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 Energy Sector Index. Both are passively managed. Over the past 10 years, UNL returned -3.81%/yr vs 10.29%/yr for IXC. At a 0.14 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.46%/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 -11.00% return, which is significantly lower than IXC's 32.22% return. Over the past 10 years, UNL has underperformed IXC with an annualized return of -3.81%, while IXC has yielded a comparatively higher 10.29% 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%
IXC
- 1D
- 0.87%
- 1M
- -1.75%
- YTD
- 32.22%
- 6M
- 30.00%
- 1Y
- 48.10%
- 3Y*
- 18.84%
- 5Y*
- 19.64%
- 10Y*
- 10.29%
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 | -11.00% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
IXC iShares Global Energy ETF | 32.22% | 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 5, 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.
| UNL | IXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.38 | ||
| Sortino ratioReturn per unit of downside risk | -4.23 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.42 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 5.00 | -5.81 |
| Martin ratioReturn relative to average drawdown | -1.30 | 15.10 | -16.39 |
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 | IXC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 2.58 | -3.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.84 | -0.98 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | 0.38 | -0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 0.32 | -0.72 |
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 | -35.11% | -9.66% | -25.45% |
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 | -88.37% | -4.84% | -83.53% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -17.48% | -55.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 3.20% | +18.72% |
Volatility
UNL vs. IXC - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 8.36% compared to iShares Global Energy ETF (IXC) at 7.50%. 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 | 8.36% | 7.50% | +0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 15.42% | +16.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 18.75% | +17.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 23.50% | +18.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 26.85% | +6.99% |
UNL vs. IXC - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than IXC's 0.46% 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 2.79%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IXC iShares Global Energy ETF | 2.79% | 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 (8.36%) compared to IXC (7.50%). In terms of maximum drawdown, UNL dropped -89.00% vs IXC's -67.88%.
On 10-year performance, IXC leads with 10.29% vs -3.81% for UNL. On fees, IXC is cheaper at 0.46% per year. On volatility, IXC has been the lower-risk option at 7.50%. 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 10.29% return vs -3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IXC is cheaper with a 0.46% expense ratio, compared with 0.90% for UNL.
IXC has the higher dividend yield at 2.79%, 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 Energy Sector Index. They also come from different issuers: Concierge Technologies and iShares. Their fees differ too: 0.90% for UNL and 0.46% for IXC.
IXC currently has the higher Sharpe Ratio (2.58 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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