UNL vs. GLD
UNL (United States 12 Month Natural Gas Fund LP) and GLD (SPDR Gold Shares) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, UNL returned -3.81%/yr vs 13.12%/yr for GLD. At a 0.01 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.40%/yr for GLD.
Performance
UNL vs. GLD - 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 GLD's 2.92% return. Over the past 10 years, UNL has underperformed GLD with an annualized return of -3.81%, while GLD has yielded a comparatively higher 13.12% 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%
GLD
- 1D
- -0.99%
- 1M
- -1.65%
- YTD
- 2.92%
- 6M
- 5.43%
- 1Y
- 32.04%
- 3Y*
- 31.09%
- 5Y*
- 18.15%
- 10Y*
- 13.12%
UNL vs. GLD - 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% |
GLD SPDR Gold Shares | 2.92% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between UNL and GLD is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010 | 0.01 |
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Return for Risk
UNL vs. GLD — Risk / Return Rank
UNL
GLD
UNL vs. GLD - 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 SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.24 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 1.68 | -2.49 |
| Martin ratioReturn relative to average drawdown | -1.30 | 4.15 | -5.45 |
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 | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 1.21 | -2.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 1.01 | -1.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | 0.83 | -0.94 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 0.60 | -1.00 |
Drawdowns
UNL vs. GLD - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for UNL and GLD.
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Drawdown Indicators
| UNL | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -45.56% | -43.44% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -19.21% | -15.90% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -19.21% | -28.95% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -21.03% | -57.09% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -22.00% | -56.12% |
Current DrawdownCurrent decline from peak | -88.37% | -17.75% | -70.62% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -16.16% | -57.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 7.73% | +14.19% |
Volatility
UNL vs. GLD - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 8.36% compared to SPDR Gold Shares (GLD) at 5.51%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 5.51% | +2.85% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 23.16% | +8.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 26.61% | +9.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 18.00% | +23.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 15.95% | +17.89% |
UNL vs. GLD - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
UNL vs. GLD - Dividend Comparison
Neither UNL nor GLD has paid dividends to shareholders.
Frequently Asked Questions
UNL and GLD have a correlation of 0.00, 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 GLD (5.51%). In terms of maximum drawdown, UNL dropped -89.00% vs GLD's -45.56%.
On 10-year performance, GLD leads with 13.12% vs -3.81% for UNL. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 5.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 13.12% return vs -3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.90% for UNL.
UNL and GLD have nearly identical dividend yields, around 0.00%.
UNL is categorized as Oil & Gas, while GLD is Gold. UNL tracks 12 Month Natural Gas, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Concierge Technologies and State Street. Their fees differ too: 0.90% for UNL and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (1.21 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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