UNL vs. IXC
UNL (United States 12 Month Natural Gas Fund LP) and IXC (iShares Global Energy ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while IXC is a Energy Equities fund tracking the S&P Global 1200 Energy Capped Index. Both are passively managed. Over the past 10 years, UNL returned -4.56%/yr vs 9.38%/yr for IXC. At a 0.14 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.40%/yr for IXC.
Performance
UNL vs. IXC - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -13.41% return, which is significantly lower than IXC's 22.29% return. Over the past 10 years, UNL has underperformed IXC with an annualized return of -4.56%, while IXC has yielded a comparatively higher 9.38% annualized 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%
IXC
- 1D
- 0.44%
- 1M
- -8.68%
- YTD
- 22.29%
- 6M
- 23.05%
- 1Y
- 31.78%
- 3Y*
- 16.38%
- 5Y*
- 17.77%
- 10Y*
- 9.38%
UNL vs. IXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -13.41% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
IXC iShares Global Energy ETF | 22.29% | 13.98% | 1.95% | 3.92% | 48.51% | 40.88% | -31.00% | 12.67% | -14.85% | 5.54% |
Correlation
The correlation between UNL and IXC is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.14 |
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Return for Risk
UNL vs. IXC — Risk / Return Rank
UNL
IXC
UNL vs. IXC - 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 iShares Global Energy ETF (IXC). 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 | IXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.54 | ||
| Sortino ratioReturn per unit of downside risk | -3.32 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.28 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 2.40 | -3.35 |
| Martin ratioReturn relative to average drawdown | -1.52 | 8.40 | -9.92 |
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Drawdowns
UNL vs. IXC - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, which is greater than IXC's maximum drawdown of -67.88%. Use the drawdown chart below to compare losses from any high point for UNL and IXC.
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Drawdown Indicators
| UNL | IXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -67.88% | -21.12% |
Max Drawdown (1Y)Largest decline over 1 year | -32.43% | -13.31% | -19.12% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -19.06% | -29.10% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -24.93% | -53.19% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -64.16% | -13.96% |
Current DrawdownCurrent decline from peak | -88.68% | -11.99% | -76.69% |
Average DrawdownAverage peak-to-trough decline | -73.39% | -17.46% | -55.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.45% | 3.80% | +16.65% |
Volatility
UNL vs. IXC - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 7.26% compared to iShares Global Energy ETF (IXC) at 6.54%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than IXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | IXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.26% | 6.54% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 30.37% | 15.76% | +14.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.76% | 19.16% | +16.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 23.48% | +18.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.86% | 26.83% | +7.03% |
UNL vs. IXC - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than IXC's 0.40% expense ratio.
Dividends
UNL vs. IXC - Dividend Comparison
UNL has not paid dividends to shareholders, while IXC's dividend yield for the trailing twelve months is around 3.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IXC iShares Global Energy ETF | 3.11% | 3.68% | 4.56% | 3.45% | 4.76% | 3.98% | 4.86% | 7.00% | 3.51% | 3.05% | 2.86% | 3.77% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
UNL and IXC have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNL has higher volatility (7.26%) compared to IXC (6.54%). In terms of maximum drawdown, UNL dropped -89.00% vs IXC's -67.88%.
On 10-year performance, IXC leads with 9.38% vs -4.56% for UNL. On fees, IXC is cheaper at 0.40% per year. On volatility, IXC has been the lower-risk option at 6.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IXC has performed better with a 9.38% return vs -4.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IXC is cheaper with a 0.40% expense ratio, compared with 0.90% for UNL.
IXC has the higher dividend yield at 3.11%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while IXC is Energy Equities. UNL tracks 12 Month Natural Gas, while IXC tracks S&P Global 1200 Energy Capped Index. They also come from different issuers: Concierge Technologies and iShares. Their fees differ too: 0.90% for UNL and 0.40% for IXC.
IXC currently has the higher Sharpe Ratio (1.68 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.
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