UNL vs. OILK
UNL (United States 12 Month Natural Gas Fund LP) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both Oil & Gas funds - UNL tracks the 12 Month Natural Gas while OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, UNL returned -5.77%/yr vs 17.73%/yr for OILK. At a 0.13 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.68%/yr for OILK.
Performance
UNL vs. OILK - 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 OILK's 64.22% 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%
OILK
- 1D
- 1.40%
- 1M
- -1.65%
- YTD
- 64.22%
- 6M
- 60.70%
- 1Y
- 58.99%
- 3Y*
- 19.03%
- 5Y*
- 17.73%
- 10Y*
- —
UNL vs. OILK - 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% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 64.22% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
Correlation
The correlation between UNL and OILK is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | 0.13 |
The correlation between UNL and OILK shifts across timeframes, from 0.13 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. OILK — Risk / Return Rank
UNL
OILK
UNL vs. OILK - 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 ProShares K-1 Free Crude Oil Strategy ETF (OILK). 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 | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.86 | ||
| Sortino ratioReturn per unit of downside risk | -3.56 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.34 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 3.42 | -4.23 |
| Martin ratioReturn relative to average drawdown | -1.30 | 6.91 | -8.21 |
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 | OILK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 2.06 | -2.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.59 | -0.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 0.12 | -0.51 |
Drawdowns
UNL vs. OILK - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, which is greater than OILK's maximum drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for UNL and OILK.
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Drawdown Indicators
| UNL | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -83.76% | -5.24% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -17.35% | -17.76% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -23.42% | -24.74% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -34.69% | -43.43% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | — | — |
Current DrawdownCurrent decline from peak | -88.37% | -3.66% | -84.71% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -32.61% | -40.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 8.56% | +13.36% |
Volatility
UNL vs. OILK - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 8.36%, while ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a volatility of 10.44%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than OILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 10.44% | -2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 23.26% | +8.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 28.75% | +7.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 30.12% | +11.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 35.97% | -2.13% |
UNL vs. OILK - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
UNL vs. OILK - Dividend Comparison
UNL has not paid dividends to shareholders, while OILK's dividend yield for the trailing twelve months is around 8.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil Strategy ETF | 8.18% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
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% |
Frequently Asked Questions
UNL and OILK have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILK has higher volatility (10.44%) compared to UNL (8.36%). In terms of maximum drawdown, UNL dropped -89.00% vs OILK's -83.76%.
On 5-year performance, OILK leads with 17.73% vs -5.77% for UNL. On fees, OILK is cheaper at 0.68% per year. On volatility, UNL has been the lower-risk option at 8.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OILK has performed better with a 17.73% return vs -5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.68% expense ratio, compared with 0.90% for UNL.
OILK has the higher dividend yield at 8.18%, compared with 0.00% for UNL.
UNL tracks 12 Month Natural Gas, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. They also come from different issuers: Concierge Technologies and ProShares. Their fees differ too: 0.90% for UNL and 0.68% for OILK.
OILK currently has the higher Sharpe Ratio (2.06 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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