UNL vs. EMHY
UNL (United States 12 Month Natural Gas Fund LP) and EMHY (iShares J.P. Morgan EM High Yield Bond ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while EMHY is a Emerging Markets Bonds fund tracking the J.P. Morgan USD Emerging Markets High Yield Bond Index. Both are passively managed. Over the past 10 years, UNL returned -3.81%/yr vs 4.73%/yr for EMHY. At a 0.00 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.50%/yr for EMHY.
Performance
UNL vs. EMHY - 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 EMHY's 2.80% return. Over the past 10 years, UNL has underperformed EMHY with an annualized return of -3.81%, while EMHY has yielded a comparatively higher 4.73% 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%
EMHY
- 1D
- -0.37%
- 1M
- 1.38%
- YTD
- 2.80%
- 6M
- 3.49%
- 1Y
- 12.96%
- 3Y*
- 13.15%
- 5Y*
- 4.25%
- 10Y*
- 4.73%
UNL vs. EMHY - 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% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2.80% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
Correlation
The correlation between UNL and EMHY is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012 | 0.00 |
The correlation between UNL and EMHY shifts across timeframes, from -0.28 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. EMHY — Risk / Return Rank
UNL
EMHY
UNL vs. EMHY - 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 iShares J.P. Morgan EM High Yield Bond ETF (EMHY). 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 | EMHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.10 | ||
| Sortino ratioReturn per unit of downside risk | -4.41 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.47 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 3.00 | -3.81 |
| Martin ratioReturn relative to average drawdown | -1.30 | 13.63 | -14.92 |
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 | EMHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 2.30 | -3.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.47 | -0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | 0.44 | -0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 0.50 | -0.90 |
Drawdowns
UNL vs. EMHY - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, which is greater than EMHY's maximum drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for UNL and EMHY.
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Drawdown Indicators
| UNL | EMHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -30.11% | -58.89% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -4.34% | -30.77% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -5.95% | -42.21% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -25.83% | -52.29% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -30.11% | -48.01% |
Current DrawdownCurrent decline from peak | -88.37% | -0.37% | -88.00% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -4.90% | -68.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 0.95% | +20.97% |
Volatility
UNL vs. EMHY - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 8.36% compared to iShares J.P. Morgan EM High Yield Bond ETF (EMHY) at 1.66%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than EMHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | EMHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 1.66% | +6.70% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 4.31% | +27.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 5.65% | +30.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 9.10% | +32.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 10.66% | +23.18% |
UNL vs. EMHY - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than EMHY's 0.50% expense ratio.
Dividends
UNL vs. EMHY - Dividend Comparison
UNL has not paid dividends to shareholders, while EMHY's dividend yield for the trailing twelve months is around 6.41%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.41% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
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 EMHY have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNL has higher volatility (8.36%) compared to EMHY (1.66%). In terms of maximum drawdown, UNL dropped -89.00% vs EMHY's -30.11%.
On 10-year performance, EMHY leads with 4.73% vs -3.81% for UNL. On fees, EMHY is cheaper at 0.50% per year. On volatility, EMHY has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMHY has performed better with a 4.73% return vs -3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMHY is cheaper with a 0.50% expense ratio, compared with 0.90% for UNL.
EMHY has the higher dividend yield at 6.41%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while EMHY is Emerging Markets Bonds. UNL tracks 12 Month Natural Gas, while EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index. They also come from different issuers: Concierge Technologies and iShares. Their fees differ too: 0.90% for UNL and 0.50% for EMHY.
EMHY currently has the higher Sharpe Ratio (2.30 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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