UNL vs. DBE
UNL (United States 12 Month Natural Gas Fund LP) and DBE (Invesco DB Energy Fund) are both Oil & Gas funds - UNL tracks the 12 Month Natural Gas while DBE tracks the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, UNL returned -5.27%/yr vs 11.45%/yr for DBE. At a 0.24 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.78%/yr for DBE.
Performance
UNL vs. DBE - 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 DBE's 68.39% return. Over the past 10 years, UNL has underperformed DBE with an annualized return of -5.27%, while DBE has yielded a comparatively higher 11.45% annualized return.
UNL
- 1D
- -0.43%
- 1M
- -7.38%
- 6M
- -8.23%
- YTD
- -18.43%
- 1Y
- -32.89%
- 3Y*
- -18.22%
- 5Y*
- -9.93%
- 10Y*
- -5.27%
DBE
- 1D
- -1.09%
- 1M
- 6.25%
- 6M
- 65.69%
- YTD
- 68.39%
- 1Y
- 57.64%
- 3Y*
- 17.96%
- 5Y*
- 17.10%
- 10Y*
- 11.45%
UNL vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -18.43% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
DBE Invesco DB Energy Fund | 68.39% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between UNL and DBE is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.24 |
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Return for Risk
UNL vs. DBE — Risk / Return Rank
UNL
DBE
UNL vs. DBE - 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 Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.55 | ||
| Sortino ratioReturn per unit of downside risk | -3.45 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.28 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 2.34 | -3.36 |
| Martin ratioReturn relative to average drawdown | -1.70 | 7.00 | -8.70 |
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Drawdowns
UNL vs. DBE - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.34%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for UNL and DBE.
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Drawdown Indicators
| UNL | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.34% | -86.69% | -2.65% |
Max Drawdown (1Y)Largest decline over 1 year | -32.44% | -24.72% | -7.72% |
Max Drawdown (3Y)Largest decline over 3 years | -49.75% | -24.72% | -25.03% |
Max Drawdown (5Y)Largest decline over 5 years | -78.79% | -38.74% | -40.05% |
Max Drawdown (10Y)Largest decline over 10 years | -78.79% | -60.84% | -17.95% |
Current DrawdownCurrent decline from peak | -89.34% | -36.07% | -53.27% |
Average DrawdownAverage peak-to-trough decline | -73.45% | -57.19% | -16.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.97% | 8.26% | +11.71% |
Volatility
UNL vs. DBE - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 5.62%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.62% | 11.68% | -6.06% |
Volatility (6M)Calculated over the trailing 6-month period | 28.58% | 32.70% | -4.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.05% | 35.99% | -0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.75% | 29.88% | +11.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.82% | 28.39% | +5.43% |
UNL vs. DBE - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
UNL vs. DBE - Dividend Comparison
UNL has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
UNL United States 12 Month Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UNL and DBE have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (11.68%) compared to UNL (5.62%). In terms of maximum drawdown, UNL dropped -89.34% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.45% vs -5.27% for UNL. On fees, DBE is cheaper at 0.78% per year. On volatility, UNL has been the lower-risk option at 5.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.45% return vs -5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.90% for UNL.
DBE has the higher dividend yield at 2.29%, compared with 0.00% for UNL.
UNL tracks 12 Month Natural Gas, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Concierge Technologies and Invesco. Their fees differ too: 0.90% for UNL and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.61 vs -0.94), 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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