UNL vs. KJUL
UNL (United States 12 Month Natural Gas Fund LP) and KJUL (Innovator Russell 2000 Power Buffer ETF - July) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while KJUL is a Defined Outcome fund tracking the iShares Russell 2000 ETF. Both are passively managed. Over the past 5 years, UNL returned -11.98%/yr vs 5.49%/yr for KJUL. Their 0.01 correlation means their historical movements had little consistent relationship. UNL charges 0.90%/yr vs 0.79%/yr for KJUL.
Performance
UNL vs. KJUL - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -18.43% return, which is significantly lower than KJUL's 6.89% return.
UNL
- 1D
- 0.11%
- 1M
- -5.05%
- 6M
- -17.42%
- YTD
- -18.43%
- 1Y
- -25.86%
- 3Y*
- -18.35%
- 5Y*
- -11.98%
- 10Y*
- -5.25%
- ALL TIME*
- -12.55%
KJUL
- 1D
- 0.94%
- 1M
- 0.13%
- 6M
- 4.49%
- YTD
- 6.89%
- 1Y
- 16.04%
- 3Y*
- 8.98%
- 5Y*
- 5.49%
- 10Y*
- —
- ALL TIME*
- 6.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.71M | $4.53M | $2.35M | |
| $201.90K | $282.26K | $431.49K |
UNL vs. KJUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -18.43% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | 0.13% |
KJUL Innovator Russell 2000 Power Buffer ETF - July | 6.89% | 7.70% | 8.69% | 11.78% | -8.44% | 2.51% | 10.84% |
Correlation
The correlation between UNL and KJUL is -0.32, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2020 | 0.01 |
The correlation between UNL and KJUL shifts across timeframes, from -0.32 (1 year) to 0.01 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. KJUL — Risk / Return Rank
UNL
KJUL
UNL vs. KJUL - 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 Innovator Russell 2000 Power Buffer ETF - July (KJUL). 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 | KJUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.95 | ||
| Sortino ratioReturn per unit of downside risk | -4.25 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.45 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 4.71 | -5.48 |
| Martin ratioReturn relative to average drawdown | -1.32 | 18.41 | -19.73 |
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Drawdowns
UNL vs. KJUL - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.48%, which is greater than KJUL's maximum drawdown of -16.69%. Use the drawdown chart below to compare losses from any high point for UNL and KJUL.
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Drawdown Indicators
| UNL | KJUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.48% | -16.69% | -72.79% |
Max Drawdown (1Y)Largest decline over 1 year | -33.33% | -3.42% | -29.91% |
Max Drawdown (3Y)Largest decline over 3 years | -50.42% | -14.45% | -35.97% |
Max Drawdown (5Y)Largest decline over 5 years | -79.07% | -16.69% | -62.38% |
Max Drawdown (10Y)Largest decline over 10 years | -79.07% | — | — |
Current DrawdownCurrent decline from peak | -89.34% | -0.25% | -89.09% |
Average DrawdownAverage peak-to-trough decline | -73.49% | -3.91% | -69.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.64% | 0.87% | +18.77% |
Volatility
UNL vs. KJUL - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 5.26% compared to Innovator Russell 2000 Power Buffer ETF - July (KJUL) at 2.25%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than KJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | KJUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 2.25% | +3.01% |
Volatility (6M)Calculated over the trailing 6-month period | 24.99% | 4.87% | +20.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.80% | 7.33% | +27.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 12.28% | +29.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.81% | 11.55% | +22.26% |
UNL vs. KJUL - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than KJUL's 0.79% expense ratio.
Dividends
UNL vs. KJUL - Dividend Comparison
Neither UNL nor KJUL has paid dividends to shareholders.
Frequently Asked Questions
UNL and KJUL have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNL has higher volatility (5.26%) compared to KJUL (2.25%). In terms of maximum drawdown, UNL dropped -89.48% vs KJUL's -16.69%.
On 5-year performance, KJUL leads with 5.49% vs -11.98% for UNL. On fees, KJUL is cheaper at 0.79% per year. On volatility, KJUL has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KJUL has performed better with a 5.49% return vs -11.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KJUL is cheaper with a 0.79% expense ratio, compared with 0.90% for UNL.
UNL and KJUL have nearly identical dividend yields, around 0.00%.
UNL is categorized as Oil & Gas, while KJUL is Defined Outcome. UNL tracks 12 Month Natural Gas, while KJUL tracks iShares Russell 2000 ETF. They also come from different issuers: Concierge Technologies and Innovator. Their fees differ too: 0.90% for UNL and 0.79% for KJUL.
KJUL currently has the higher Sharpe Ratio (2.20 vs -0.75), 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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