 | ||
| Sortino ratioReturn per unit of downside risk | -2.19 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.20 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 1.20 | -2.02 |
| Martin ratioReturn relative to average drawdown | -1.30 | 2.50 | -3.79 |
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 | CPER | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 0.87 | -1.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.27 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | 0.46 | -0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 0.13 | -0.53 |
Drawdowns
UNL vs. CPER - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, which is greater than CPER's maximum drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for UNL and CPER.
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Drawdown Indicators
| UNL | CPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -54.04% | -34.96% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -24.77% | -10.34% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -24.77% | -23.39% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -34.75% | -43.37% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -38.42% | -39.70% |
Current DrawdownCurrent decline from peak | -88.37% | -2.91% | -85.46% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -25.41% | -47.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 11.93% | +9.99% |
Volatility
UNL vs. CPER - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 8.36%, while United States Copper Index Fund (CPER) has a volatility of 9.73%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 9.73% | -1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 22.85% | +9.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 34.48% | +1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 26.97% | +14.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 24.04% | +9.80% |
UNL vs. CPER - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is lower than CPER's 1.06% expense ratio.
Dividends
UNL vs. CPER - Dividend Comparison
Neither UNL nor CPER has paid dividends to shareholders.
Frequently Asked Questions
UNL and CPER have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPER has higher volatility (9.73%) compared to UNL (8.36%). In terms of maximum drawdown, UNL dropped -89.00% vs CPER's -54.04%.
On 10-year performance, CPER leads with 10.91% vs -3.81% for UNL. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 8.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CPER has performed better with a 10.91% return vs -3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNL is cheaper with a 0.90% expense ratio, compared with 1.06% for CPER.
UNL and CPER have nearly identical dividend yields, around 0.00%.
UNL is categorized as Oil & Gas, while CPER is Metals. UNL tracks 12 Month Natural Gas, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: Concierge Technologies and USCF. Their fees differ too: 0.90% for UNL and 1.06% for CPER.
CPER currently has the higher Sharpe Ratio (0.87 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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