UNL vs. HYDR
UNL (United States 12 Month Natural Gas Fund LP) and HYDR (Global X Hydrogen ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while HYDR is a Alternative Energy Equities fund tracking the Solactive Global Hydrogen Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, UNL returned -14.70%/yr vs 15.56%/yr for HYDR. At a correlation of -0.00, they often move in opposite directions. UNL charges 0.90%/yr vs 0.50%/yr for HYDR.
Performance
UNL vs. HYDR - 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 HYDR's 110.14% 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%
HYDR
- 1D
- -4.74%
- 1M
- 13.61%
- YTD
- 110.14%
- 6M
- 86.55%
- 1Y
- 256.71%
- 3Y*
- 15.56%
- 5Y*
- —
- 10Y*
- —
UNL vs. HYDR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -11.00% | -9.67% | -4.78% | -50.20% | 47.01% | 15.59% |
HYDR Global X Hydrogen ETF | 110.14% | 43.73% | -33.08% | -36.49% | -47.24% | -13.89% |
Correlation
The correlation between UNL and HYDR 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 | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2021 | -0.00 |
Over the past year, the inverse relationship between UNL and HYDR has strengthened: their correlation has moved from -0.00 to -0.28, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UNL vs. HYDR — Risk / Return Rank
UNL
HYDR
UNL vs. HYDR - 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 Global X Hydrogen ETF (HYDR). 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 | HYDR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.58 | ||
| Sortino ratioReturn per unit of downside risk | -5.60 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.55 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 8.69 | -9.50 |
| Martin ratioReturn relative to average drawdown | -1.30 | 20.46 | -21.75 |
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 | HYDR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 4.78 | -5.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | — | — |
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 | -0.22 | -0.17 |
Drawdowns
UNL vs. HYDR - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, roughly equal to the maximum HYDR drawdown of -89.28%. Use the drawdown chart below to compare losses from any high point for UNL and HYDR.
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Drawdown Indicators
| UNL | HYDR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -89.28% | +0.28% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -29.76% | -5.35% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -70.32% | +22.16% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | — | — |
Current DrawdownCurrent decline from peak | -88.37% | -51.75% | -36.62% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -64.21% | -9.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 12.61% | +9.31% |
Volatility
UNL vs. HYDR - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 8.36%, while Global X Hydrogen ETF (HYDR) has a volatility of 18.76%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than HYDR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | HYDR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 18.76% | -10.40% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 35.49% | -3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 54.28% | -18.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 47.22% | -5.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 47.22% | -13.38% |
UNL vs. HYDR - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than HYDR's 0.50% expense ratio.
Dividends
UNL vs. HYDR - Dividend Comparison
UNL has not paid dividends to shareholders, while HYDR's dividend yield for the trailing twelve months is around 1.82%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HYDR Global X Hydrogen ETF | 1.82% | 3.82% | 0.40% | 0.00% | 0.00% | 0.06% |
UNL United States 12 Month Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UNL and HYDR 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.
HYDR has higher volatility (18.76%) compared to UNL (8.36%). In terms of maximum drawdown, UNL dropped -89.00% vs HYDR's -89.28%.
On 3-year performance, HYDR leads with 15.56% vs -14.70% for UNL. On fees, HYDR is cheaper at 0.50% per year. On volatility, UNL has been the lower-risk option at 8.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYDR has performed better with a 15.56% return vs -14.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYDR is cheaper with a 0.50% expense ratio, compared with 0.90% for UNL.
HYDR has the higher dividend yield at 1.82%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while HYDR is Alternative Energy Equities. UNL tracks 12 Month Natural Gas, while HYDR tracks Solactive Global Hydrogen Index - Benchmark TR Net. They also come from different issuers: Concierge Technologies and Global X. Their fees differ too: 0.90% for UNL and 0.50% for HYDR.
HYDR currently has the higher Sharpe Ratio (4.78 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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