UNL vs. FCG
UNL (United States 12 Month Natural Gas Fund LP) and FCG (First Trust Natural Gas ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while FCG is a Energy Equities fund tracking the ISE-Revere Natural Gas Index. Both are passively managed. Over the past 10 years, UNL returned -5.23%/yr vs 3.70%/yr for FCG. At a 0.25 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.60%/yr for FCG.
Performance
UNL vs. FCG - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -18.29% return, which is significantly lower than FCG's 19.07% return. Over the past 10 years, UNL has underperformed FCG with an annualized return of -5.23%, while FCG has yielded a comparatively higher 3.70% annualized return.
UNL
- 1D
- -0.41%
- 1M
- -5.93%
- 6M
- -10.40%
- YTD
- -18.29%
- 1Y
- -30.69%
- 3Y*
- -18.45%
- 5Y*
- -9.87%
- 10Y*
- -5.23%
FCG
- 1D
- 3.26%
- 1M
- -3.62%
- 6M
- 20.15%
- YTD
- 19.07%
- 1Y
- 18.03%
- 3Y*
- 8.40%
- 5Y*
- 16.23%
- 10Y*
- 3.70%
UNL vs. FCG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -18.29% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
FCG First Trust Natural Gas ETF | 19.07% | -2.28% | 4.16% | 2.55% | 47.24% | 98.49% | -23.20% | -15.76% | -34.81% | -11.38% |
Correlation
The correlation between UNL and FCG is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
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 | 0.25 |
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Return for Risk
UNL vs. FCG — Risk / Return Rank
UNL
FCG
UNL vs. FCG - 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 First Trust Natural Gas ETF (FCG). 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 | FCG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.15 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.12 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.92 | -1.86 |
| Martin ratioReturn relative to average drawdown | -1.56 | 2.46 | -4.02 |
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Drawdowns
UNL vs. FCG - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.32%, smaller than the maximum FCG drawdown of -97.20%. Use the drawdown chart below to compare losses from any high point for UNL and FCG.
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Drawdown Indicators
| UNL | FCG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.32% | -97.20% | +7.88% |
Max Drawdown (1Y)Largest decline over 1 year | -32.78% | -19.67% | -13.11% |
Max Drawdown (3Y)Largest decline over 3 years | -49.67% | -29.44% | -20.23% |
Max Drawdown (5Y)Largest decline over 5 years | -78.75% | -33.33% | -45.42% |
Max Drawdown (10Y)Largest decline over 10 years | -78.75% | -85.04% | +6.29% |
Current DrawdownCurrent decline from peak | -89.32% | -75.99% | -13.33% |
Average DrawdownAverage peak-to-trough decline | -73.43% | -65.42% | -8.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.65% | 7.35% | +12.30% |
Volatility
UNL vs. FCG - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 5.82%, while First Trust Natural Gas ETF (FCG) has a volatility of 8.33%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than FCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | FCG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.82% | 8.33% | -2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 29.30% | 20.63% | +8.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.19% | 27.29% | +7.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.75% | 33.33% | +8.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 38.24% | -4.40% |
UNL vs. FCG - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than FCG's 0.60% expense ratio.
Dividends
UNL vs. FCG - Dividend Comparison
UNL has not paid dividends to shareholders, while FCG's dividend yield for the trailing twelve months is around 2.31%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCG First Trust Natural Gas ETF | 2.31% | 2.86% | 2.76% | 3.25% | 3.04% | 1.73% | 3.82% | 2.87% | 1.46% | 1.56% | 1.70% | 4.79% |
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 FCG have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCG has higher volatility (8.33%) compared to UNL (5.82%). In terms of maximum drawdown, UNL dropped -89.32% vs FCG's -97.20%.
On 10-year performance, FCG leads with 3.70% vs -5.23% for UNL. On fees, FCG is cheaper at 0.60% per year. On volatility, UNL has been the lower-risk option at 5.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FCG has performed better with a 3.70% return vs -5.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCG is cheaper with a 0.60% expense ratio, compared with 0.90% for UNL.
FCG has the higher dividend yield at 2.31%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while FCG is Energy Equities. UNL tracks 12 Month Natural Gas, while FCG tracks ISE-Revere Natural Gas Index. They also come from different issuers: Concierge Technologies and First Trust. Their fees differ too: 0.90% for UNL and 0.60% for FCG.
FCG currently has the higher Sharpe Ratio (0.66 vs -0.88), 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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