UNL vs. DIG
UNL (United States 12 Month Natural Gas Fund LP) and DIG (ProShares Ultra Oil & Gas) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while DIG is a Leveraged Equities fund tracking the Dow Jones U.S. Oil & Gas Index (200%). Both are passively managed. Over the past 10 years, UNL returned -4.37%/yr vs 3.62%/yr for DIG. At a 0.16 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.95%/yr for DIG.
Performance
UNL vs. DIG - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -11.72% return, which is significantly lower than DIG's 42.45% return. Over the past 10 years, UNL has underperformed DIG with an annualized return of -4.37%, while DIG has yielded a comparatively higher 3.62% annualized return.
UNL
- 1D
- -0.38%
- 1M
- 3.74%
- YTD
- -11.72%
- 6M
- -9.35%
- 1Y
- -31.64%
- 3Y*
- -17.42%
- 5Y*
- -6.97%
- 10Y*
- -4.37%
DIG
- 1D
- 2.73%
- 1M
- -16.79%
- YTD
- 42.45%
- 6M
- 45.21%
- 1Y
- 44.37%
- 3Y*
- 19.19%
- 5Y*
- 24.86%
- 10Y*
- 3.62%
UNL vs. DIG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -11.72% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
DIG ProShares Ultra Oil & Gas | 42.45% | 2.73% | 0.93% | -13.04% | 125.34% | 115.63% | -70.36% | 12.51% | -40.11% | -7.39% |
Correlation
The correlation between UNL and DIG is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.16 |
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Return for Risk
UNL vs. DIG — Risk / Return Rank
UNL
DIG
UNL vs. DIG - 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 ProShares Ultra Oil & Gas (DIG). 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 | DIG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.96 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.19 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 1.58 | -2.55 |
| Martin ratioReturn relative to average drawdown | -1.56 | 4.66 | -6.22 |
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Drawdowns
UNL vs. DIG - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, smaller than the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for UNL and DIG.
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Drawdown Indicators
| UNL | DIG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -97.04% | +8.04% |
Max Drawdown (1Y)Largest decline over 1 year | -32.65% | -28.23% | -4.42% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -42.41% | -5.75% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -46.02% | -32.10% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -92.53% | +14.41% |
Current DrawdownCurrent decline from peak | -88.46% | -58.27% | -30.19% |
Average DrawdownAverage peak-to-trough decline | -73.38% | -64.33% | -9.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.72% | 9.61% | +13.11% |
Volatility
UNL vs. DIG - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 7.13%, while ProShares Ultra Oil & Gas (DIG) has a volatility of 13.98%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than DIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | DIG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.13% | 13.98% | -6.85% |
Volatility (6M)Calculated over the trailing 6-month period | 30.59% | 33.82% | -3.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.79% | 41.81% | -6.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 51.53% | -9.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.85% | 57.87% | -24.02% |
UNL vs. DIG - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is lower than DIG's 0.95% expense ratio.
Dividends
UNL vs. DIG - Dividend Comparison
UNL has not paid dividends to shareholders, while DIG's dividend yield for the trailing twelve months is around 1.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 1.75% | 2.62% | 3.13% | 0.61% | 1.33% | 2.24% | 3.18% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UNL and DIG have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIG has higher volatility (13.98%) compared to UNL (7.13%). In terms of maximum drawdown, UNL dropped -89.00% vs DIG's -97.04%.
On 10-year performance, DIG leads with 3.62% vs -4.37% for UNL. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 7.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DIG has performed better with a 3.62% return vs -4.37%. 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 0.95% for DIG.
DIG has the higher dividend yield at 1.75%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while DIG is Leveraged Equities. UNL tracks 12 Month Natural Gas, while DIG tracks Dow Jones U.S. Oil & Gas Index (200%). They also come from different issuers: Concierge Technologies and ProShares. Their fees differ too: 0.90% for UNL and 0.95% for DIG.
DIG currently has the higher Sharpe Ratio (1.07 vs -0.89), 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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