UNL vs. FPEI
UNL (United States 12 Month Natural Gas Fund LP) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while FPEI is a Preferred Stock fund actively managed by First Trust. UNL is passively managed, while FPEI is actively managed. Over the past 5 years, UNL returned -11.98%/yr vs 3.96%/yr for FPEI. Their 0.02 correlation means their historical movements had little consistent relationship. UNL charges 0.90%/yr vs 0.85%/yr for FPEI.
Performance
UNL vs. FPEI - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -18.43% return, which is significantly lower than FPEI's 2.06% return.
UNL
- 1D
- 0.11%
- 1M
- -5.05%
- 6M
- -17.42%
- YTD
- -18.43%
- 1Y
- -25.86%
- 3Y*
- -18.35%
- 5Y*
- -11.98%
- 10Y*
- -5.25%
- ALL TIME*
- -12.55%
FPEI
- 1D
- 0.31%
- 1M
- -0.31%
- 6M
- 1.16%
- YTD
- 2.06%
- 1Y
- 6.81%
- 3Y*
- 9.91%
- 5Y*
- 3.96%
- 10Y*
- —
- ALL TIME*
- 4.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.15M | $5.72M | $5.90M | |
| $201.90K | $282.26K | $431.49K |
UNL vs. FPEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -18.43% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -7.09% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 2.06% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.07% |
Correlation
The correlation between UNL and FPEI is -0.29, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.29 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.00 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2017 | 0.02 |
The correlation between UNL and FPEI shifts across timeframes, from -0.29 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. FPEI — Risk / Return Rank
UNL
FPEI
UNL vs. FPEI - 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 Institutional Preferred Securities & Income ETF (FPEI). 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 | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.79 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.40 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 1.88 | -2.66 |
| Martin ratioReturn relative to average drawdown | -1.32 | 9.19 | -10.51 |
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Drawdowns
UNL vs. FPEI - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.48%, which is greater than FPEI's maximum drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for UNL and FPEI.
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Drawdown Indicators
| UNL | FPEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.48% | -27.51% | -61.97% |
Max Drawdown (1Y)Largest decline over 1 year | -33.33% | -3.63% | -29.70% |
Max Drawdown (3Y)Largest decline over 3 years | -50.42% | -4.26% | -46.16% |
Max Drawdown (5Y)Largest decline over 5 years | -79.07% | -16.46% | -62.61% |
Max Drawdown (10Y)Largest decline over 10 years | -79.07% | — | — |
Current DrawdownCurrent decline from peak | -89.34% | -0.42% | -88.92% |
Average DrawdownAverage peak-to-trough decline | -73.49% | -3.01% | -70.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.64% | 0.74% | +18.90% |
Volatility
UNL vs. FPEI - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 5.26% compared to First Trust Institutional Preferred Securities & Income ETF (FPEI) at 0.73%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than FPEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | FPEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 0.73% | +4.53% |
Volatility (6M)Calculated over the trailing 6-month period | 24.99% | 3.07% | +21.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.80% | 3.76% | +31.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 5.98% | +35.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.81% | 8.78% | +25.03% |
UNL vs. FPEI - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than FPEI's 0.85% expense ratio.
Dividends
UNL vs. FPEI - Dividend Comparison
UNL has not paid dividends to shareholders, while FPEI's dividend yield for the trailing twelve months is around 5.79%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.79% | 5.62% | 5.55% | 5.76% | 5.20% | 4.46% | 4.90% | 5.02% | 5.81% | 1.50% |
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% |
Frequently Asked Questions
UNL and FPEI 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.
UNL has higher volatility (5.26%) compared to FPEI (0.73%). In terms of maximum drawdown, UNL dropped -89.48% vs FPEI's -27.51%.
On 5-year performance, FPEI leads with 3.96% vs -11.98% for UNL. On fees, FPEI is cheaper at 0.85% per year. On volatility, FPEI has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FPEI has performed better with a 3.96% return vs -11.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FPEI is cheaper with a 0.85% expense ratio, compared with 0.90% for UNL.
FPEI has the higher dividend yield at 5.79%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while FPEI is Preferred Stock. They also come from different issuers: Concierge Technologies and First Trust. Their fees differ too: 0.90% for UNL and 0.85% for FPEI.
FPEI currently has the higher Sharpe Ratio (1.82 vs -0.75), 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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