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/Convertible Bonds fund actively managed by First Trust. UNL is passively managed, while FPEI is actively managed. Over the past 5 years, UNL returned -5.77%/yr vs 4.20%/yr for FPEI. At a 0.03 correlation, their price movements are largely independent. 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 -11.00% return, which is significantly lower than FPEI's 1.56% 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%
FPEI
- 1D
- -0.10%
- 1M
- 0.94%
- YTD
- 1.56%
- 6M
- 1.80%
- 1Y
- 8.60%
- 3Y*
- 10.69%
- 5Y*
- 4.20%
- 10Y*
- —
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 | -11.00% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -7.18% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 1.56% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.23% |
Correlation
The correlation between UNL and FPEI is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017 | 0.03 |
The correlation between UNL and FPEI shifts across timeframes, from -0.31 (1 year) to 0.03 (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.
| UNL | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.14 | ||
| Sortino ratioReturn per unit of downside risk | -4.70 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.54 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 2.38 | -3.19 |
| Martin ratioReturn relative to average drawdown | -1.30 | 11.84 | -13.14 |
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 | FPEI | 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 | 0.71 | -0.85 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 0.57 | -0.96 |
Drawdowns
UNL vs. FPEI - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, 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 | -89.00% | -27.51% | -61.49% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -3.63% | -31.48% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -4.26% | -43.90% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -16.46% | -61.66% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | — | — |
Current DrawdownCurrent decline from peak | -88.37% | -0.16% | -88.21% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -3.06% | -70.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 0.73% | +21.19% |
Volatility
UNL vs. FPEI - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 8.36% compared to First Trust Institutional Preferred Securities & Income ETF (FPEI) at 0.95%. 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 | 8.36% | 0.95% | +7.41% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 3.06% | +28.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 3.69% | +32.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 5.97% | +35.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 8.86% | +24.98% |
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 5.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.72% | 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 -0.31, 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 FPEI (0.95%). In terms of maximum drawdown, UNL dropped -89.00% vs FPEI's -27.51%.
On 5-year performance, FPEI leads with 4.20% vs -5.77% for UNL. On fees, FPEI is cheaper at 0.85% per year. On volatility, FPEI has been the lower-risk option at 0.95%. 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 4.20% return vs -5.77%. 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 5.72%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while FPEI is Preferred Stock/Convertible Bonds. 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 (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.
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