UNL vs. JSML
UNL (United States 12 Month Natural Gas Fund LP) and JSML (Janus Henderson Small Cap Growth Alpha ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, UNL returned -5.23%/yr vs 12.72%/yr for JSML. At a 0.02 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.30%/yr for JSML.
Performance
UNL vs. JSML - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -18.29% return, which is significantly lower than JSML's 21.39% return. Over the past 10 years, UNL has underperformed JSML with an annualized return of -5.23%, while JSML has yielded a comparatively higher 12.72% annualized return.
UNL
- 1D
- -0.41%
- 1M
- -5.93%
- 6M
- -10.40%
- YTD
- -18.29%
- 1Y
- -30.69%
- 3Y*
- -18.45%
- 5Y*
- -9.87%
- 10Y*
- -5.23%
JSML
- 1D
- -1.93%
- 1M
- 0.03%
- 6M
- 15.41%
- YTD
- 21.39%
- 1Y
- 32.54%
- 3Y*
- 16.40%
- 5Y*
- 7.32%
- 10Y*
- 12.72%
UNL vs. JSML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -18.29% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
JSML Janus Henderson Small Cap Growth Alpha ETF | 21.39% | 13.41% | 12.45% | 30.09% | -29.40% | 3.08% | 35.38% | 32.50% | -2.53% | 20.93% |
Correlation
The correlation between UNL and JSML is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016 | 0.02 |
The correlation between UNL and JSML shifts across timeframes, from -0.29 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. JSML — Risk / Return Rank
UNL
JSML
UNL vs. JSML - 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 Janus Henderson Small Cap Growth Alpha ETF (JSML). 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 | JSML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.34 | ||
| Sortino ratioReturn per unit of downside risk | -3.18 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.25 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.20 | -3.14 |
| Martin ratioReturn relative to average drawdown | -1.56 | 7.77 | -9.33 |
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Drawdowns
UNL vs. JSML - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.32%, which is greater than JSML's maximum drawdown of -39.65%. Use the drawdown chart below to compare losses from any high point for UNL and JSML.
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Drawdown Indicators
| UNL | JSML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.32% | -39.65% | -49.67% |
Max Drawdown (1Y)Largest decline over 1 year | -32.78% | -14.84% | -17.94% |
Max Drawdown (3Y)Largest decline over 3 years | -49.67% | -25.60% | -24.07% |
Max Drawdown (5Y)Largest decline over 5 years | -78.75% | -37.91% | -40.84% |
Max Drawdown (10Y)Largest decline over 10 years | -78.75% | -39.65% | -39.10% |
Current DrawdownCurrent decline from peak | -89.32% | -4.56% | -84.76% |
Average DrawdownAverage peak-to-trough decline | -73.43% | -10.77% | -62.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.65% | 4.20% | +15.45% |
Volatility
UNL vs. JSML - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 5.82%, while Janus Henderson Small Cap Growth Alpha ETF (JSML) has a volatility of 6.75%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than JSML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | JSML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.82% | 6.75% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 29.30% | 17.25% | +12.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.19% | 22.44% | +12.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.75% | 24.52% | +17.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 24.26% | +9.58% |
UNL vs. JSML - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than JSML's 0.30% expense ratio.
Dividends
UNL vs. JSML - Dividend Comparison
UNL has not paid dividends to shareholders, while JSML's dividend yield for the trailing twelve months is around 0.61%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
JSML Janus Henderson Small Cap Growth Alpha ETF | 0.61% | 0.94% | 1.19% | 0.49% | 0.67% | 0.46% | 0.30% | 0.27% | 0.76% | 0.42% | 0.52% |
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% |
Frequently Asked Questions
UNL and JSML have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JSML has higher volatility (6.75%) compared to UNL (5.82%). In terms of maximum drawdown, UNL dropped -89.32% vs JSML's -39.65%.
On 10-year performance, JSML leads with 12.72% vs -5.23% for UNL. On fees, JSML is cheaper at 0.30% per year. On volatility, UNL has been the lower-risk option at 5.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JSML has performed better with a 12.72% return vs -5.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JSML is cheaper with a 0.30% expense ratio, compared with 0.90% for UNL.
JSML has the higher dividend yield at 0.61%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while JSML is Small Cap Growth Equities. UNL tracks 12 Month Natural Gas, while JSML tracks Janus Small Cap Growth Alpha Index. They also come from different issuers: Concierge Technologies and Janus Henderson. Their fees differ too: 0.90% for UNL and 0.30% for JSML.
JSML currently has the higher Sharpe Ratio (1.46 vs -0.88), 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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