UNL vs. DBO
UNL (United States 12 Month Natural Gas Fund LP) and DBO (Invesco DB Oil Fund) are both Oil & Gas funds - UNL tracks the 12 Month Natural Gas while DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, UNL returned -3.81%/yr vs 11.37%/yr for DBO. At a 0.13 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.78%/yr for DBO.
Performance
UNL vs. DBO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UNL achieves a -11.00% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, UNL has underperformed DBO with an annualized return of -3.81%, while DBO has yielded a comparatively higher 11.37% 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%
DBO
- 1D
- 2.27%
- 1M
- -2.34%
- YTD
- 84.75%
- 6M
- 81.10%
- 1Y
- 80.26%
- 3Y*
- 21.86%
- 5Y*
- 15.98%
- 10Y*
- 11.37%
UNL vs. DBO - 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% |
DBO Invesco DB Oil Fund | 84.75% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between UNL and DBO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010 | 0.13 |
The correlation between UNL and DBO shifts across timeframes, from 0.13 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UNL vs. DBO — Risk / Return Rank
UNL
DBO
UNL vs. DBO - 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 Oil Fund (DBO). 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 | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.14 | ||
| Sortino ratioReturn per unit of downside risk | -3.91 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.38 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 4.44 | -5.25 |
| Martin ratioReturn relative to average drawdown | -1.30 | 9.02 | -10.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UNL | DBO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 2.34 | -3.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.50 | -0.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | 0.36 | -0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 0.02 | -0.42 |
Drawdowns
UNL vs. DBO - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, roughly equal to the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for UNL and DBO.
Loading charts...
Drawdown Indicators
| UNL | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -90.18% | +1.18% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -18.19% | -16.92% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -28.20% | -19.96% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -37.68% | -40.44% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -61.69% | -16.43% |
Current DrawdownCurrent decline from peak | -88.37% | -51.38% | -36.99% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -62.25% | -11.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 8.92% | +13.00% |
Volatility
UNL vs. DBO - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 8.36%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UNL | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 12.61% | -4.25% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 28.20% | +3.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 34.46% | +1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 32.29% | +9.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 31.78% | +2.06% |
UNL vs. DBO - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
UNL vs. DBO - Dividend Comparison
UNL has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.90% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
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 DBO 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.
DBO has higher volatility (12.61%) compared to UNL (8.36%). In terms of maximum drawdown, UNL dropped -89.00% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.37% vs -3.81% for UNL. On fees, DBO 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, DBO has performed better with a 11.37% return vs -3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBO is cheaper with a 0.78% expense ratio, compared with 0.90% for UNL.
DBO has the higher dividend yield at 1.90%, compared with 0.00% for UNL.
UNL tracks 12 Month Natural Gas, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Concierge Technologies and Invesco. Their fees differ too: 0.90% for UNL and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (2.34 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.
Find the right allocation for UNL and DBO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer