UNL vs. IWMI
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 -28.37% vs 34.38% for IWMI. At a correlation of -0.14, they often move in opposite directions. UNL charges 0.90%/yr vs 0.68%/yr for IWMI.
Performance
UNL vs. IWMI - 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 IWMI's 13.36% 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%
IWMI
- 1D
- -1.02%
- 1M
- 3.18%
- YTD
- 13.36%
- 6M
- 13.24%
- 1Y
- 34.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UNL vs. IWMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -11.00% | -9.67% | -5.81% |
IWMI NEOS Russell 2000 High Income ETF | 13.36% | 14.97% | 6.61% |
Correlation
The correlation between UNL and IWMI 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 (All Time) Calculated using the full available price history since Jun 26, 2024 | -0.14 |
The correlation between UNL and IWMI shifts across timeframes, from -0.31 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. IWMI — Risk / Return Rank
UNL
IWMI
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.
| UNL | IWMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.13 | ||
| Sortino ratioReturn per unit of downside risk | -4.22 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.41 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 4.11 | -4.92 |
| Martin ratioReturn relative to average drawdown | -1.30 | 17.09 | -18.38 |
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 | IWMI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 2.33 | -3.13 |
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 | 1.04 | -1.44 |
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.
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Drawdown Indicators
| UNL | IWMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -23.88% | -65.12% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -8.40% | -26.71% |
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 DrawdownCurrent decline from peak | -88.37% | -1.02% | -87.35% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -4.12% | -69.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 2.02% | +19.90% |
Volatility
UNL vs. IWMI - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 8.36% compared to NEOS Russell 2000 High Income ETF (IWMI) at 4.31%. 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.
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Volatility by Period
| UNL | IWMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 4.31% | +4.05% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 10.74% | +21.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 14.84% | +20.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 17.89% | +23.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 17.89% | +15.95% |
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 13.52%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IWMI NEOS Russell 2000 High Income ETF | 13.52% | 14.05% | 8.78% |
UNL United States 12 Month Natural Gas Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UNL and IWMI 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 IWMI (4.31%). In terms of maximum drawdown, UNL dropped -89.00% vs IWMI's -23.88%.
On 1-year performance, IWMI leads with 34.38% vs -28.37% for UNL. On fees, IWMI is cheaper at 0.68% per year. On volatility, IWMI has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IWMI has performed better with a 34.38% return vs -28.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWMI is cheaper with a 0.68% expense ratio, compared with 0.90% for UNL.
IWMI has the higher dividend yield at 13.52%, compared with 0.00% for UNL.
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.
IWMI currently has the higher Sharpe Ratio (2.33 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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