UNL vs. LEAD
UNL (United States 12 Month Natural Gas Fund LP) and LEAD (Siren DIVCON Leaders Dividend ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while LEAD is a Large Cap Growth Equities fund tracking the Siren DIVCON Leaders Dividend Index. Both are passively managed. Over the past 10 years, UNL returned -4.56%/yr vs 14.89%/yr for LEAD. At a 0.03 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.43%/yr for LEAD.
Performance
UNL vs. LEAD - 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 LEAD's 15.50% return. Over the past 10 years, UNL has underperformed LEAD with an annualized return of -4.56%, while LEAD has yielded a comparatively higher 14.89% 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%
LEAD
- 1D
- -2.75%
- 1M
- 3.28%
- YTD
- 15.50%
- 6M
- 13.95%
- 1Y
- 26.47%
- 3Y*
- 18.63%
- 5Y*
- 11.97%
- 10Y*
- 14.89%
UNL vs. LEAD - 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% |
LEAD Siren DIVCON Leaders Dividend ETF | 15.50% | 15.52% | 10.32% | 26.25% | -18.16% | 29.69% | 23.41% | 33.75% | -6.63% | 24.89% |
Correlation
The correlation between UNL and LEAD is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 6, 2016 | 0.03 |
The correlation between UNL and LEAD shifts across timeframes, from -0.28 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. LEAD — Risk / Return Rank
UNL
LEAD
UNL vs. LEAD - 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 Siren DIVCON Leaders Dividend ETF (LEAD). 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 | LEAD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.58 | ||
| Sortino ratioReturn per unit of downside risk | -3.47 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.30 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 3.08 | -4.02 |
| Martin ratioReturn relative to average drawdown | -1.52 | 12.99 | -14.51 |
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Drawdowns
UNL vs. LEAD - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, which is greater than LEAD's maximum drawdown of -32.19%. Use the drawdown chart below to compare losses from any high point for UNL and LEAD.
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Drawdown Indicators
| UNL | LEAD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -32.19% | -56.81% |
Max Drawdown (1Y)Largest decline over 1 year | -32.43% | -8.65% | -23.78% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -17.86% | -30.30% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -24.93% | -53.19% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -32.19% | -45.93% |
Current DrawdownCurrent decline from peak | -88.68% | -2.75% | -85.93% |
Average DrawdownAverage peak-to-trough decline | -73.39% | -4.41% | -68.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.45% | 2.04% | +18.41% |
Volatility
UNL vs. LEAD - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 7.26% compared to Siren DIVCON Leaders Dividend ETF (LEAD) at 6.66%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than LEAD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | LEAD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.26% | 6.66% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 30.37% | 12.50% | +17.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.76% | 15.50% | +20.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 17.53% | +24.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.86% | 18.73% | +15.13% |
UNL vs. LEAD - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than LEAD's 0.43% expense ratio.
Dividends
UNL vs. LEAD - Dividend Comparison
UNL has not paid dividends to shareholders, while LEAD's dividend yield for the trailing twelve months is around 0.58%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
LEAD Siren DIVCON Leaders Dividend ETF | 0.58% | 0.70% | 0.93% | 1.13% | 1.27% | 1.79% | 0.81% | 1.32% | 1.38% | 0.97% | 1.38% |
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 LEAD have a correlation of -0.28, 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 LEAD (6.66%). In terms of maximum drawdown, UNL dropped -89.00% vs LEAD's -32.19%.
On 10-year performance, LEAD leads with 14.89% vs -4.56% for UNL. On fees, LEAD is cheaper at 0.43% per year. On volatility, LEAD has been the lower-risk option at 6.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LEAD has performed better with a 14.89% return vs -4.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LEAD is cheaper with a 0.43% expense ratio, compared with 0.90% for UNL.
LEAD has the higher dividend yield at 0.58%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while LEAD is Large Cap Growth Equities. UNL tracks 12 Month Natural Gas, while LEAD tracks Siren DIVCON Leaders Dividend Index. They also come from different issuers: Concierge Technologies and SRN Advisors. Their fees differ too: 0.90% for UNL and 0.43% for LEAD.
LEAD currently has the higher Sharpe Ratio (1.72 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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