UNL vs. IWMI

Last updated Jun 24, 2026

UNL (United States 12 Month Natural Gas Fund LP) and IWMI (NEOS Russell 2000 High Income ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while IWMI is a Derivative Income fund actively managed by Neos. UNL is passively managed, while IWMI is actively managed. Over the past year, UNL returned -30.69% vs 35.89% for IWMI. At a correlation of -0.13, they often move in opposite directions. UNL charges 0.90%/yr vs 0.68%/yr for IWMI.

Performance

UNL vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States 12 Month Natural Gas Fund LP (UNL) and NEOS Russell 2000 High Income ETF (IWMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UNL achieves a -13.41% return, which is significantly lower than IWMI's 16.33% return.

UNL

• 1D: -1.92%
• 1M: 1.75%
• YTD: -13.41%
• 6M: -15.14%
• 1Y: -30.69%
• 3Y*: -17.95%
• 5Y*: -7.73%
• 10Y*: -4.56%

IWMI

• 1D: -0.73%
• 1M: 3.68%
• YTD: 16.33%
• 6M: 14.17%
• 1Y: 35.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UNL vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UNL United States 12 Month Natural Gas Fund LP	-13.41%	-9.67%	-7.47%
IWMI NEOS Russell 2000 High Income ETF	16.33%	14.97%	6.58%

Correlation

The correlation between UNL and IWMI 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 (All Time) Calculated using the full available price history since Jun 25, 2024	-0.13

The correlation between UNL and IWMI shifts across timeframes, from -0.28 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UNL vs. IWMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UNL

UNL Risk / Return Rank: 2
UNL Sharpe Ratio Rank: 2
UNL Sortino Ratio Rank: 3
UNL Omega Ratio Rank: 2
UNL Calmar Ratio Rank: 1
UNL Martin Ratio Rank: 1

IWMI

IWMI Risk / Return Rank: 79
IWMI Sharpe Ratio Rank: 77
IWMI Sortino Ratio Rank: 76
IWMI Omega Ratio Rank: 72
IWMI Calmar Ratio Rank: 83
IWMI Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UNL vs. IWMI - 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 NEOS Russell 2000 High Income ETF (IWMI). 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	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	2.34	-3.21
Sortino ratio: Return per unit of downside risk	-1.10	3.23	-4.33
Omega ratio: Gain probability vs. loss probability	0.86	1.40	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.95	4.29	-5.24
Martin ratio: Return relative to average drawdown	-1.52	17.68	-19.20

UNL vs. IWMI - Sharpe Ratio Comparison

The current UNL Sharpe Ratio is -0.86, which is lower than the IWMI Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of UNL and IWMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UNL vs. IWMI - Drawdown Comparison

The maximum UNL drawdown since its inception was -89.00%, which is greater than IWMI's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for UNL and IWMI.

Drawdown Indicators

	UNL	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-89.00%	-23.88%	-65.12%
Max Drawdown (1Y) Largest decline over 1 year	-32.43%	-8.40%	-24.03%
Max Drawdown (3Y) Largest decline over 3 years	-48.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-78.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-78.12%	—	—
Current Drawdown Current decline from peak	-88.68%	-0.73%	-87.95%
Average Drawdown Average peak-to-trough decline	-73.39%	-4.03%	-69.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.45%	2.04%	+18.41%

Volatility

UNL vs. IWMI - Volatility Comparison

United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 7.26% compared to NEOS Russell 2000 High Income ETF (IWMI) at 5.22%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than IWMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNL	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	5.22%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	30.37%	11.45%	+18.92%
Volatility (1Y) Calculated over the trailing 1-year period	35.76%	15.41%	+20.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.76%	17.95%	+23.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.86%	17.95%	+15.91%

UNL vs. IWMI - Expense Ratio Comparison

UNL has a 0.90% expense ratio, which is higher than IWMI's 0.68% expense ratio.

Dividends

UNL vs. IWMI - Dividend Comparison

UNL has not paid dividends to shareholders, while IWMI's dividend yield for the trailing twelve months is around 14.53%.

Position	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	14.53%	14.05%	8.78%
UNL United States 12 Month Natural Gas Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UNL and IWMI in my portfolio?

UNL and IWMI 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.

Which is riskier, UNL or IWMI?

UNL has higher volatility (7.26%) compared to IWMI (5.22%). In terms of maximum drawdown, UNL dropped -89.00% vs IWMI's -23.88%.

Which ETF is better, UNL or IWMI?

On 1-year performance, IWMI leads with 35.89% vs -30.69% for UNL. On fees, IWMI is cheaper at 0.68% per year. On volatility, IWMI has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNL or IWMI?

Over the 1-year period, IWMI has performed better with a 35.89% return vs -30.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNL or IWMI?

IWMI is cheaper with a 0.68% expense ratio, compared with 0.90% for UNL.

Which ETF pays a higher dividend yield, UNL or IWMI?

IWMI has the higher dividend yield at 14.53%, compared with 0.00% for UNL.

What is the main difference between UNL and IWMI?

UNL is categorized as Oil & Gas, while IWMI is Derivative Income. They also come from different issuers: Concierge Technologies and Neos. Their fees differ too: 0.90% for UNL and 0.68% for IWMI.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.34 vs -0.86), 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.