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 -3.81%/yr vs 12.03%/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 -11.00% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, UNL has underperformed DBE with an annualized return of -3.81%, while DBE has yielded a comparatively higher 12.03% 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%
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
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 | -11.00% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
DBE Invesco DB Energy Fund | 83.68% | -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 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
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 5, 2010 | 0.25 |
The correlation between UNL and DBE shifts across timeframes, from 0.24 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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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.
| UNL | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.22 | ||
| Sortino ratioReturn per unit of downside risk | -3.93 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.40 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 5.89 | -6.70 |
| Martin ratioReturn relative to average drawdown | -1.30 | 11.53 | -12.82 |
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 | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 2.43 | -3.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.67 | -0.81 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | 0.43 | -0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 0.09 | -0.49 |
Drawdowns
UNL vs. DBE - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, 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 | -89.00% | -86.69% | -2.31% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -14.41% | -20.70% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -23.89% | -24.27% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -38.74% | -39.38% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -60.84% | -17.28% |
Current DrawdownCurrent decline from peak | -88.37% | -30.27% | -58.10% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -57.31% | -16.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 7.35% | +14.57% |
Volatility
UNL vs. DBE - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 8.36%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. 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 | 8.36% | 12.95% | -4.59% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 30.86% | +1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 34.97% | +0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 29.39% | +12.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 28.33% | +5.51% |
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 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 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 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to UNL (8.36%). In terms of maximum drawdown, UNL dropped -89.00% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.03% vs -3.81% for UNL. On fees, DBE is cheaper at 0.78% 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, DBE has performed better with a 12.03% return vs -3.81%. 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 2.10%, 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 (2.43 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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